Are banking & financial institutions ready for the transformation? An analysis of FinTech adoption challenges using DEMATEL

This study aims to analyse the various challenges faced by the financial institutions in the adoption of financial technologies. Forty challenges are identified through extensive literature review and expert’s opinions which are further classified into four main categories using EFA. Finally, the identified and validated challenges are evaluated for causal relationship using DEMATEL technique. The results of the study showed that challenges like perceived value of customers, handling of big data, banking regulations, and money laundering risk are the most influential challenges. The managers and policymakers need to focus on these challenges which will ultimately leads to other challenges as well.