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Designing a FinTech Adoption Index: A Strategic Framework for Measuring Digital Transformation in Asian Banks

Designing a FinTech Adoption Index: A Strategic Framework for Measuring Digital Transformation in Asian Banks
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Author(s): V. Lava Kumar (GITAM (Deemed to be) University, India), Santhapalli Gautami (Sri Venkateswara College of Engineering, India), E. Gnanaprasuna (Madanapalle Institute of Technology & Science (Deemed to be University), India), N. Sathyanarayana (Jain (Deemed to be) University, India)and D. Srikanth Reddy (REVA University, India)
Copyright: 2027
Pages: 32
Source title: Determinants of FinTech Adoption and Banks' Financial Performance
Source Author(s)/Editor(s): Muhammad Naeem Shahid (School of Accounting and Finance, Faculty of Business and Law, Taylor’s University, Malaysia)and Muhammad Umar Islam (Asia Pacific University of Techology and Innovations, Malaysia)
DOI: 10.4018/979-8-3373-6244-1.ch007

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Abstract

The emergence of Financial Technology (FinTech) as an accelerated phenomenon is reshaping the banking industry, particularly in regions such as Asia, where institutional varieties and regulatory regimes present both opportunities and challenges to digital transformation. The chapter presents a map of the FinTech Adoption Index (FAI), a comprehensive framework developed to measure the level of FinTech adoption among various banking organisations. The FAI measures various dimensions of adoption, including customer experience, regulatory compliance, technological infrastructure, and strategic alliances. The index provides banks, regulatory authorities, and policymakers with a crucial tool that helps measure progress, identify shortcomings, and inform future decision-making in digital projects. Although the adoption of FinTech has significant potential, the remnants of past systems, regulatory challenges, and concerns about consumer trust are among the graver obstacles that must be overcome.

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