Customer Fintech Readiness (CFR): Assessing customer readiness for fintech in Bangladesh
Financial technology (fintech) has disrupted the traditional financial system by decoupling, decentralizing, and demystifying finance. Effective and scalable adoption of fintech, however, is key to financial inclusion and value creation through new business models. While theoretical frameworks and m...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2023-06-01
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| Series: | Journal of Open Innovation: Technology, Market and Complexity |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2199853123001348 |
| _version_ | 1827584981403172864 |
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| author | Khaled Mahmud Md. Mahbubul Alam Joarder Kazi Sakib |
| author_facet | Khaled Mahmud Md. Mahbubul Alam Joarder Kazi Sakib |
| author_sort | Khaled Mahmud |
| collection | DOAJ |
| description | Financial technology (fintech) has disrupted the traditional financial system by decoupling, decentralizing, and demystifying finance. Effective and scalable adoption of fintech, however, is key to financial inclusion and value creation through new business models. While theoretical frameworks and models in the literature investigate technology adoption in general, a measurement scheme for customer readiness specifically for fintech is absent. We conduct a National Citizen Survey in Bangladesh (N = 1282), review extant literature on fintech adoption factors and variables, distill major themes into seven dimensions. In this paper, we propose the Customer Fintech Readiness (CFR) index to assess readiness to adopt and use customer facing fintech product, platforms and services. We validate the index and establish its easy replicability, albeit with small contingent adjustments. We find that customers in Bangladesh lag behind in readiness for fintech. Our dimension specific scores provide important insights for policy intervention and planning. While our dataset remains gender-imbalanced and depends on customer self-reporting, we delineate ways to fine-tune its construction for better replication of CFR in other countries. |
| first_indexed | 2024-03-08T23:39:04Z |
| format | Article |
| id | doaj.art-c27a13ac7bb0450a9f72bbd1a1d49929 |
| institution | Directory Open Access Journal |
| issn | 2199-8531 |
| language | English |
| last_indexed | 2024-03-08T23:39:04Z |
| publishDate | 2023-06-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Journal of Open Innovation: Technology, Market and Complexity |
| spelling | doaj.art-c27a13ac7bb0450a9f72bbd1a1d499292023-12-14T05:22:11ZengElsevierJournal of Open Innovation: Technology, Market and Complexity2199-85312023-06-0192100032Customer Fintech Readiness (CFR): Assessing customer readiness for fintech in BangladeshKhaled Mahmud0Md. Mahbubul Alam Joarder1Kazi Sakib2Institute of Business Administration (IBA), University of Dhaka, Dhaka 1000, Bangladesh; Corresponding authors.Institute of Information Technology (IIT), University of Dhaka, Dhaka 1000, BangladeshInstitute of Information Technology (IIT), University of Dhaka, Dhaka 1000, Bangladesh; Corresponding authors.Financial technology (fintech) has disrupted the traditional financial system by decoupling, decentralizing, and demystifying finance. Effective and scalable adoption of fintech, however, is key to financial inclusion and value creation through new business models. While theoretical frameworks and models in the literature investigate technology adoption in general, a measurement scheme for customer readiness specifically for fintech is absent. We conduct a National Citizen Survey in Bangladesh (N = 1282), review extant literature on fintech adoption factors and variables, distill major themes into seven dimensions. In this paper, we propose the Customer Fintech Readiness (CFR) index to assess readiness to adopt and use customer facing fintech product, platforms and services. We validate the index and establish its easy replicability, albeit with small contingent adjustments. We find that customers in Bangladesh lag behind in readiness for fintech. Our dimension specific scores provide important insights for policy intervention and planning. While our dataset remains gender-imbalanced and depends on customer self-reporting, we delineate ways to fine-tune its construction for better replication of CFR in other countries.http://www.sciencedirect.com/science/article/pii/S2199853123001348FintechAdoptionReadinessBangladeshIndexCustomer |
| spellingShingle | Khaled Mahmud Md. Mahbubul Alam Joarder Kazi Sakib Customer Fintech Readiness (CFR): Assessing customer readiness for fintech in Bangladesh Journal of Open Innovation: Technology, Market and Complexity Fintech Adoption Readiness Bangladesh Index Customer |
| title | Customer Fintech Readiness (CFR): Assessing customer readiness for fintech in Bangladesh |
| title_full | Customer Fintech Readiness (CFR): Assessing customer readiness for fintech in Bangladesh |
| title_fullStr | Customer Fintech Readiness (CFR): Assessing customer readiness for fintech in Bangladesh |
| title_full_unstemmed | Customer Fintech Readiness (CFR): Assessing customer readiness for fintech in Bangladesh |
| title_short | Customer Fintech Readiness (CFR): Assessing customer readiness for fintech in Bangladesh |
| title_sort | customer fintech readiness cfr assessing customer readiness for fintech in bangladesh |
| topic | Fintech Adoption Readiness Bangladesh Index Customer |
| url | http://www.sciencedirect.com/science/article/pii/S2199853123001348 |
| work_keys_str_mv | AT khaledmahmud customerfintechreadinesscfrassessingcustomerreadinessforfintechinbangladesh AT mdmahbubulalamjoarder customerfintechreadinesscfrassessingcustomerreadinessforfintechinbangladesh AT kazisakib customerfintechreadinesscfrassessingcustomerreadinessforfintechinbangladesh |