Business models of FinTechs – Difference in similarity?

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dc.contributor.authorLaidroo, Laivi
dc.contributor.authorKoroleva, Ekaterina
dc.contributor.authorKliber, Agata
dc.contributor.authorRupeika-Apoga, Ramona
dc.contributor.authorGrigaliuniene, Zana
dc.date.accessioned2021-11-17T08:28:10Z
dc.date.available2021-11-17T08:28:10Z
dc.date.issued2021-04
dc.description.abstractThe FinTech industry is gradually maturing and offers a wide range of financial services on the global stage. Still, the understanding of FinTech business models remains at its infancy with a shortage of cross-country comparisons. This paper aims to determine the differences in business model attributes of FinTechs in five rapidly emerging FinTech hotspots in Central and Eastern Europe (CEE). Survey results from Estonia, Latvia, Lithuania, Poland, and Russia, accompanied by cluster analysis, enable us to provide unique in-depth evidence on FinTech business models. Across the selected countries, we observe significant differences in the attributes of FinTech business models: key activities, key resources, value propositions, customer segments, delivery channels, cost structure, and revenue stream. We identify four clusters of FinTechs: “lending community”, “mixed services”, “payment service”, and “payment community”. Although these clusters share similarities with FinTech archetypes proposed in previous research, they remain rather unevenly distributed across countries.en_US
dc.description.sponsorshipThis work was supported by the Tallinn University of Technology, Estonia, under grants B57 ‘Efficiency in Financial Sector in Light of Changing Regulatory Environment’ and BHV1 ‘Digital Development in Finance’, as well as the project grant lzp-2020/2-0061 from the Latvian Council of Science. We acknowledge also the support of National Science Poland through the project MINIATURA 2019/03/X/HS4/01025 (covering the cost of running the Polish survey) as well as Regional Initiative for Excellence programme of the Minister of Science and Higher Education of Poland, years 2019–2022, grant no. 004/RID/2018/19, financing 3,000,000 PLN (further research steps). The funding providers had no role in the research process from study design to submission.en_US
dc.identifier.citationLaidroo, L.; Koroleva, E.; Kliber, A.; Rupeika-Apoga, R.; Grigaliuniene, Z. Business Models of FinTechs – Difference in Similarity? Electronic Commerce Research and Applications 2021, 46, 101034, doi:10.1016/j.elerap.2021.101034.en_US
dc.identifier.doi10.1016/j.elerap.2021.101034
dc.identifier.issn1567-4223
dc.identifier.urihttps://www.sciencedirect.com/science/article/abs/pii/S1567422321000065
dc.identifier.urihttps://dspace.lu.lv/dspace/handle/7/56724
dc.language.isoengen_US
dc.publisherElsevier B.V.en_US
dc.relationeu-repo/grantAgreement/FLPP/lzp-2020/2-0061//Mazo un vidējo uzņēmumu (MVU) digitālā transformācija un ilgtspēja Latvijas ekonomikas restartēšanai un modernizācijai/DigiSMEs/en_US
dc.relation.ispartofseriesElectronic Commerce Research and Applications;46
dc.rightsinfo:eu-repo/semantics/embargoedAccessen_US
dc.subjectResearch Subject Categories::SOCIAL SCIENCES::Business and economics::Business studiesen_US
dc.subjectFinTechen_US
dc.subjectBusiness modelsen_US
dc.subjectBusiness model attributesen_US
dc.subjectBusiness model canvasen_US
dc.subjectFinTech ecosystemen_US
dc.titleBusiness models of FinTechs – Difference in similarity?en_US
dc.typeinfo:eu-repo/semantics/articleen_US
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