Approaches to the classification of innovative financial technologies (fintech)

The article analyzes the most popular theoretical and practical approaches to the classification of innovations in financial technology (fintech). The relevance of the topic is set by the scale and diversity of innovative solutions that have appeared in the financial market recently. Understanding and analysis of the fintech phenomenon is impossible without a coherent system that groups all the possible fintech solutions according to their salient features. Accordingly, the new systemic approach to classification advised by the author allows to fully and extensively group innovative solutions in the financial sphere

Keywords: banking technologies, innovations, fintech classification, fintech systematization, financial innovations, financial technologies, fintech


  1. Campani, M. & Vaglio , R., 2015. A simple interpretation of the growth of scientific/technological research impact leading to hype-type evolution curves.  Scientometrics, April, Volume 103(Issue 1), p. pp 75–83.
  2. Company, M. &., March 2018. Fintech decoded: Capturing the opportunity in capital markets infrastructure. [В Интернете]  Available at: [Дата обращения: 29 05 2018].
  3. Eichengreen, B., Lafarguette, R. & Mehl, A., 2016. Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market. NBER Working Paper, January, Issue 21884.
  4. EY., 2016. Capital Markets: innovation and the FinTech landscape. How collaboration with FinTech can transform investment banking.
  5. Griliches, Z., 1957. Hybrid Corn: an Exploration in the Economics of Technological Change. Econometrica, vol 25(no 4), p. pp 501–22.
  6. H2 Ventures; KPMG, 2016. 2016 FINTECH100: Leading Global Fintech Innovators.
  7. Hungarato, A. & Teixeira, A. J. C., 2012. Research and Development and Stock Prices of Brazilian Companies: An Empirical Study. Journal of Education and Research in Accounting, jul./sep., v. 6(n. 3), pp. p. 261-276.
  8. International Monetary Fund, 2017. Fintech and Financial Services: Initial Considerations. IMF Staff Discussion Note, June, Issue SDN/17/05.
  9. KPMG, October 2017. Value of Fintech. London.
  10. Lantushenko, V. & Nelling, E., September, 2017. Investing in innovation: Evidence from institutional trading around patent publications.
  11. Lee, I. & Shin, Y. J., 2018. Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, Том 61, pp. 35-46.
  12. Linden, A. & Fenn, J., 2003. Understanding Gartner's Hype Cycles. Gartner Research, May.
  13. MacVaugh, J. & Schiavone, F., 2010. Limits to the diffusion of innovation: A literature review and integrative model. European Journal of Innovation Management, Vol. 13(No. 2), pp. 197-221.
  14. McKinsey & Company, 2017. Fintech: opportunities and challenges for banks and regulators. Vienna.
  15. Moore, G. A., 1991. Crossing the Chasm. Marketing and Selling High-Tech Products to Mainstream Customers. Revised ред.:HarperBusiness.
  16. Porter, M. E., 1985. Competitive Advantage. New York: Free Press.
  17. PwC, 2017. Global FinTech Report 2017. [В Интернете]  Available at:   [Дата обращения: 14 май 2018].
  18. Rogers, E., 2003. Diffusion of Innovations. Fifth ред. New York: Free Press.
  19. Rogers, E. M., Singhal, A. & Quinlan, M. M., 2009. Diffusion of Innovations. В: An Integrated Approach to Communication Theory and Research. NY: Routledge, pp. 418-434.
  20. Steinert, M. & Leifer, L., 2010. Scrutinizing Gartner’s Hype Cycle Approach. Phuket, Thailand.
  21. U.S. Department of Commerce, 2016. 2016 Top Markets Report: Financial Technology.
  22. World Economic Forum, 2015. The Future of Financial Services.
  23. World Economic Forum, 2017. Beyond Fintech: A Pragmatic Assessment Of Disruptive Potential In.