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We document the unique structure of the peer-to-peer lending market. Originally designed as decentralized, the market has become highly, but not fully, reintermediated. The platforms' software now performs essentially all tasks related to loan evaluation, whereas most lenders are passive and automatically fund most applications on offer. Yet unlike banks, and in contrast to theories predicting full reintermediation, the platforms provide detailed loan information, and some active loan pickers coexist with passive investors. We argue that while intermediation attracts unsophisticated passive investors, transparency in the presence of active investors resolves the lending platform's moral hazard problem inherent in intermediated markets. [ABSTRACT FROM AUTHOR]

This article studies how the rise of financial technology (Fintech) lending affects credit access, interest rates, and social welfare. We consider a lending competition model with two incumbent banks and a Fintech lender, which use different information and technologies to assess borrower creditworthiness. We show that Fintech lending could negatively affect high-quality borrowers' access to credit when the Fintech lender's screening accuracy is superior to that of the banks. Furthermore, Fintech lending may worsen the allocative efficiency of credit and reduce social welfare under some conditions. Analytical and numerical results suggest that Fintech lending mostly reduces the expected interest rates. [ABSTRACT FROM AUTHOR]

Several firms worldwide that attempted to penetrate the bottom of the pyramid (BOP) with digital service innovations have encountered disappointing returns. This article explores what capabilities firms should develop and how they should nourish them for value creation at the BOP. Using the multiple-case method, this study inductively derives persuasion, co-creation, adaptation, and self-sustainability as essential capabilities. Cumulative maneuvering of these capabilities resulted in a sand cone model. Both established incumbents and digital natives benefit from this model, which enables them to safeguard their digital offerings while penetrating or expanding within BOP markets. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to develop cause-and-effect relationships among the critical success factors (CSFs) of fintech adoption and rank these CSFs based on their importance in the model. Design/methodology/approach: To achieve the objectives of the study, the Fuzzy Decision-Making Trial and Evaluation Laboratory (FDEMATEL) approach was used. The data was collected from 16 experts using a questionnaire. Findings: The findings demonstrated the interrelationships among the CSFs. In total, 16 critical factors were recognized as causal factors, and the remaining eight were considered effect factors. The CSFs were ranked based on their importance in fintech adoption. Originality/value: This study is novel as it investigates CSFs of fintech adoption using FDEMATEL, and it contributes to understanding the nature of these factors and how they affect fintech adoption. The findings propose a significant basis to deepen fintech adoption and deliver a clue to design a practical framework for fintech adoption. [ABSTRACT FROM AUTHOR]

Purpose: Current developments in the FinTech payment industry have shown a rapid revolution in Industry 4.0, and understanding the factors affecting individual acceptance of facial recognition payment (FRP) is crucial. Hence, this study aims to evaluate the benefits and risks of FRP system adoption in Malaysia. Design/methodology/approach: The perceived risks and benefits framework is adopted as the foundation in this study to examine the various risks and benefits that users perceive, along with the trust factor, to study the relationships between these variables. Data were collected via an online questionnaire, and the hypotheses were tested using Partial Least Squares analysis on 277 responses. Findings: The results revealed that perceived risk is a significant predictor of users' intention to use the FRP system. Privacy risk and financial risk significantly influence perceived risks, while security risk does not. Although convenience, perceived ease of use and perceived trust positively influence perceived benefits, perceived benefits do not significantly influence adoption intention. Moreover, perceived trust negatively affects perceived risks while positively affecting both perceived benefits and adoption intention. Additionally, personal innovativeness moderates the relationship between perceived risks and the intention to use the FRP system. Practical implications: This study helps policymakers and service providers understand individuals' concerns and expectations regarding FRP systems. It aids practitioners in developing strategies to build trust, address innovativeness differences and mitigate risks, serving as a roadmap for integrating these systems into Malaysia's financial landscape. Originality/value: This study distinguishes itself from prior research by evaluating FRP system adoption in Malaysia through the lens of perceived risks and benefits framework. It also explores personal innovativeness as a moderator, examining its impact on the relationship between usage intention and perceived risks and benefits. Additionally, it highlights perceived trust as a crucial factor influencing individuals' intention to adopt FRPs. [ABSTRACT FROM AUTHOR]

Neutrosophic set (NS) is particularly appropriate in applications where data is incomplete, unclear, or inconsistent, which offers an effectual means for analyzing and exhibiting complex mechanisms. An NS is a mathematical technique to manage uncertainty, indeterminacy, and imprecision. It enlarges classical sets, IF sets, and fuzzy sets by presenting three degrees such as indeterminacy (I), false (F), and truth (T). Financial technology (Fintech) plays an essential part in advancing modern society, technology, economies, and various fields. Financial crisis prediction (FCP) plays a crucial role in shaping economic outcomes. Past research has predominantly focused on using deep learning (DL), machine learning (ML), and statistical methods to forecast the financial stability of business. In this manuscript, we focus on the development of Effective Data Classification using Interval Neutrosophic Covering Rough Sets based on Neighborhoods and Multi-Strategy Improved Butterfly Optimization (EDCINCRS-MSIBO) Algorithm for FinTech Applications. It contains distinct kinds of stages such as data normalization, feature selection, classification, and parameter tuning. In the EDCINCRS-MSIBO technique, a min-max normalization-based data pre-processing model to scale the raw data into a uniform format. For feature subset selection, the whale optimizer algorithm (WOA) is employed to reduce the dimensionality and improve model efficiency by selecting the most relevant features. In addition, the EDCINCRS-MSIBO technique takes place interval neutrosophic covering rough sets (INCRS) classifier is utilized for detection and classification of a financial crisis. Finally, a multi-strategy improved butterfly optimization algorithm (MSIBOA) is exploited for the optimum parameter adjustment of the INCRS model. To confirm the better predictive solution of the EDCINCRSMSIBO model, a wide range of simulations are executed on the two benchmark databases. The comparative result analysis displays the encouraging outcomes of the EDCINCRS-MSIBO method on the existing techniques. [ABSTRACT FROM AUTHOR]

Purpose: The ever-evolving landscape of financial technology (Fintech) has revolutionised payment methods and raised questions about what drives user behaviour in adopting these innovative solutions. This study, using narrative transportation theory as an underpinning theory, aims to investigate into the dynamics of green user behaviour in adopting Fintech payments. Design/methodology/approach: This study used a deductive approach, and with data obtained from 635 respondents through the purposive sampling technique, partial least squares structural equation modelling was employed to yield significant insights. Findings: The study found a positive association between green brand positioning and product differentiation. However, it unexpectedly didn't impact user attitudes towards Fintech payments. Green brand image and perceived performance positively influenced product differentiation. Perceived product differentiation fully mediated the association between green brand positioning and user attitudes. The study introduced fear of missing out's (FOMO) moderating role, enriching eco-conscious marketing insights and user behaviour understanding. Research limitations/implications: This study reveals crucial implications for marketers, policymakers and user experience (UX) designers operating within the Fintech industry. It emphasises green brand positioning's impact on product differentiation, user attitudes and its mediating role. It advocates for sustainability integration, innovation, strategic messaging and user-centric improvements to optimise user perceptions and competitiveness in the evolving Fintech landscape. The study's cross-sectional design may limit the ability to establish causal relationships over time and overlook temporal changes in green Fintech adoption dynamics; thus, longitudinal studies are warranted to better understand the evolving nature of user attitudes and behaviours towards green Fintech payments. Originality/value: This study adds novelty to the existing body of literature by introducing the dimension of innovation appeal to green brand positioning and employing narrative transportation theory in the Fintech realm. The findings also add novelty by highlighting the moderating impact of fear of missing out in predicting the association between green brand positioning and product differentiation in the realm of green Fintech and green use behaviour. [ABSTRACT FROM AUTHOR]

This paper analyses the impact of enrollment in the recently launched contributory pension scheme, Atal Pension Yojana (APY), on formal retirement savings using a unit-level sample of households from an extensive, nationally representative survey for India. We address the endogeneity in the enrollment in APY using a novel semiparametric copula regression methodology. This methodology allows us to address and control for endogeneity due to observed and unobserved confounding, nonlinear covariate effects, and non-Gaussian distributions. Our results indicate that APY positively impacts formal retirement savings. APY crowd-in other forms of formal retirement savings. Our results suggest that marginalized populations, especially the Scheduled Tribe, are more likely to enroll in APY, and digital financial technologies can bring greater financial inclusion in India. The findings have significant policy implications on how households allocate their retirement savings and help us understand the role of APY in bringing additional savings. [ABSTRACT FROM AUTHOR]

Purpose: The emergence of green banking (GB) as a pivotal force in fostering environmentally and socially responsible economic practices has gained significant traction in recent years. This paradigm shift within the banking sector advocates for the rise of Green financial technology (Fintech), serving as a catalyst for innovative digital tools promoting environmental, social and governance (ESG) investments and sustainable banking practices. This study aims to investigate the impact of green banking awareness (GBA) on green FinTech adoption (GFA) further affecting ESG investments, perceived profitability (PP) and sustainable banking (SB). Design/methodology/approach: The study employed a quantitative approach, utilizing partial least squares-structural equation modeling (PLS-SEM) to analyze data collected through an online administered questionnaire. The sample comprised registered users of various FinTech products and services in the North Indian regions, with 196 respondents. Findings: The study identified a significant positive relationship between GBA and GFA, suggesting that heightened awareness of green banking positively influences the adoption of sustainable FinTech solutions. Additionally, GFA was found to be positively associated with increased ESG investments, perceived profitability and sustainability of personal investment portfolios. These findings underscore the potential of GFA to drive financial empowerment and environmental responsibility. Originality/value: This research contributes to the concept and application of ESG-driven investments at the individual level. It provides a new discourse and proposes an Eco–Ed nexus framework focusing on strategic insights for stakeholders, guiding the implementation of transformative measures to advance sustainable finance and green economic growth. [ABSTRACT FROM AUTHOR]

In this study, based on the data of the Chinese listed firms, the effect of digital transformation on capital mismatch was examined. And the potential mechanism was also further discussed. It was found that digital transformation can significantly suppress capital mismatch, especially for non-state-owned enterprises, mature enterprises, and regions with high marketization and financial technology level. In addition, management capability and information environment are potential influencing mechanisms of digital transformation to suppress capital mismatch. These findings have important implications for revealing the relationship between enterprise digital transformation and capital mismatch, provides new ideas for improving the efficiency of capital allocation, and also provides important insights for enterprises to accelerate digital transformation and promote the high-quality development of enterprises. [ABSTRACT FROM AUTHOR]

Financial technologies are the fundamental basis and driving force for financial inclusion initiatives, hence facilitating the attainment of the Sustainable Development Goals. This research is extensive and meticulous, focusing on the papers in the Scopus database related to fintech and financial inclusion. The data unequivocally demonstrate that China, India, and the United States are at the forefront of fintech and financial inclusion initiatives. Furthermore, the data reveals a significant increase in the number of articles pertaining to fintech and financial inclusion. The primary contributions in this field are Ozili PK, Banna H, and Zhang Y. Principal ties include Pan-Atlantic University, the University of Professional Studies, and Renmin University of China. This study indicates that successful fintech innovation enhances financial inclusion by bridging the divide between urban and rural communities, eventually contributing to sustainability. Likewise, effective financial innovation fosters increased growth in green investments, green initiatives, and green finance, transitioning economies from a linear to a circular model. The forthcoming research has the potential to enlighten and influence regulators, politicians, and future scholars. [ABSTRACT FROM AUTHOR]