Fintech and Business Transformation of SME’s: Systematic Review of Trends and Impacts

Aris Sunandes; Ginanjar Indra Kusuma Nugraha; Yuyun Kristianingsih; Agus Hermawan; Puji Handayati

doi:10.55927/ijbae.v4i3.137

Authors

Aris Sunandes Universitas Negeri Malang
Ginanjar Indra Kusuma Nugraha Universitas Negeri Malang
Yuyun Kristianingsih Universitas Negeri Malang
Agus Hermawan Universitas Negeri Malang
Puji Handayati Universitas Negeri Malang

DOI:

https://doi.org/10.55927/ijbae.v4i3.137

Keywords:

Fintech, Business Transformation, Systematic Overview, Trends, Impact

Abstract

This article presents a systematic review of the role of fintech in business transformation in Small and Medium Enterprises (SMEs). By analyzing fintech trends and impacts, this article aims to understand how financial technology can help SMEs improve operational efficiency, improve financial accessibility, and strengthen their market position. The article also identifies areas of research that still need to be developed and makes recommendations for the development of policies and business practices. The results of this study show that fintech has great potential to improve SME business performance, but it also requires a better understanding of the potential and challenges associated with the adoption of this technology.

References

Aassouli, D., & Ahmed, H. (2023). Supporting SMEs Financial Resilience during Crises: A Framework to Evaluate the Effectiveness of Financial Literacy Programs Targeting SMEs. Malaysian Journal of Economic Studies, 60(1), 105–121. https://doi.org/10.22452/MJES.vol60no1.6

Adji, Y. B., Muhammad, W. A., Akrabi, A. N. L., & Noerlina, N. (2023). Perkembangan Inovasi Fintech di Indonesia. Business Economic, Communication, and Social Sciences Journal (BECOSS), 5(1), 47–58. https://doi.org/10.21512/becossjournal.v5i1.8675

Aftab, R., Fazal, A., & Andleeb, R. (2025). Behavioral biases and Fintech adoption: Investigating the role of financial literacy. Acta Psychologica, 257(May), 105065. https://doi.org/10.1016/j.actpsy.2025.105065

Ahmad, K. (2024). The Influence of Financial Literacy, Risk Orientation and Qualified Accountants on Performance in Micro, Small and Medium Enterprises: The Mediating Role of Management Accounting. International Review of Management and Marketing , 14(6), 317–324. https://doi.org/10.32479/irmm.17044

Arner, D. W., Barberis, J., & Buckley, R. P. (2020). Fintech and regtech in a nutshell. Oxford University Press. https://doi.org/https://doi.org/10.1093/oso/9780198849800.001.0001

Aziz, S. A., Muhamed, N. A., Yaakub, N. A., & Ramli, N. M. (2014). Religiosity and Purchase Intention for Halal Labeled Non- Food Products: Case of Malaysian Gen Y’s. In Malaysia Indonesia International Conference on Economics, Management and Accounting (MIICEMA 2014) (Issue November).

B. Rahardjo, Budi; Khairul, I. A. K. S. (2019). Pengaruh Financial Technology (Fintech) Terhadap Perkembangan UMKM di Kota Magelang. Prosiding Seminar Nasional Dan Call For Papers, Fakultas Ekonomi Universitas Tidar, 347–356.

Bartoli, C., Annosi, M. C., Orero, L., & Brunetta, F. (2025). Crowdfunding for sustainability: Key elements driving crowdfunding success across economic, social, and environmental goals. Finance Research Letters, 81(October 2024), 107400. https://doi.org/10.1016/j.frl.2025.107400

Brown, R., Mawson, S., Rowe, A., & Mason, C. (2018). Working the crowd: Improvisational entrepreneurship and equity crowdfunding in nascent entrepreneurial ventures. International Small Business Journal: Researching Entrepreneurship, 36(2), 169–193. https://doi.org/10.1177/0266242617729743

Buckley, R. P., Arner, D. W., & Zetzsche, D. A. (2023). Evolution of FinTech. FinTech, 11–26. https://doi.org/10.1017/9781009086943.003

Carton, F., Xiong, H., & McCarthy, J. B. (2024). Human-centred factors of decision-making for financial resilience. Journal of Decision Systems, 00(00), 1–11. https://doi.org/10.1080/12460125.2024.2354644

Er-Rami, I., Cherqaoui, M., & El Badlaoui, A. (2024). Impact of Covid-19 on companies’ performance and financial resilience: Evidence from Moroccan listed companies. Investment Management and Financial Innovations, 21(3), 237–247. https://doi.org/10.21511/imfi.21(3).2024.20

Fu, L. (2024). Digital Financial Inclusion and Financial Vulnerability Analysis of the Household Economy - Empirical Evidence Based on CFPS. Applied Mathematics and Nonlinear Sciences, 9(1), 1–13. https://doi.org/10.2478/amns-2024-0732

Galvin, J., Han, F., Hynes, S., Qu, J., Rajgopal, K., & Shek, A. (2018). Synergy and disruption: Ten trends shaping fintech. McKinsey and Company, Global Banking, December, 1–11.

García-Santillán, A., Escalera-Chávez, M. E., & Santana, J. C. (2024). Exploring resilience: a Bayesian study of psychological and financial factors across gender. Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2431544

Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services. Journal of Management Information Systems, 35(1), 220–265. https://doi.org/10.1080/07421222.2018.1440766

Guild, J. (2017). Fintech and the Future of Finance. Asian Journal of Public Affairs, 10(1). https://doi.org/10.18003/ajpa.201710

Gumbo, L., Marimuthu, F., & Vengesai, E. (2023). Financial literacy competencies of women in agribusiness and their financial experiences during a pandemic. Southern African Journal of Entrepreneurship and Small Business Management, 15(1), 1–11. https://doi.org/10.4102/SAJESBM.V15I1.612

Haddad, C., & Hornuf, L. (2019). The emergence of the global fintech market: economic and technological determinants. Small Business Economics, 53(1), 81–105. https://doi.org/10.1007/s11187-018-9991-x

Homayoun, S., Pazhohi, M., & Manzarzadeh Tamam, H. (2024). The Effect of Innovation and Information Technology on Financial Resilience. Sustainability (Switzerland) , 16(11), 1–23. https://doi.org/10.3390/su16114493

Ilmiah, M., & Maritim, G. (2024). Analisis Dampak Digitalisasi pada Bisnis Logistik di Era Revolusi 4.0. Politeknik Bumi Akpelni Semarang, 26(1), 81–88. www.e-journal.akpelni.ac.id,

Issac, A., & Seranmadevi, R. (2024). Unravelling Financial Resilience in India: A Multi-Group Analysis of Socio-Economic Factors. International Research Journal of Multidisciplinary Scope, 5(4), 18–33. https://doi.org/10.47857/irjms.2024.05i04.01011

Kumari, M. (2025). Has FinTech reshaped global trade? New empirical evidence from structural gravity model. Transnational Corporations Review, 17(1), 200105. https://doi.org/10.1016/j.tncr.2024.200105

Lee, J. E., Kim, S. R., & Chun, B. C. (2024). Impact of the COVID-19 pandemic on infection control nurses: A path analysis of job stress, burnout, and turnover intention. American Journal of Infection Control, 52(6), 683–687. https://doi.org/10.1016/j.ajic.2024.01.001

Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5

Mabrouk, F., Bousrih, J., Elhaj, M., Binsuwadan, J., & Alofaysan, H. (2023). Empowering Women through Digital Financial Inclusion: Comparative Study before and after COVID-19. Sustainability (Switzerland), 15(12). https://doi.org/10.3390/su15129154

McFadgen, B. K. (2019). Connecting policy change, experimentation, and entrepreneurs: Advancing conceptual and empirical insights. Ecology and Society, 24(1). https://doi.org/10.5751/ES-10673-240130

Meressa, H. A. (2023). Entrepreneurial financial literacy - small business sustainability nexus in Ethiopia. Cogent Business and Management, 10(2). https://doi.org/10.1080/23311975.2023.2218193

Mishra, D., Agarwal, N., Sharahiley, S., & Kandpal, V. (2024). Digital Financial Literacy and Its Impact on Financial Decision-Making of Women: Evidence from India. Journal of Risk and Financial Management, 17(10). https://doi.org/10.3390/jrfm17100468

Nigmonov, A., Shams, S., & Alam, K. (2024). Liquidity risk in FinTech lending: Early impact of the COVID-19 pandemic on the P2P lending market. Emerging Markets Review, 58, 101084. https://doi.org/10.1016/j.ememar.2023.101084

Pellicano, E., Hall, G., & Ying Cai, R. (2024). Autistic adults’ experiences of financial wellbeing: Part II. Autism, 28(5), 1090–1106. https://doi.org/10.1177/13623613231191594

Rahayu, S. M., Worokinasih, S., Damayanti, C. R., Normawati, R. A., Rachmatika, A. G., & Aprilian, Y. A. (2024). The Road to Financial Resilient: Testing Digital Financial Literacy and Saving Behavior. Finance: Theory and Practice, 28(3), 218–230. https://doi.org/10.26794/2587-5671-2024-28-3-218-230

Salignac, F., Marjolin, A., Reeve, R., & Muir, K. (2019). Conceptualizing and Measuring Financial Resilience: A Multidimensional Framework. Social Indicators Research, 145(1), 17–38. https://doi.org/10.1007/s11205-019-02100-4

Sethi, M., Bohra, N. S., Johri, A., & Asif, M. (2025). Emerging dimensions in Fintech: Insights from bibliometric analysis. Digital Business, 5(1), 100113. https://doi.org/10.1016/j.digbus.2025.100113

Sunandes, A., & Rangga, D. L. (2022). Analisis Mobile Banking Terhadap Kinerja Keuangan Dengan Moderasi Profitabilitas Entitas Publik Perbankan Di Bei. AKUNTABILITAS: Jurnal Ilmiah Ilmu-Ilmu Ekonomi, 14(1), 72–84. https://doi.org/10.35457/akuntabilitas.v14i1.2502

Tang, Y., Yan, Y., Mao, J., Ni, J., & Qing, H. (2023). Jo l P re of. Ageing Research Reviews, 101865. https://doi.org/10.1016/j.heliyon.2024.e27242

Voznyak, H., Mulska, O., Kaplenko, H., Sorokovyi, D., & Patytska, K. (2023). Financial determinants of ensuring the resilience of Ukrainian regions. Investment Management and Financial Innovations, 20(4), 83–98. https://doi.org/10.21511/IMFI.20(4).2023.08

Widagdo, B., & Sa’diyah, C. (2023). Business sustainability: Functions of financial behavior, technology, and knowledge. Problems and Perspectives in Management, 21(1), 120–130. https://doi.org/10.21511/ppm.21(1).2023.11

Yang, K. (2021). Trust As an Entry Barrier: Evidence from FinTech Adoption. SSRN Electronic Journal, 169(October 2023), 104062. https://doi.org/10.2139/ssrn.3761468

Yeo, K. H. K., Lim, W. M., & Yii, K. J. (2024). Financial planning behaviour: a systematic literature review and new theory development. Journal of Financial Services Marketing, 29(3), 979–1001. https://doi.org/10.1057/s41264-023-00249-1

Zhang, A., Bao, M., Xu, X., Zhang, L., & Cui, Y. (2021). The Effect of Dual-Level Transformational Leadership on New Firm Performance: The Mediated Role of Entrepreneurial Bricolage. Journal of Global Information Management, 29(6), 1–18. https://doi.org/10.4018/JGIM.20211101.oa39