Skip to main content

Uncovering research trends and opportunities on FinTech: a scientometric analysis

Abstract

This paper employs the scientific econometric analysis approach to review 705 academic publications related to Fintech from 2006 to 2021. The historical evolution, latest status and development trend of FinTech research are identified by co-authorship networks, co-citation networks and timeline evolution. CiteSpace software is applied to conduct the literature analysis. The results show that the scientometric analysis based on CiteSpace is a practical approach to review the development of financial technology. The rapidly increasing number of publications confirms the vitality of the FinTech field. China, the USA, the UK, Australia and South Korea are the most productive countries in the FinTech field. In contrast, the UK is the country with the highest degree of inter-country cooperation. The analysis results of citation bursts and timeline evolution on FinTech research provide the trends of FinTech research in discipline categories and keywords. Finally, four frontier research streams of FinTech are proposed.

This is a preview of subscription content, access via your institution.

Fig. 1
Fig. 2
Fig. 3
Fig. 4
Fig. 5
Fig. 6
Fig. 7
Fig. 8
Fig. 9
Fig. 10
Fig. 11
Fig. 12

References

  1. Zhou, X., et al. (2021). Improved policy mechanisms for the promotion of future digital business economy during covid-19 pandemic. Electronic Commerce Research

  2. Bradley, C., de Jong, M., & Walden, W. (2019). Why your next transformation should be ‘all in’. The McKinsey Quarterly ; Available from: https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/why-your-next-transformation-should-be-all-in

  3. Palmié, M., et al. (2020). The evolution of the financial technology ecosystem: An introduction and agenda for future research on disruptive innovations in ecosystems. Technological Forecasting and Social Change, 151, 119779

    Article  Google Scholar 

  4. Zorn, M., Kalter, R. O., & Osiecki, N. (2020). Finance Innovation Survey 2021. ; Available from: https://www2.deloitte.com/content/dam/Deloitte/ch/Documents/finance-transformation/deloitte-ch-en-finance-survey-edition-3-2020-final.pdf

  5. Liu, X., Montgomery, A., & Srinivasan, K. (2018). Analyzing Bank Overdraft Fees with Big Data. Marketing Science, 37(6), 855–882

    Article  Google Scholar 

  6. Gan, L., Wang, H., & Yang, Z. (2020). Machine learning solutions to challenges in finance: An application to the pricing of financial products. Technological Forecasting and Social Change, 153, 119928

    Article  Google Scholar 

  7. Westland, J. C. (2018). Introduction to the special issue on Big Data in finance and business. Electronic Commerce Research, 18(2), 201–201

    Article  Google Scholar 

  8. Galvin, J., et al. (Synergy and disruption: Ten trends shaping fintech. McKinsey Global Banking Report 2018). ; Available from: https://www.mckinsey.com/industries/financial-services/our-insights/synergy-and-disruption-ten-trends-shaping-fintech

  9. Boratyńska, K. (2019). Impact of digital transformation on value creation in Fintech services: an innovative approach. Journal of Promotion Management, 25(5), 631–639

    Article  Google Scholar 

  10. Cai, C. W. (2018). Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain (58 vol., pp. 965–992). Accounting & Finance. 4

  11. Hinson, R., Lensink, R., & Mueller, A. (2019). Transforming agribusiness in developing countries: SDGs and the role of FinTech. Current Opinion in Environmental Sustainability, 41, 1–9

    Article  Google Scholar 

  12. Fosso Wamba, S., et al. (2020). Bitcoin, Blockchain and Fintech: a systematic review and case studies in the supply chain. Production Planning & Control, 31(2–3), 115–142

    Article  Google Scholar 

  13. Paul, J., et al. (2021). Scientific procedures and rationales for systematic literature reviews (SPAR-4‐SLR).International Journal of Consumer Studies,

  14. Lim, W. M., Yap, S. F., & Makkar, M. (2021). Home sharing in marketing and tourism at a tipping point: What do we know, how do we know, and where should we be heading? Journal of business research, 122, 534–566

    Article  Google Scholar 

  15. Cui, Y., Mou, J., & Liu, Y. (2018). Knowledge mapping of social commerce research: a visual analysis using CiteSpace. Electronic Commerce Research, 18(4), 837–868

    Article  Google Scholar 

  16. Ding, X., & Yang, Z. (2020). Knowledge mapping of platform research: a visual analysis using VOSviewer and CiteSpace. Electronic Commerce Research

  17. Hou, J., Yang, X., & Chen, C. (2018). Emerging trends and new developments in information science: a document co-citation analysis (2009–2016). Scientometrics, 115(2), 869–892

    Article  Google Scholar 

  18. Donthu, N., et al. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296

    Article  Google Scholar 

  19. Donthu, N., et al. (2021). Research Constituents, Intellectual Structure, and Collaboration Patterns in Journal of International Marketing: An Analytical Retrospective. Journal of International Marketing, 29(2), 1–25

    Article  Google Scholar 

  20. Donthu, N., et al. (2021). Mapping the electronic word-of-mouth (eWOM) research: A systematic review and bibliometric analysis. Journal of Business Research, 135, 758–773

    Article  Google Scholar 

  21. Donthu, N., et al. (2021). A bibliometric retrospection of marketing from the lens of psychology: Insights fromPsychology & Marketing (38 vol., pp. 834–865). Psychology & Marketing. 5

  22. Goodell, J. W., et al. (2021). Artificial intelligence and machine learning in finance: Identifying foundations, themes, and research clusters from bibliometric analysis.Journal of Behavioral and Experimental Finance, 32

  23. Kumar, S., et al. (2021). 20 years of Electronic Commerce Research. Electronic Commerce Research, 21(1), 1–40

    Article  Google Scholar 

  24. Kumar, S., et al. (2021). What do we know about transfer pricing? Insights from bibliometric analysis. Journal of Business Research, 134, 275–287

    Article  Google Scholar 

  25. Kumar, S., et al. (2021). What do we know about business strategy and environmental research? Insights from Business Strategy and the Environment. Business Strategy and the Environment,

  26. Ahmi, A., Tapa, A., & Hamzah, A. H. (2020). Mapping of Financial Technology (FinTech) Research: A Bibliometric Analysis. International Journal of Advanced Science and Technology, 29(8), 379–392

    Google Scholar 

  27. Aysan, A., & Unal, I. M. (2021). Is Islamic Finance Evolving Into Fintech and Blockchain: A Bibliometric Analysis. Efil Journal of Economic Research

  28. Junior, I. C., & Cherobim, A. P. M. S. (2020). Academic production and technological emergence in finance: Bibliometric study on FinTechs. Innovation & Management Review

  29. Li, B., & Xu, Z. (2021). Insights into financial technology (FinTech): a bibliometric and visual study. Financial Innovation, 7(1), 1–28

    Article  Google Scholar 

  30. Lakhe, P., & Kulkarni, M. (2020). FinTech regulations: Need, superpowers and bibliometric analysis.Library Philosophy and Practice, : p.1–11

  31. Chen, C., et al. (2012). Emerging trends in regenerative medicine: a scientometric analysis in CiteSpace. Expert Opinion on Biological Therapy, 12(5), 593–608

    Article  Google Scholar 

  32. Wang, K., et al. (2016). Cruise shipping review: operations planning and research opportunities. Maritime Business Review, 1(2), 133–148

    Article  Google Scholar 

  33. Montefusco, A. M., et al. (2019). Influence of international authorship on citations in Brazilian medical journals: a bibliometric analysis. Scientometrics, 119(3), 1487–1496

    Article  Google Scholar 

  34. Hu, W., et al. (2019). Research progress on ecological models in the field of water eutrophication: CiteSpace analysis based on data from the ISI web of science database. Ecological Modelling, 410, 108779

    Article  Google Scholar 

  35. Chen, X., & Liu, Y. (2020). Visualization analysis of high-speed railway research based on CiteSpace. Transport Policy, 85, 1–17

    Article  Google Scholar 

  36. Fang, Y., Yin, J., & Wu, B. (2018). Climate change and tourism: A scientometric analysis using CiteSpace. Journal of Sustainable Tourism, 26(1), 108–126

    Article  Google Scholar 

  37. Zhang, Y., et al. (2020). The knowledge domain and emerging trends in phytoremediation: a scientometric analysis with CiteSpace (pp. 1–22). Environmental Science and Pollution Research

  38. D’Ippolito, B., & Rüling, C. C. (2019). Research collaboration in Large Scale Research Infrastructures: Collaboration types and policy implications. Research Policy, 48(5), 1282–1296

    Article  Google Scholar 

  39. Yin, P., et al. (2020). A DEA-based two-stage network approach for hotel performance analysis: An internal cooperation perspective. Omega, 93, 102035

    Article  Google Scholar 

  40. Mustak, M., et al. (2021). Artificial intelligence in marketing: Topic modeling, scientometric analysis, and research agenda. Journal of Business Research, 124, 389–404

    Article  Google Scholar 

  41. Higaki, A., et al. (2020). Co-authorship network analysis in cardiovascular research utilizing machine learning (2009–2019). International Journal of Medical Informatics, 143, 104274

    Article  Google Scholar 

  42. Dehdarirad, T., & Nasini, S. (2017). Research impact in co-authorship networks: a two-mode analysis. Journal of Informetrics, 11(2), 371–388

    Article  Google Scholar 

  43. Small, H. (1973). Co-citation in the scientific literature: A new measure of the relationship between two documents. Journal of the American Society for information Science, 24(4), 265–269

    Article  Google Scholar 

  44. Chen, C. (2004). Searching for intellectual turning points: Progressive knowledge domain visualization. Proceedings of the National Academy of Sciences, 101(suppl 1): p. 5303–5310

  45. Chen, C. (2006). CiteSpace II: Detecting and visualizing emerging trends and transient patterns in scientific literature. Journal of the American Society for Information Science and Technology, 57(3), 359–377

    Article  Google Scholar 

  46. Ferreira, F. A. F. (2018). Mapping the field of arts-based management: Bibliographic coupling and co-citation analyses. Journal of Business Research, 85, 348–357

    Article  Google Scholar 

  47. Bornmann, L., Haunschild, R., & Hug, S. E. (2018). Visualizing the context of citations referencing papers published by Eugene Garfield: a new type of keyword co-occurrence analysis. Scientometrics, 114(2), 427–437

    Article  Google Scholar 

  48. Zhang, Q., et al. (2020). Outlining the keyword co-occurrence trends in Shuanghuanglian injection research: A bibliometric study using CiteSpace III. Journal of Traditional Chinese Medical Sciences, 7(2), 189–198

    Article  Google Scholar 

  49. Rawat, K. S., & Sood, S. K. (2021). Knowledge mapping of computer applications in education using CiteSpace. Computer Applications in Engineering Education

  50. Cetina, K. K., Theory, C., & Society (2006). 23(2–3): p. 551–556

  51. Au, Y. A., & Kauffman, R. J. (2008). The economics of mobile payments: Understanding stakeholder issues for an emerging financial technology application. Electronic commerce research and applications, 7(2), 141–164

    Article  Google Scholar 

  52. Ang, J. B., & Kumar, S. (2014). Financial development and barriers to the cross-border diffusion of financial innovation. Journal of Banking & Finance, 39, 43–56

    Article  Google Scholar 

  53. Sharf, S. (2015). The Fintech 50: The Complete List 2015. [cited 2022 2022-01-07]; Available from: https://www.forbes.com/sites/samanthasharf/2015/12/09/the-fintech-50-the-complete-list/

  54. Novack, J., Schifrin, M., & Forbes (2015). 196(9): p. 51–64

  55. Gabor, D., & Brooks, S. (2017). The digital revolution in financial inclusion: international development in the fintech era. New Political Economy, 22(4), 423–436

    Article  Google Scholar 

  56. Eyal, I. (2017). Blockchain technology: Transforming libertarian cryptocurrency dreams to finance and banking realities. Computer, 50(9), 38–49

    Article  Google Scholar 

  57. Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business horizons, 61(1), 35–46

    Article  Google Scholar 

  58. Chen, M. A., Wu, Q., & Yang, B. (2019). How valuable is FinTech innovation? The Review of Financial Studies, 32(5), 2062–2106

    Article  Google Scholar 

  59. Platanakis, E., & Urquhart, A. (2020). Should investors include bitcoin in their portfolios? A portfolio theory approach. The British Accounting Review, 52(4), 100837

    Article  Google Scholar 

  60. Gomber, P., et al. (2018). On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of management information systems, 35(1), 220–265

    Article  Google Scholar 

  61. Buchak, G., et al. (2018). Fintech, regulatory arbitrage, and the rise of shadow banks. Journal of Financial Economics, 130(3), 453–483

    Article  Google Scholar 

  62. Haddad, C., & Hornuf, L. (2019). The emergence of the global fintech market: economic and technological determinants. Small Business Economics, 53(1), 81–105

    Article  Google Scholar 

  63. Gai, K., Qiu, M., & Sun, X. (2018). A survey on FinTech. Journal of Network and Computer Applications, 103, 262–273

    Article  Google Scholar 

  64. Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87(5), 537–580

    Article  Google Scholar 

  65. Iyer, R., et al. (2015). Screening Peers Softly: Inferring the Quality of Small Borrowers. Management Science, 62(6), 1554–1577

    Article  Google Scholar 

  66. Tang, H. (2019). Peer-to-Peer Lenders Versus Banks: Substitutes or Complements? REVIEW OF FINANCIAL STUDIES, 32(5), 1900–1938

    Article  Google Scholar 

  67. Thakor, A. V. (2020). Fintech and banking: What do we know? Journal of Financial Intermediation, 41, 100833

    Article  Google Scholar 

  68. Widziewicz-Rzońca, K., & Tytła, M. (2020). First systematic review on PM-bound water: exploring the existing knowledge domain using the CiteSpace software. Scientometrics, 124(3), 1945–2008

    Article  Google Scholar 

  69. Yang, L., et al. (2019). A visualized investigation on the intellectual structure and evolution of waste printed circuit board research during 2000–2016. Environmental Science and Pollution Research, 26(11), 11336–11341

    Article  Google Scholar 

  70. Ye, M., & Li, G. (2017). Internet big data and capital markets: a literature review. Financial Innovation, 3(1), 6

    Article  Google Scholar 

  71. Xiao, F., & Ke, J. (2021). Pricing, management and decision-making of financial markets with artificial intelligence: introduction to the issue. Financial Innovation, 7(1), 85

    Article  Google Scholar 

  72. Chen, L., et al. (2021). The role of digital transformation to empower supply chain finance: current research status and future research directions (Guest editorial). International Journal of Operations & Production Management, 41(4), 277–288

    Article  Google Scholar 

  73. Tian, X., He, J. S., & Han, M. (2021). Data-driven approaches in FinTech: a survey. Information Discovery and Delivery

  74. Wang, Y., Xiuping, S., & Zhang, Q. (2021). Can fintech improve the efficiency of commercial banks? —An analysis based on big data. Research in International Business and Finance, 55, 101338

    Article  Google Scholar 

  75. Liu, Y., & Tsyvinski, A. (2021). Risks and returns of cryptocurrency. The Review of Financial Studies, 34(6), 2689–2727

    Article  Google Scholar 

  76. Caferra, R., & Vidal-Tomás, D. (2021). Who raised from the abyss? A comparison between cryptocurrency and stock market dynamics during the COVID-19 pandemic.Finance Research Letters, : p.101954

  77. Roh, T., et al. (2022). What makes consumers trust and adopt fintech? An empirical investigation in China. Electronic Commerce Research

  78. Yao, Y., & Li, J. (2022). Operational risk assessment of third-party payment platforms: a case study of China. Financial Innovation, 8(1), 19

    Article  Google Scholar 

  79. Von Solms, J. (2021). Integrating Regulatory Technology (RegTech) into the digital transformation of a bank Treasury. Journal of Banking Regulation, 22(2), 152–168

    Article  Google Scholar 

  80. Alaassar, A., Mention, A. L., & Aas, T. H. (2022). Facilitating innovation in FinTech: a review and research agenda. Review of Managerial Science

  81. Ahern, D. (2021). Regulatory Lag, Regulatory Friction and Regulatory Transition as FinTech Disenablers: Calibrating an EU Response to the Regulatory Sandbox Phenomenon. European Business Organization Law Review, 22(3), 395–432

    Article  Google Scholar 

  82. Milian, E. Z., Spinola, M. M., & Carvalho, M. M. (2019). Fintechs: A literature review and research agenda. Electronic Commerce Research and Applications, 34, 100833

    Article  Google Scholar 

  83. Lim, W. M. (2022). The Sustainability Pyramid: A Hierarchical Approach to Greater Sustainability and the United Nations Sustainable Development Goals With Implications for Marketing Theory, Practice, and Public Policy. Australasian Marketing Journal

  84. Mohsin, M., et al. (2021). Developing Low Carbon Finance Index: Evidence From Developed and Developing Economies. Finance Research Letters, 43, 101520

    Article  Google Scholar 

  85. Le, T. L., Abakah, E. J. A., & Tiwari, A. K. (2021). Time and frequency domain connectedness and spill-over among fintech, green bonds and cryptocurrencies in the age of the fourth industrial revolution. Technological Forecasting and Social Change, 162, 120382

    Article  Google Scholar 

  86. Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572–597

    Article  Google Scholar 

  87. Arner, D. W., et al. (2020). Sustainability, FinTech and financial inclusion. European Business Organization Law Review, 21(1), 7–35

    Article  Google Scholar 

  88. Liu, A., et al. (2020). A supplier evaluation model based on customer demand in blockchain tracing anti-counterfeiting platform project management. Journal of Management Science and Engineering, 5(3), 172–194

    Article  Google Scholar 

  89. Kumar, S., et al. (2022). Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research. Annals of Operations Research

  90. Deng, T., Zhang, K., & Shen, Z. J. (2021). A systematic review of a digital twin city: A new pattern of urban governance toward smart cities. Journal of Management Science and Engineering, 6(2), 125–134

    Article  Google Scholar 

  91. Leon Zhao, J., Fan, S., & Yan, J. (2017). Erratum to: Overview of business innovations and research opportunities in blockchain and introduction to the special issue. Financial Innovation, 3(1), 9

    Article  Google Scholar 

  92. Hendershott, T., et al. (2021). FinTech as a game changer: Overview of research frontiers. INFORMS. p. 1–17

  93. Li, J., He, Z., & Wang, S. (2022). A survey of supply chain operation and finance with Fintech: Research framework and managerial insights.International Journal of Production Economics, : p.108431

  94. Huang, L., et al. (2022). Blockchain implementation for circular supply chain management: Evaluating critical success factors. Industrial Marketing Management, 102, 451–464

    Article  Google Scholar 

  95. Paul, T., et al. (2022). RFID-integrated blockchain-driven circular supply chain management: A system architecture for B2B tea industry. Industrial Marketing Management, 101, 238–257

    Article  Google Scholar 

  96. Xu, J., & Duan, Y. (2022). Pricing and greenness investment for green products with government subsidies: When to apply blockchain technology? Electronic Commerce Research and Applications, 51, 101108

    Article  Google Scholar 

  97. Lu, Y., et al. (2022). STRICTs: A Blockchain-enabled Smart Emission Cap Restrictive and Carbon Permit Trading System. Applied Energy, 313, 118787

    Article  Google Scholar 

  98. Chen, T. H., & Chang, R. C. (2021). Using machine learning to evaluate the influence of FinTech patents: The case of Taiwan’s financial industry. Journal of Computational and Applied Mathematics, 390, 113215

    Article  Google Scholar 

  99. Lv, P., & Xiong, H. (2022). Can FinTech improve corporate investment efficiency? Evidence from China. Research in International Business and Finance, 60, 101571

    Article  Google Scholar 

Download references

Acknowledgements

The authors gratefully acknowledge the helpful comments received from editors and anonymous reviewers. This study was partly supported by Shanghai Financial Technology Research Center Project [No. 2021-JK01-C], Shanghai Innovation Center of Reverse Logistics and Supply Chain Project [No. A30DB212103-06], the China Postdoctoral Science Foundation [No. 2021M690654], Jiangsu University Philosophy and Social Science Research Major Project [No. 2021SJZDA033] and the National Natural Science Foundation of China [71901042].

Author information

Authors and Affiliations

Authors

Contributions

Junbin Wang: Conceptualization, Methodology, Funding acquisition. Chenyang Zhao: Data curation, Formal analysis, Visualization, Investigation, Writing and revising the paper. Lufei Huang: Methodology, Writing and revising the paper, Funding acquisition. Shuai Yang: Verification, Funding acquisition, Revising the paper. Minxing Wang: Data curation, Visualization, Investigation.

Corresponding author

Correspondence to Lufei Huang.

Ethics declarations

Conflict of interest

The authors declared that they have no conflicts of interest to this work. We declare that we do not have any commercial or associative interest that represents a conflict of interest in connection with the work submitted.

Additional information

Publisher’s note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Rights and permissions

Reprints and Permissions

About this article

Verify currency and authenticity via CrossMark

Cite this article

Wang, J., Zhao, C., Huang, L. et al. Uncovering research trends and opportunities on FinTech: a scientometric analysis. Electron Commer Res (2022). https://doi.org/10.1007/s10660-022-09554-8

Download citation

  • Received:

  • Accepted:

  • Published:

  • DOI: https://doi.org/10.1007/s10660-022-09554-8

Keywords

  • Fintech
  • Financial technology
  • Scientometric analysis
  • CiteSpace