The Diffusion of Fintech Innovations and Impacts on the Modern Banking Ecosystem

The main purpose of the paper is to conceptualize the interrelationships between FinTech innovations and the banking sector. Since the presence of online banking has been rapidly evolving in the past years, this paper will provide a specific focus on that promising area of technological developments. To address the purpose of this research, multiple case study methodology is adopted. The companies and respondents are purposefully selected from the Canadian and Danish banking sector. Secondary and primary data in form of semi-structured interviews was collected and analyzed. The findings are discussed following a conceptual framework that consists of four dimensions: (1) Banking sector transformation including public policies and partnerships; (2) Fintech strategic and operational organizational planning; (3) Fintech innovative services in banking and Fintech adoption; and (4) market implementation. Implications for practice and academia are discussed.