A systematic literature review on “financial technology (fintech): Trends, challenges, and future directions”

This systematic literature review explores the current landscape of Financial Technology (Fintech) by synthesizing and analyzing scholarly articles, conference papers, and research publications. The primary focus is on identifying and understanding the prevalent trends, challenges, and anticipated future directions in the rapidly evolving field of Fintech. A systematic search of academic databases, including PubMed, IEEE Xplore, and Google Scholar, was conducted to retrieve relevant literature published between 2015 and 2023. Inclusion criteria were established to ensure the selection of peer-reviewed articles addressing Fintech trends, challenges, and future developments. The selected studies underwent a rigorous analysis of key themes, methodologies, and findings.

The review highlights several prominent trends in Fintech, encompassing digital payments, block chain and crypto currencies, AI and machine learning applications; open banking initiatives, and the rise of robo-advisors. Challenges identified include regulatory complexities, cyber security risks, issues related to customer trust, and concerns regarding financial inclusion. The future directions of Fintech are anticipated to involve decentralized finance (DeFi), embedded finance in non-financial platforms, the exploration of digital currencies, and advancements in data analytics for enhanced risk assessment and personalized financial services.

This systematic literature review provides a comprehensive overview of the current state of Fintech, offering valuable insights into the industry’s trends, challenges, and future trajectories. Researchers, practitioners, and policymakers can use this synthesis of knowledge to inform their understanding of Fintech’s evolving landscape and to guide future research and development efforts.