Defining categories of Fintechs: A Categorization Proposal Based on Literature and Empirical Data

Authors

DOI:

https://doi.org/10.24023/FutureJournal/2175-5825/2021.v13i3.537

Keywords:

Fintech, financial technologies, Categories, Cluster analysis, Incumbent banks

Abstract

Purpose – The analysis of the competitive impact of FinTechs requires the standardization of their categories to compare their products and services with the already delivered by incumbent banks. In this study, we address the problem of the multiplicity of FinTechs categories and provide a solution using content and cluster analysis.

Theoretical framework – The literature about FinTechs. In our bibliographical research, we do not find works aiming to present a standard definition of categories of FinTechs. This type of work is almost nonexistent and categorization of FinTechs is defined as a “blurry issue”.

Design/methodology/approach – In this study, we address the problem of the multiplicity of FinTechs categories and provide a solution using content analysis, cluster analysis, and the software Gephi.

Findings – The result is a model comprised of nine FinTechs categories: Payments and Transfers; Exchange; Lending; Insurance; Investments; Advice; B2B; Digital Banks; and Others. We also elaborate a portfolio with 157 products and services offered by Brazilian incumbent banks, which allows the comparison between these two types of companies.

Originality/value – The main contribution is the use of objective criteria and existing literature, as well as Gephi software, to build categories of FinTechs analysis, an emerging theme in financial market studies.


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Author Biographies

Itamir Caciatori Jr., Universidade Federal do Paraná - UFPR, Paraná, (Brasil)

Doutor em Administração pela Universidade Federal do Paraná - UFPR, Paraná, (Brasil). 

Ana Paula Mussi Szabo Cherobim, Universidade Federal do Paraná - UFPR, Paraná, (Brasil)

Doutora em Administração Universidade de São Paulo -USP, São Paulo, (Brasil). Professora Titular do Departamento de Administração Geral e Aplicada e professora do Programa de Pós Graduação em Administração. Coordenadora do Projeto de Extensão Liga de Investimentos em Finanças, na  Universidade Federal do Paraná - UFPR, Paraná, (Brasil).

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Published

2021-09-02

How to Cite

Caciatori Jr., I., & Mussi Szabo Cherobim, A. P. (2021). Defining categories of Fintechs: A Categorization Proposal Based on Literature and Empirical Data. Future Studies Research Journal: Trends and Strategies, 13(3), 386–408. https://doi.org/10.24023/FutureJournal/2175-5825/2021.v13i3.537

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