Impact of Financial Technology (Fintech) on Traditional Banking: A Comparative Study of Consumer Preferences and Adoption Rates – A Comparison Between Kenya and the UK
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Philosophical Underpinnings and Theoretical Frameworks
The investigation into the impact of Fintech on traditional banking is rooted in a combination of interpretivism and pragmatism, underpinned by the theoretical framework of social constructivism. This approach is selected to facilitate a nuanced understanding of the complex interactions between technological innovation, human behaviour, and socio-economic contexts.
Interpretivism and Pragmatism:
We embrace interpretivism by recognizing that the perceptions, motivations, and choices of individuals shape the adoption of Fintech (Burrell & Morgan, 1979). We further acknowledge that qualitative insights are pivotal in capturing the intricate nuances of human behaviour in response to Fintech services. Pragmatism complements interpretivism by advocating for the practical application of research outcomes to address real-world challenges.
Combining these philosophical stances allows for a balanced exploration of consumer preferences and the potential implications for the financial industry.
Social Constructivism:
The theoretical framework of social constructivism is adopted to shed light on the interplay between Fintech and traditional banking within socio-cultural contexts. This framework posits that knowledge and behaviors are co-constructed through interactions between individuals and their environment (Guba & Lincoln, 1994). In the context of Fintech adoption, this framework acknowledges that technological innovations are not mere technical advancements but are shaped by social, cultural, and economic factors. Understanding these interactions is essential for deciphering the intricate dynamics of Fintech’s influence on traditional banking institutions.
The advent of Financial Technology (Fintech) has revolutionized the financial landscape, challenging the traditional banking sector and reshaping the way consumers interact with financial services. This study aims to explore the impact of Fintech on traditional banking, focusing on consumer preferences and adoption rates in two diverse contexts: Kenya and the United Kingdom (UK). The theoretical framework guiding this investigation integrates interpretivism, pragmatism, and social constructivism, providing a comprehensive lens to understand the intricate relationship between technological innovation, consumer behavior, and socio-economic contexts.
Interpretivism serves as the foundational stance, acknowledging the critical role of individual perceptions, motivations, and choices in shaping the adoption of Fintech services. Burrell and Morgan (1979) emphasize the significance of understanding the subjective experiences of individuals within their socio-cultural contexts. In this study, interpretivism guides the exploration of consumer preferences by delving into the qualitative insights that capture the nuanced aspects of human behavior in response to Fintech innovations. By focusing on individuals’ perceptions and motivations, interpretivism provides a deeper understanding of how Fintech adoption is influenced by personal beliefs, attitudes, and cultural factors.
Complementing interpretivism, pragmatism underscores the practical application of research outcomes to address real-world challenges. This perspective aligns with the study’s goal of examining the impact of Fintech on traditional banking and its implications for the financial industry. The convergence of interpretivism and pragmatism enables a holistic exploration of Fintech’s effects, bridging the gap between theoretical insights and practical implications.
Central to the theoretical framework is the concept of social constructivism, which illuminates the complex interplay between Fintech and traditional banking within socio-cultural contexts. Drawing from the ideas of Guba and Lincoln (1994), social constructivism posits that knowledge and behaviors are co-constructed through interactions between individuals and their environment. In the realm of Fintech adoption, this framework recognizes that technological innovations are not isolated developments but are molded by social, cultural, and economic factors. These factors shape consumers’ perceptions, preferences, and behaviors in adopting Fintech services.
Understanding these interactions is pivotal for unraveling the intricate dynamics of Fintech’s influence on traditional banking institutions. By employing a social constructivist lens, this study acknowledges that Fintech’s impact extends beyond technological features, encompassing socio-cultural norms, trust, and economic considerations. This framework guides the exploration of how socio-cultural contexts in Kenya and the UK influence consumer responses to Fintech innovations and their subsequent adoption of these services.
In conclusion, the investigation into the impact of Fintech on traditional banking employs a robust theoretical framework that merges interpretivism, pragmatism, and social constructivism. This framework provides a comprehensive understanding of the intricate interplay between technological advancements, consumer behavior, and socio-economic contexts. By delving into individual preferences and adoption rates in the distinct settings of Kenya and the UK, this study seeks to shed light on the complex relationship between Fintech and traditional banking. Ultimately, this research aims to offer insights that can inform the financial industry’s strategies, adapting to the evolving landscape shaped by Fintech innovations.
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