A Meta-Synthesis of Technological Functions in FinTech Business Model Innovation
Keywords:
Technology, Innovation, Business, FinTech, Meta-synthesisAbstract
The present study aims to elucidate the role of digital technologies in shaping business model innovation within financial technology (FinTech) firms; to this end, it has analyzed and synthesized the results of 62 studies published between 2015 and 2025 using a meta-synthesis approach. In this vein, employing the PRISMA protocol, 792 unique articles from academic databases (Web of Science, Google Scholar, and ArXiv) were screened, and the 62 most relevant studies were selected based on their evaluations. The analytical findings indicate that five main technological drivers—mobile technologies/agents/SMS, blockchain/cryptocurrencies, artificial intelligence/generative AI, cloud computing/APIs, and big data—enable business model innovation through four primary mechanisms: disintermediation, personalization and automation, ecosystem orchestration, and cost reduction coupled with scalability. These mechanisms transform business models across all four dimensions of Gassmann’s Magic Triangle (How, What, Who, and Value), generating two types of innovation: incremental innovation (affecting 1 to 3 dimensions) and disruptive innovation (transforming all 4 dimensions). The extracted framework demonstrates that technology-driven business model innovation in FinTech emerges and evolves through systematic pathways, progressing from technological capabilities to innovation mechanisms, and subsequently to specific business model reconfigurations. Key findings also reveal that artificial intelligence and big data enable personalized and automated services; blockchain facilitates disintermediation and new value propositions; cloud computing and APIs activate ecosystem management and platform-based business models; and mobile technologies extend financial inclusion to underserved segments. Quality assessment of the literature in this domain reveals that although the field is growing rapidly, methodological rigor varies, highlighting the need for more quantitative empirical research. By presenting a conceptual framework, the current study identifies research gaps and provides practical insights for strategic managers and policymakers seeking to make informed decisions by analyzing the role of digital transformation in financial services.
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Copyright (c) 2026 Vahid Khashei Varnamkhasti; Seyed Soroush Ghazinoori Naeini, Mahdi Haghighi Kafash, Sahar Esmaeili Shayan (Author)
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