Fintech Adoption and Cognitive Biases in Personal Financial Management: A Systematic Literature Review

Abstract

The rapid growth of FinTech adoption has increased the number of global transactions, and their value is expected to increase. However, the influence of behavioural biases especially influences Fintech adoption. This paper aimed to explore the influence of the cognitive aspects, including financial literacy, loss aversion, and perceived risk, on consumer Fintech adoption. This paper used a systematic review approach using Web of Science and Scopus databases. A total of 2,512 records were identified, and the final review included 20 relevant articles.  The findings revealed that there is a gap between Fintech utilisation and availability. It is essential to learn more about these psychological barriers to develop financial inclusion and increase user engagement. Therefore, future research must focus on behaviourally informed interventions and user-centred design could enhance the outcomes of FinTech adoption levels, considerably.