A Systematic Literature Review of Bank-fintech Collaboration

Document Type : Research Paper


1 Associate Prof., Department of Business Management, Faculty of Management, University of Tehran, Tehran, Iran.

2 Assistant Prof., Department of Business Management, Faculty of Management, University of Tehran, Tehran, Iran.

3 Associate Prof., Department of IT, Faculty of Management, University of Tehran, Tehran, Iran.

4 Ph.D. Candidate, Department of Business Policy Making, Faculty of Management, University of Tehran, Tehran, Iran.


With the advent of new technologies and the changing behavior of customers, the global banking industry needs to take on the challenges of innovation in its processes. Changes in technology, regulatory requirements, and the crisis in the economy along with changing the expectations of customers are the requirements for a substantial change in the banking system. Using digital technologies, fintech companies have offered innovative services to enhance customer satisfaction, in some cases proving more efficient than banks. The bank-fintech collaboration, which comes in various forms, relies on the capabilities of each institution and the cooperation’s benefits for each of them. Such collaboration has attracted the researchers' attention to the extent that a considerable number of papers have focused on fintechs despite its novelty. This study aims to review the existing scientific papers and their achievements regarding bank-fintech collaboration. This study focuses on the necessity, drivers and benefits, risks, obstacles, and types of bank-fintech collaboration in scientific papers.
The present research is conducted based on the systematic literature review method. For this purpose, the related literature was systematically reviewed over a period of 7 months. At first, after specifying the subject of study, the research question was developed in accordance with the research design. Then the research protocol was designed and an appropriate mental model was designed accordingly. Subsequently, inclusion and exclusion criteria were determined. Accordingly, the comprehensive and systematic search began within the literature and 986 studies were considered. After classification, screening, and measurement of their quality (methodological assessment based on PRISMA Statement), 41 studies were finally examined in depth (through a detailed review of their abstracts, introduction, methodology, and results) and the required data were collected. Then, in the last step, the obtained data were classified, codified (using the open coding method through Excel software), synthesized, and finally summarized.
Based on the obtained results, all the factors that affect the cooperation between banks and fintech companies can be classified into four main categories of both parties’ characteristics, relational features, collaboration requirements, and macro issues. Each category also includes a number of subcategories and codes. A total of four categories, 11 sub-categories, and 43 codes make up the factors that play a role in the formation of cooperation between banks and fintech companies. According to the diversity of detected factors, it can be concluded that the formation of cooperation between banks and fintech companies is a complex process and must be considered a multi-dimensional concept.
Finally, a schematic Model was developed to explain how effective factors affect cooperation formation. According to the diversity of the detected factors, it can be concluded that the formation of cooperation among banks and fintech companies is a multi-dimensional and complex process.


Ahmad, S. M. (2020). Opportunities of Islamic Fintech: The case of Bangladesh and Turkey. Journal of Social Sciences, 2(3), 412-426.
Anagnostopoulos, I. (2018). Fintech and regtech: Impact on regulators and banks. Journal of Economics and Business, 100, 7-25.
Anielak, K. (2019). Fintech as a Source of Financial Innovations on the Polish Financial Services Market. Problemy Rolnictwa Światowego, 19, 162–171.
Ansari, S. S., & Krop, P. (2012). Incumbent performance in the face of a radical innovation: Towards a framework for incumbent challenger dynamics. Research Policy, 41, 1357-1374.
Appiah-Otoo, I. & Song N. (2021). The impact of Fintech on poverty reduction: Evidence from China. MDPI: Sustainability, 13(9), 5225.
Arner, D.W., Barberis, J. & Buckley, R.P. (2017). Fintech, regTech, and the reconceptualization of financial regulation. Northwestern Journal of International Law and Business, 37, 373–415.
Ashta, A. & Biot-Paquerot, G. (2018). Fintech evolution: Strategic value management issues in a fast-changing industry. Strategic Change, 27, 301–311.
Azarenkova, G., Shkodina, I., Samorodov, B., Babenko, M. & Onishchenko, I. (2018). The influence of financial technologies on the global financial system stability. Investment Management and Financial Innovations, 15, 229–238.
Basole, R. C. & Patel, S. S. (2018). Transformation through unbundling: Visualizing the global Fintech ecosystem. Service Science, 10, 379–396.
Bomer, M. & Maxin, H. (2018). Why Fintechs cooperate with banks—evidence from Germany. Zeitschrift für die gesamte Versicherungswissenschaft, 107, 359–386.
Capgemini. (2020). World Fintech Report.
Chen, R., Huiwen, C., Chenglu, J. & Lean, Y. (2020). Linkages and spillovers between internet finance and traditional finance: Evidence from china. Emerging Markets Finance and Trade, 56, 1196–1210.
Chishti, S. & Barberis, J. (2016). The Fintech book: The financial Technology Handbook for Investors, Entrepreneurs and Visionaries: John Wiley & Sons; 2016.
Coetzee, J. (2018). Strategic implications of Fintech on South African retail banks. South African Journal of Economic and management Sciences, 21, 122-131.
Dranev, Y., Frolova, K., & Ochirova, E. (2019). The impact of fintech M&A on stock returns. Research in International Business and Finance, 48, 353-364.
Drasch, B. J., Schweizer. A. & Urbach, N. (2018). Integrating the ‘Troublemakers’: A taxonomy for collaboration between banks and Fintechs. Journal of Economics and Business, 100, 26–42.
Du, K. (2018). Complacency, capabilities, and institutional pressure: Understanding financial institutions’ participation in the nascent mobile payment’s ecosystem. Electronic Markets, 28, 307-319.
Durst, S. & Gerstlberger, W. (2021). Financing responsible small and medium-sized enterprises: An international overview of policies and support programs. Journal of Risk and Financial Management, 14, 10.
Economist Intelligence Unit. (2015). Strategic Partnerships for the Digital Age. Telstrea report.
Freij A. (2018). A regulatory innovation framework: How regulatory change leads to innovation outcomes for Fintechs. In: The Rise and Development of Fintech (Open Access): Routledge, 21–42.
Gai, K., Qiu, M. & Sun, X. (2018). A survey on Fintech. Journal of Network and Computer Applications, 103, 262–73.
Haddad, C. & Hornuf, L. (2018).The emergence of the global Fintech market: Economic and technological determinants. Small Business Economiccs, 39, 955-967.
Han, J., Jun, J. & Kang, K. (2017). The Effects of Fintech Prepaid Services on Competition and Stability in Banking. Journal of Money & Finance, 31, 35–49.
Hu, Z., Ding, S., Li, S., Chen, L., & Yang, S. (2019). Adoption Intention of Fintech Services forBank Users: An Empirical Examination with an Extended Technology Acceptance Model. Symmetry, 11, 340-353.
Hung, J. & Luo, B. (2016). Fintech in Taiwan: a case study of a Bank’s strategic planning for an investment in a Fintech company. Financial Innovation, 2(15), 1-13.
Hurley, R. F., & Hult, G. T. M. (1998). Innovation, market orientation, and organizational learning: An integration and empirical examination. Journal of Marketing, 62, 42-54.
Jagtiani, J. & Lemieux, C. (2018). Do Fintech lenders penetrate areas that are underserved by traditional banks? Journal of Economics and Business, 100, 43–54.
Kliber, A., Bedowska-Sojka, B., Rutkowska, A. & Swierczynska, k. (2021). Triggers and obstacles to the development of the Fintech sector in Poland. MDPI: Risks, 9(20), 30-41.
Kotarba, M. (2016). New factors inducing changes in the retail banking customer relationship management (CRM) and their exploration by the FinTech industry. Foundations of Management, 8, 69-78.
KPMG. (2020). Pulse of Fintech H2 2020 Global insight.
Lee, I. & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61, 35–46.
Li, Y., Spigt, R. & Swinkels, L. (2017). The impact of Fintech start-ups on incumbent retail banks’ share prices. Financial Innovation, 3(26), 16-27.
Liu, J., Li, X. & Wang, S. (2020). What have we learnt from 10 years of Fintech research? A scientometric analysis. Technological Forecasting and Social Change, Elsevier, 155(C): 1-13.
Magomedov, M., Reshetnikova, N. & Buklanov, D. (2021). Digital Finance Technologies: Threats and Challenges to the Global and National Financial Security. IOP Conf. Ser.: Earth Environ. Sci. 666 062139.
Mascarenhas, A. B., Perpetuo, C. K., Barrote, E. B. & Perides, M. P. (2020). The influence of perceptions of risks and benefits on the continuity of use of Fintech services. Brazilian Business Review. (Vol. 18(1), pp. 1-21). Doi:10.15728/bbr.2021.18.1.1
Milian, E.Z., Spinola, M. & Carvalho, M. (2019). Fintechs: A Literature Review and Research Agenda. Electronic Commerce Research and Applications, 34, 1-17.
Moher, D., Shamseer, L., Clarke, M., Ghersi, D., Liberati, A., Petticrew, M., et al. (2015). Preferred reporting items for systematic review and meta-analysis protocols (PRISMA-P) statement. Systematic reviews, 4, 1-9.
Najafi F, Irandoost M, Soltanpanah H, Sheikhahmadi A. (2019). A Model for relationship management with fintech and financial startups in banking industry. Journal of Business Strategies, 16 (13), 1-18. (In Persian)
Navaretti, G. B., Calzolari, G., Mansilla-Fernandez, J. M., & Pozzolo, A. F. (2018).Fintech and banking. Friends or Foes? European Economy. Available at: https://european-economy.eu/wp-content/uploads/2018/01/EE_2.2017-2.pdf.
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329-340.
Polasik, M. & Piotrowski, D. (2016). Payment innovations in Poland: A new approach of the banking sector to introducing payment solutions. Ekonomia i Prawo. Economics and Law, 15, 103–131.
Priem R. (2020). Distributed ledger technology for securities clearing and settlement: benefits, risks, and regulatory implications. Journal of Financial Innovation, 6(11), 1-25.
Rio, D. & Cesar, A. (2017). Use of distributed ledger technology by central banks: A review. Enfoque UTE, 8, 1–13.
Romanova, I. & Kudinska, M. (2016). Banking and Fintech: A challenge or opportunity? In: Contemporary issues in finance: Current challenges from across Europ. Emerald Group Publishing Limited, 21–35.
Saba, I., Kouser, R. & Chaudhry, I. S. (2020). Fintech and Islamic finance-challenges and opportunities. Review of Economics and Development Studies, 5(4), 1-11.
Sims, A., & Daluwathumullagamage, D. J. (2021). Fantastic Beasts: Blockchain Based Banking. Journal of Risk and Financial Management, 14, 170-212.
Skan, J., Dickerson, J., & Masood, S. (2015). The Future of fintech and banking: digitally disrupted or reimagined. London. Accenture.
Soltani, M., & Tahmasebi Aghbelaghi, D. (2020). Explaining the Role of Tejarat Bank's Strategic Alliance with FinTechs in Efficiency Mediated by Technological Developments and Digital Banking. Journal of Business Management, 12(3), 800-832. (in Persian)
Svensson, C., Udesen J. & Webb, J. (2019). Alliances in Financial Ecosystems: A Source of Organizational Legitimacy for Fintech Startups and Incumbents. Technology Innovation Management Review, 9(1), 20-32.
Svirina, D. D., Kondratyeva, M. N. & Tsvetkov, A. I. (2021). The role of information technologies in ensuring banking Securit. IOP Conf. Series: Materials Science and Engineering, 1047, 1-12.
Teresiene, D., Pu, R., Pieczulis, I., Kong, J. & Yue X. (2021). The Interaction between banking Sector and financial technology companies: Qualitative assessment—A case of Lithuania. MDPI: Risks, 9(10), 21.
Tornjanski, V., Marinkovic, S., Savoiu, G. & Cudanov, M. (2015). A need for research focus shift: Banking industry in the age of digital disruption. Econophysics, Sociophysics and other Multidisciplinary Science Journal, 5(30), 11-15.
Tsai, C. H. & Peng, K. J. (2017). The Fintech Revolution and Financial Regulation: The Case of Online Supply-Chain Financing. Asian Journal of Law and Society, 4, 109– 32.
Vives, X. (2019). Competition and stability in modern banking: A post-crisis perspective. International Journal of Industrial Organization, 64, 55–69.
WEF: World Economic Forum. (2020). Global COVID-19 Fintech Market Rapid Assessment Study.
Wonglimpiyarat, J. (2017). FinTech banking industry: A systemic approach. Foresight, 19, 590-603.
Zalan, T. & Toufaily, E. (2017). The promise of Fintech in emerging markets: Not as disruptive. Contemporary Economics, 11, 415–430.
Zhao, Q., Tsai, P. H., & Wang, J. L. (2019). Improving financial service innovation strategies for enhancing China’s banking industry competitive advantage during the fintech revolution: A hybrid MCDM model. Sustainability, 11, 1419.
Zouari, G. & Abdelhedi, M. (2021). Customer satisfaction in the digital era: evidence from Islamic banking. Journal of Innovation and Entrepreneurship, 10(1), 1-19.