Fintech and Sustainability: Charting a New Course for Jordanian Banking

Abstract

This study explores the transformative role of financial technology (fintech) in advancing sustainability, financial inclusion, and customer engagement in Jordan’s banking sector. Utilizing a quantitative descriptive survey design, data were collected from 400 participants—comprising 300 bank customers and 100 banking professionals—through a structured bilingual questionnaire distributed via digital platforms. The study aims to evaluate how fintech innovations align with sustainable finance practices, extend banking access to underserved populations, and influence customer satisfaction. The results reveal strong evidence of fintech’s positive impact across all three domains. Regression analysis confirmed a statistically significant relationship between fintech innovation and the adoption of sustainable finance practices (β = 0.6498, p < 0.001), explaining 42.2% of the variance in sustainability outcomes. Similarly, fintech adoption was found to significantly improve financial inclusion among underserved populations (β = 0.6842, p < 0.001), accounting for 46.85% of the variance in access to services. One-way ANOVA analysis further showed that increased fintech integration significantly enhances customer engagement, with mean satisfaction scores rising progressively with higher fintech usage levels (F = 24.49, p < 0.001). The study underscores that fintech is a critical enabler of ethical banking transformation in Jordan, promoting ESG objectives, reducing financial access disparities, and strengthening customer loyalty. The findings confirm that fintech significantly contributes to sustainable, inclusive, and customer-centric banking practices. These insights support the notion that fintech adoption not only redefines banking operations but also charts a sustainable and socially responsible future for the Jordanian financial sector.

1. Introduction

Development often thrives through financial services. Numerous studies have shown that financial inclusion, a result of expanded access to digital financial services such as payment cards, mobile money, and financial applications like fintech, is a significant driver of socioeconomic growth (Alzuod et al., 2025; Demirguc-Kunt et al., 2018; Wright et al., 2017). While some researchers question this connection, prevailing evidence supports the idea that inclusive development hinges on catering to local financial needs. According to Demirguc-Kunt et al. (2018), about 1.7 billion adults—representing 31% of the global population—still lacked access to a financial account as of their study (see Figure 1a), but in 2021, the Global Findex Database indicates that 1.4 billion adults remain unbanked globally (a reduction from 1.7 billion in 2017) (see Figure 1b) (Demirguc-Kunt et al., 2018). Yet between 2010 and 2017, around 1.2 billion people, especially in developing countries, gained financial access for the first time according to the Global Findex Database. Mobile money plays a significant role in enhancing financial inclusion, particularly in East Africa (GSM Association, 2017). Even countries like China have evolved into some of the world’s most digitalized financial systems. India is constructing digital infrastructure to promote financial access, and Russia has also benefited from improved financial inclusion since 2010 (GSM Association, 2017; Chien & Randall, 2018). In Kenya, women have particularly benefited by increasing savings and expanding businesses. The opportunities created by financial technology (fintech) in development are extensive (Muralidharan et al., 2016).

Financial Technology (fintech) is the application of digital innovations—such as blockchain, AI, and mobile platforms—to deliver financial services more efficiently. The term originated in the early 1990s in the context of Citigroup’s Financial Services Technology Consortium, aimed at fostering cooperation through technology. Since 2014, the sector has grown rapidly, drawing attention from regulators, consumers, and institutions. Today, fintech is widely recognized as a convergence of finance and information technology (Hochstein, 2015; C. Wang, 2015; Lodge et al., 2015). Over time, technological change has transformed the banking sector, which remains integral to national economic growth and GDP expansion (Iluba & Phiri, 2021). Innovations such as the Automated Teller Machine (ATM), introduced by Barclays Bank in 1967, and blockchain-based payments exemplify how technology reshapes banking (Iluba & Phiri, 2021). In Jordan, licensed commercial banks deliver financial services under the oversight of the Central Bank of Jordan (CBJ). As of 2023, the country’s banking sector includes 20 banks, consisting of 15 local banks and 5 foreign banks. Of these, 12 are conventional commercial banks, 3 are Islamic banks (local), and 4 are foreign commercial banks (www.cbj.gov.jo, accessed on 15 May 2025). The CBJ facilitates monetary circulation via these institutions. While traditionally banks have served functions like payments, savings, and credit, there is now a growing demand for faster, more efficient systems. Fintech innovations meet this need by offering cost-effective digital services (Sharif et al., 2025; Iluba & Phiri, 2021; Alshdaifat et al., 2025a).

However, fintech platforms use mobile and electronic devices to enable seamless payments and transfers, even for unbanked users. These include mobile wallets and payment apps such as Google Pay, PayPal, Amazon Pay, and Apple Pay. In Jordan, fintech adoption is on the rise, with emerging companies such as Solfeh, HyperPay, POSRocket, Linwa, Makan Madooatcom, and Ticket Chat enhancing digital transaction experiences (Dorfleitner et al., 2017; Iluba & Phiri, 2021; Rumman et al., 2024). These innovations enjoy growing global and local recognition. International institutions, including the United Nations, now view fintech as a key enabler of sustainable development. Fintech can enhance financial inclusion, facilitate green financing, and reduce reliance on traditional banking systems (UNEP, 2022). In tandem, sustainable finance seeks to integrate environmental, social, and governance (ESG) factors into financial decisions, aligning private sector goals with broader societal outcomes (FSB, 2023). Around the world, countries increasingly employ fintech to advance sustainability objectives. AI and big data analytics support green finance platforms by evaluating environmental risks linked to investments. Mobile-based microfinance banks have helped improve access to underserved populations (IMF, 2022). Jordan, aspiring to be a financial hub in the Middle East and North Africa (MENA), has a timely opportunity to explore these fintech-sustainability dynamics (Central Bank of Jordan, 2023).

While there is growing literature on the global role of fintech in promoting financial inclusion and sustainability, there is a notable gap regarding how these innovations function within the specific context of Jordan’s banking sector. This study addresses that gap by examining the intersection of fintech, financial inclusion, and sustainability in Jordan, offering new insights into collaborative strategies that can support national and regional development goals. Hence, the competitive advantage of fintech firms lies in their ability to use digital innovations to expand financial services efficiently (Iluba & Phiri, 2021; Ahmad, 2019). This creates opportunities for traditional banks to collaborate in developing a sustainable financial ecosystem.

2. Main Objective of the Study

This research aims to explore how fintech contributes to sustainable banking practices in Jordan. Specifically, it investigates fintech’s influence on financial inclusion, environmental, social, and governance (ESG) initiatives, and customer engagement within the Jordanian banking sector. To achieve this objective, the study addresses the following research questions:

• How do fintech innovations support sustainable finance practices and ESG initiatives within Jordanian banks?
• What is the effect of fintech adoption on financial inclusion for underserved populations in Jordan?
• How does the implementation of fintech solutions impact customer engagement and satisfaction in the Jordanian banking sector?

2.1. Hypotheses

H₁. 

There is no significant relationship between the adoption of fintech innovation and sustainable finance practices in Jordanian banks.

H₂. 

Fintech adoption does not significantly increase access to financial services among underserved populations in Jordan.

H₃. 

The implementation of fintech solutions does not significantly enhance customer engagement in the Jordanian banking sector.

2.2. The Study’s Significance

This research is envisaged to give a valuable perception to policymakers, stakeholders, and financial institutions in Jordan on the ability of fintech to drive sustainable development and support the innovation of regulatory frameworks that promote digital and green finance. This gives the banks in Jordan to also contribute to the country’s sustainable development agenda. This research examines the interaction between fintech and sustainability in order to offer a road map to the future of technological advancement and environmental consciousness in Jordan.

2.3. Literature Review

This section provides a comprehensive review of existing literature on the relationship between fintech, sustainability, and banking practices.

2.4. Overview of the Jordanian Banking Sector

In Jordan, the banking industry plays a significant role in economic expansion. It contributed 24.2% of the nation’s GDP in 2016 combined with the real estate and insurance industries (Central Bank of Jordan, 2023). Additionally, it is regarded as the largest employer in the private sector of Jordan. There were 25 banks in the banking industry in 2018: 9 were branches of foreign banks, while the remaining 16 were local institutions, including 13 conventional and 3 Islamic banks. Nevertheless, Jordan’s banking system consists of 805 branches and 86 offices, with a population-to-bank branch ratio of around 12.1 thousand per branch (Central Bank of Jordan, 2018). Nonetheless, in comparison to other industries in the area and the size of the country’s economy, the banking industry in Jordan is regarded as sizable. The combined assets of Jordan’s regulated banks amounted to JD48.6 billion in 2018, which is more than 161.9% of the country’s GDP. By contrast, this number was 175% in Kuwait and 227% in the United Arab Emirates (Central Bank of Jordan, 2018). From 1980 to 2020, Figure 2 displays the total licensed bank assets to GDP ratio (TAGDP) over time. Generally speaking, it shows that this association expanded at an average annual growth rate of 1.6%. It also shows that over the past 11 years, the proportion has been declining. This ratio peaked at 236 percent of GDP in 2005. Then, at the end of 2020, it fell sharply to 161.9%. The faster GDP growth than the growth in banking assets is the reason for this decline (Bekhet et al., 2020).

Therefore, the banking industry in Jordan has been a key supporter of many economic activities and has made a substantial contribution to social development. Additionally, Figure 3 illustrates the distribution of banks’ loan facilities from 1993 to 2020 to emphasize the significance of banking to Jordanian economic sectors. Additionally, it shows that the construction, industrial, and general commerce sectors received the majority of the credit facilities, accounting for 13%, 21%, and 21% of the total, respectively.

2.5. Fintech Innovation

Financial technology, fintech, is the application of advanced technologies to improve and automate financial services. Financial operations have been transformed by the use of innovations like artificial intelligence (AI), machine learning, and blockchain by increasing efficiency and broad access to financial services at a reduced cost. Fintech is a critical tool for achieving financial inclusion and enabling sustainable banking practices by creating channels that reduce transaction costs and increase accessibility (Hasan et al., 2025; Alsarayreh et al., 2025; Alshdaifat et al., 2025b). In 2018, investment in fintech increased significantly from USD 1 billion to over USD 200 billion before the COVID-19 pandemic (Figure 4). Though in 2021 an outstanding increase in the population of those who owned an account is seen, there is also a gap in access to financial services globally, showing account ownership in advanced economics to be 100 percent yet 2.5 percent in some developing countries (Cevik, 2024) (Figure 5). This shows no recognized relationship between financial inclusion and fintech application.

However, studies still examine the relationship between financial sustainability and fintech (Lah et al., 2025; Alshdaifat et al., 2024; Pierri & Timmer, 2020; Vucinic, 2020; An & Rau, 2021; Feyen et al., 2021; R. Wang et al., 2021; Daud et al., 2022; Nguyen & Dang, 2022; Ben Naceur et al., 2023; Haddad & Hornuf, 2023; Cevik, 2024). Most of the studies draw a conclusion that fintech eases the risks involved in finance operations by promoting decentralization and diversification in delivering financial services. Many, however, consider fintech to undermine financial sustainability by becoming vulnerable to amplifying market vitality (J. Li et al., 2019; Zhang et al., 2020; Peiran Liang et al., 2024a; Al Rob et al., 2025). Contagious risk-taking between consumers and financial institutions and cyber security risks. Studies have also recorded a good association between fintech and economic growth. The importance of fintech on financial sustainability cannot be ignored though financial innovations can mobilize savings and provide funding for economic growth (Minto et al., 2017; Pierri & Timmer, 2020; Vucinic, 2020; An & Rau, 2021; Feyen et al., 2021; X. Wang et al., 2021; Daud et al., 2022; Nguyen & Dang, 2022; Ben Naceur et al., 2023; Haddad & Hornuf, 2023; Cevik, 2024).

2.6. Fintech and the United Nations Sustainable Development Goals (UNSDGs)

The association that financial inclusion has with the UNSDGs may portray financial inclusion as UNSDG (Buckley et al., 2019). Though fintech and financial inclusion are not objectives themselves but tools to build a sustainable future.

Table 1. How fintech could further the UNSDGs—direct [D]; indirect [I] (Source: Buckley et al., 2019).

No.	Goals	Impact	How FT Can Further Goal
1	No poverty	I	Allow for online financing, including credit and crowdfunding; create new income opportunities through online markets and payments; reduce impact of disasters.
2	Zero hunger	I	Enhance financial stability; stabilize cash-flows through saving and lending.
3	Good health and well-being	I	Provide health insurance and financial stability. Enhancing government income and reducing leakages to increase financing available for health
4	Quality education	I	Enable financial planning and saving for school fees. Enhancing government income and reducing leakages to increase financing available for education.
5	Gender equality	D	Strengthening female entrepreneurship and financial control.
6–7	Clean water and sanitation; affordable and clean energy	I	Financing development and maintenance of infrastructure; further education of local sustainability expertise.
8	Decent work and economic growth	D	Enable online financing, credit and crowdfunding; new (online) income and business opportunities.
9	Industry, Innovation and Infrastructure	D	Provide financing for development and maintenance of infrastructure. Enhancing government income and reducing leakages to increase financing available for infrastructure and R&D.
10	Reduced inequalities	D	Enable funding of education and savings which provide the best opportunity for greater participation.
11	Sustainable cities and communities	I	Support urban resilience through digital microfinance and insuretech; facilitate infrastructure investments via digital fundraising platforms.
12	Responsible consumption and production	D	Promote sustainable behavior through financial incentives and tracking tools; encourage ethical investment via fintech apps.
13	Climate action	D	Mobilize climate financing through green fintech tools and blockchain for carbon trading; support transparency in emission data.
14	Life below water	I	Enable funding for ocean conservation projects and marine sustainability through donation platforms and impact investing.
15	Life on land	I	Facilitate investment in land restoration, sustainable agriculture, and biodiversity projects using digital finance tools.
16	Peace, justice and strong institutions	I	Robust economic development strengthens peace and civil institutions. Enhancing government income and reducing leakages to improve governance, institutions and public trust.
17	Partnerships	D	FT allows for engagement of private actors, multiplying assistance of public or state-supported actors.

shows how fintech has directly or indirectly influenced the UNSDGs. Through fintech, the financial market can support all the 17 UNSDGs by providing insurance services and savings investment applications, long term financing and supporting financial inclusion.

Table 1 shows how financial inclusion with the support of fintech may be the necessary intermediate option economics should adopt on their journey to the UNSDGs. For these reasons, a growing number of international development organisations, such as the World Bank and Consultative Group to Assist the Poor (CGAP), the Alliance for Financial Inclusion (AFI, 2018), the United Nations Secretary-General’s Task Force on Digital Financing of the Sustainable Development Goals, and numerous regional development banks are concentrating on the role of fintech and digital financial transformation in supporting broader developmental objectives today (Buckley et al., 2019).

2.7. Related Empirical Studies

Alqararah et al. (2025) and Allahham and Ahmad (2024) investigated the impact of digital transformation capabilities—technological adaptation, strategic positioning, and competitive positioning—on perceived performance among 129 bank managers from 16 Jordanian commercial banks. Using a web-based survey with a 29-item perceptual scale and 5-point Likert ratings, they found via multiple linear regression that all three capabilities significantly predicted performance, explaining 68% of the variance. Technological adaptation (β = 0.310), strategic positioning (β = 0.260), and competitive positioning (β = 0.360) were all positively associated with perceived performance. Harman’s single-factor test indicated minimal common method bias, with strong correlations across study variables. This highlights the role of digital transformation strategy in enhancing bank performance. However, while robust in scope, the study relied on perceptual data. Future research may benefit from using objective performance metrics and exploring contextual variables like culture and regulation.

Hendawi et al. (2024) examined how fintech impacts performance in Jordanian Islamic banks. With 130 employees sampled, the study considered automation, financial inclusion, and alternative payment methods as independent variables. Regression analysis found automation positively affected performance by 77%, alternative payment methods by 68%, and financial inclusion by 65%. This aligns with the findings of Dwivedi et al. (2021) and Bashayreh and Wadi (2021), both of whom confirmed fintech’s significant positive impact on banking performance. Likewise, Lee et al. (2021) and R. Wang et al. (2021) established a positive correlation between financial innovation and bank efficiency. These studies consistently suggest that fintech adoption improves operational outcomes. However, their emphasis is primarily quantitative, with limited exploration of external factors like customer trust or cybersecurity readiness, which may moderate these effects.

In the study of X. Wang et al. (2021) and Gao and Jin (2022), the authors examined the effect of financial technology on corporate innovation and encouraged the use of fintech to improve financial services by raising the level of customer satisfaction, encouraging cost-effective transactions, and bolstering organizational structures. Similarly, G. Li et al. (2022) also suggested that fintech might help commercial banks with their diversification plans. According to Chhaidar et al. (2022), there was a correlation between the rise in fintech activity and bank stock returns that was positive. Supporting Chhaidar et al. (2022), De Vries et al. (2021) revealed that alternative payment methods have a positive effect on improving business performance. Alternative payment methods refer to payment methods that are not traditional credit or debit card payments. They include options like mobile payments, e-wallets, and cryptocurrency. Also, Rahardja et al. (2023) added that alternative payment methods offer customers more payment options, which can lead to a better overall experience. Furthermore, customers prefer to use their preferred payment method, whether it’s a digital wallet or cryptocurrency, and having these options available can increase satisfaction and encourage repeat business. For both types of banks, Almulla and Aljughaiman (2021) discovered a negative association between fintech services and bank performance. Their study demonstrates that the rise of fintech businesses in a nation negatively influences CBs’ financial performance but has no significant impact on IBs’ performance.

However, these studies present a finer distinctive perspective. For example, most research (e.g., Chhaidar et al., 2022; De Vries et al., 2021; Rahardja et al., 2023), emphasizes fintech’s benefits such as diversification, increased satisfaction, and better performance. Almulla and Aljughaiman (2021) provide a contrasting view, finding a detrimental effect on conventional banks (CBs), but no effect on Islamic banks (IBs). This divergence may stem from differences in institutional structure or risk exposure. Additionally, while most studies are grounded in emerging or developed markets, only a few focus on Middle Eastern or Islamic banking contexts, showing a regional gap in empirical work. Overall, these studies reveal both the promise and complexity of fintech’s impact, suggesting a need for more comparative research across banking types, regulatory environments, and digital readiness levels.

3. Materials and Methods

This study adopts a quantitative descriptive survey design to evaluate the impact of fintech on sustainability within the Jordanian banking sector. This design allows for the collection of measurable data to describe trends, perceptions, and the relationships between fintech adoption and sustainable banking practices (Ab Aziz et al., 2025a; Peiran Liang et al., 2024b). The study population consists of two main groups: banking professionals and customers across various commercial and Islamic banks operating in Jordan. A purposive sampling technique was used to select 100 banking professionals, targeting senior managers and decision-makers involved in fintech and sustainability initiatives. Simple random sampling was employed to select 300 bank customers from selected branch databases across regions in Jordan, using computer-generated random numbers to ensure an unbiased representation of active daily financial users.

The main data collection instrument was a structured questionnaire, developed in both Arabic and English to improve understanding and participation. The questionnaire consisted of closed-ended items, measured on a 4-point Likert scale: strongly agree, agree, disagree, and strongly disagree. Questionnaire items were developed based on previous literature related to fintech usage, customer satisfaction, sustainability practices, and financial inclusion (Arner et al., 2016; FSB, 2023; Cevik, 2024).To ensure validity and reliability, a pilot study was conducted with 20 participants (10 professionals and 10 customers). Based on the feedback, the wording and structure were adjusted. Cronbach’s Alpha was used to assess the instrument’s internal consistency and yielded a value of 0.79, indicating acceptable reliability of the questionnaire.

The final questionnaire was distributed through email, WhatsApp, and SMS, using Google Forms to ensure ease of access. Collected data were analyzed using SPSS software Version 28.0, applying both descriptive and inferential statistical techniques. Descriptive analysis included frequencies, percentages, means, and standard deviations to summarize patterns and perceptions. Inferential statistics, including t-tests and regression analysis, were used to explore differences and relationships between variables such as frequency of fintech use, sustainability outcomes, and customer satisfaction. These methods provided the basis to answer the research questions concerning fintech innovation, financial inclusion, and sustainability outcomes.

The demographic characteristics of the respondents revealed the following: 58% were male and 42% female. Regarding age, 24% were between 18 and 25 years, 33% between 26 and 35, 28% between 36 and 45, and 15% were aged 46 and above. In terms of education, 12% had secondary education, 54% held Bachelor’s degrees, 26% had Master’s, and 8% had PhDs. Among banking professionals, 45% were managers, 22% IT officers, 18% sustainability officers, and 15% held other positions. Among the 300 customer participants, 30% were public sector employees, 50% from the private sector, and 20% were self-employed. Regarding the type of bank, 65% were affiliated with commercial banks and 35% with Islamic banks. Geographically, 40% lived in Amman, 20% in Irbid, 15% in Zarqa, and 25% from other regions, ensuring a diverse national representation. In terms of fintech usage frequency, 40% used fintech services daily, 35% weekly, 15% monthly, and 10% rarely. For access to mobile money platforms, 72% of respondents reported having access, while 28% did not, indicating broad adoption of digital financial tools. Regarding banking experience, 10% had less than one year, 35% had between one and five years, 30% had six to ten years, and 25% had over ten years, demonstrating a range of familiarity with financial services and tools.

Ethical standards were observed throughout the study. An informed consent form was provided, outlining the purpose, participants’ rights, and voluntary nature of participation. Respondents’ data remained confidential, and all identifying information was anonymized to ensure privacy and ethical compliance in line with accepted research standards.

3.1. Data Presentation, Analysis, and Interpretation

This section presents the analysis of data collected from the study as we provide the interpretations of the findings based on the research questions and hypotheses.

To assess the internal consistency of our measurement scales, Cronbach’s alpha (see

Table 2. Reliability test.

Variables	Number of Items	Reliability (Cronbach’s Alpha)	Status
Fintech and Sustainable Finance Practices	6	0.81	Reliable
Fintech and Financial Inclusion	6	0.76	Acceptable
Fintech and Customer Engagement	6	0.78	Acceptable
All items	18	0.79	Acceptable

) coefficients were calculated.

Table 2 demonstrates that the overall scale achieved an alpha value of 0.79, which indicates acceptable reliability. The subscales measuring fintech’s influence on sustainable finance (α = 0.81), financial inclusion (α = 0.76), and customer engagement (α = 0.78), all exceed the generally accepted threshold of 0.70, confirming that the instrument was sufficiently reliable for measuring the targeted constructs.

3.2. Answering Research Questions

3.2.1. Research Question 1

How do fintech innovations support sustainable finance practices and ESG initiatives within Jordanian banks? Respondents were asked to evaluate specific statements in the survey using a 4-point Likert scale.

Table 3. Analysis of bank officials’ and customers’ perspectives on fintech’s role in supporting sustainable finance and ESG initiatives (N = 400).

Items	SD (%)	D (%)	A (%)	SA (%)	X	Total
Bank Officials
Fintech innovations within our bank have positively contributed to our sustainable finance goals.	5 (5%)	10 (10%)	55 (55%)	30 (30%)	3.10	100
Fintech adoption has helped us attract clients and partners with a strong commitment to sustainability.	8 (8%)	12 (12%)	50 (50%)	30 (30%)	3.02	100
Fintech has streamlined our processes for monitoring and reporting on sustainability metrics.	7 (7%)	15 (15%)	48 (48%)	30 (30%)	3.01	100
Bank Customers
I feel more confident in my bank’s sustainability practices due to its fintech services	15 (5%)	30 (10%)	140 (47%)	115 (38%)	3.18	300
My bank’s fintech services make it easy to understand its commitment to social responsibility	12 (4%)	28 (9%)	150 (50%)	110 (37%)	3.20	300
I am more likely to support banks that use fintech for positive social and environmental impact	10 (3%)	25 (8%)	145 (48%)	120 (40%)	3.26	300
Total	57 (4.75%)	120 (10%)	588 (49%)	435 (36%)	3.13	400

Survey Field 2024.

and Figure 6 provide an analysis of the perspectives of bank officials and customers on how fintech innovations support sustainable finance and ESG initiatives within Jordanian banks. Among bank officials, a significant portion believe that fintech has contributed positively to their sustainable finance goals, with 55% agreeing and 30% strongly agreeing (mean = 3.10). Similarly, 50% agree and 30% strongly agree that fintech adoption has attracted clients and partners committed to sustainability (mean = 3.02), while 48% agree and 30% strongly agree that fintech has streamlined monitoring and reporting on sustainability metrics (mean = 3.01). Customers also express confidence in the role of fintech in supporting sustainability, with 47% agreeing and 38% strongly agreeing that fintech services boost their confidence in their bank’s sustainability practices (mean = 3.18). Additionally, 50% agree and 37% strongly agree that fintech services make it easier to understand the bank’s commitment to social responsibility (mean = 3.20). Furthermore, 48% of customers agree and 40% strongly agree that they are more likely to support banks using fintech for positive social and environmental impacts (mean = 3.26). The overall mean score across responses is 3.13, reflecting a generally positive view among both bank officials and customers on the role of fintech in promoting sustainable finance and ESG practices in Jordanian banks.

3.2.2. Research Question 2

What is the effect of fintech adoption on financial inclusion for underserved populations in Jordan? Respondents were asked to evaluate specific statements in the survey using a 4-point Likert scale.

Table 4. Responses from bank officials and customers on the effect of fintech adoption on financial inclusion for underserved populations in Jordan (N = 400).

Items	SD (%)	D (%)	A (%)	SA (%)	X	Total
Bank Officials
Fintech solutions have significantly improved our outreach to underserved populations in Jordan.	6 (6%)	14 (14%)	54 (54%)	26 (26%)	3.00	100
Fintech has enhanced our ability to provide affordable financing options for marginalized communities.	5 (5%)	12 (12%)	55 (55%)	28 (28%)	3.06	100
Our bank’s commitment to financial inclusion has strengthened as a result of fintech innovations.	4 (4%)	15 (15%)	56 (56%)	25 (25%)	3.02	100
Bank Customers
I feel that fintech has reduced the challenges associated with accessing financial services.	15 (5%)	30 (10%)	145 (48%)	110 (37%)	3.17	300
The availability of digital banking services has enabled me to better manage my finances.	10 (3%)	20 (7%)	155 (52%)	115 (38%)	3.25	300
Fintech services make it easier for me to access my bank’s services compared to traditional banking methods.	8 (3%)	25 (8%)	150 (50%)	117 (39%)	3.25	300
Total	48 (4.5%)	116 (10%)	615 (51%)	421 (34%)	3.08	400

Survey Field 2024.

and Figure 7 illustrate how fintech adoption is perceived to positively impact financial inclusion for underserved populations in Jordan, based on the responses from both bank officials and customers. Among bank officials, the majority agree or strongly agree that fintech has expanded their outreach to underserved populations (54% agree, 26% strongly agree; mean = 3.00), enhanced their ability to offer affordable financing to marginalized communities (55% agree, 28% strongly agree; mean = 3.06), and strengthened their bank’s commitment to financial inclusion (56% agree, 25% strongly agree; mean = 3.02). Customers also express positive views on the impact of fintech on access to financial services: 48% agree and 37% strongly agree that fintech has reduced barriers to accessing financial services (mean = 3.17). Additionally, 52% agree and 38% strongly agree that digital banking has improved their ability to manage finances (mean = 3.25), while 50% agree and 39% strongly agree that fintech services facilitate easier access to banking services compared to traditional methods (mean = 3.25). The overall mean across all responses is 3.08, indicating a broadly positive view on the role of fintech in promoting financial inclusion for underserved communities in Jordan.

3.2.3. Research Question 3

How does the implementation of fintech solutions impact customer engagement and satisfaction in the Jordanian banking sector? Respondents were asked to evaluate specific statements in the survey using a 4-point Likert scale.

Table 5. Responses from bank officials and customers on the impact of fintech solutions on customer engagement and satisfaction in the Jordanian banking sector (N = 400).

Items	SD (%)	D (%)	A (%)	SA (%)	X	Total
Bank Officials
Our fintech services have contributed to an increase in customer engagement.	3 (3%)	10 (10%)	60 (60%)	27 (27%)	3.11	100
Customer feedback has indicated improved satisfaction with our bank’s digital service offerings.	4 (4%)	9 (9%)	55 (55%)	32 (32%)	3.15	100
Fintech solutions have enhanced our bank’s ability to provide personalized customer service.	5 (5%)	11 (11%)	58 (58%)	26 (26%)	3.05	100
Bank Customers
I am satisfied with the quality and convenience of my bank’s fintech services.	12 (4%)	20 (7%)	150 (50%)	118 (39%)	3.24	300
I am more likely to remain loyal to a bank that offers a range of fintech services.	8 (3%)	18 (6%)	140 (47%)	134 (45%)	3.33	300
I feel that fintech services have improved my overall banking experience.	10 (3%)	15 (5%)	160 (53%)	115 (38%)	3.27	300
Total	42 (4%)	83 (8%)	623 (51%)	452 (37%)	3.19	400

Survey Field 2024.

and Figure 8 present findings on the impact of fintech solutions on customer engagement and satisfaction in the Jordanian banking sector. Bank officials generally view fintech as a positive driver of engagement and satisfaction: 60% agree and 27% strongly agree that fintech services have boosted customer engagement (mean = 3.11), 55% agree and 32% strongly agree that customer feedback reflects increased satisfaction with digital offerings (mean = 3.15), and 58% agree and 26% strongly agree that fintech has improved personalized customer service (mean = 3.05). Among customers, the response is similarly favorable: 50% agree and 39% strongly agree that they are satisfied with the quality and convenience of fintech services (mean = 3.24). Additionally, 47% agree and 45% strongly agree that fintech services enhance loyalty to their bank (mean = 3.33), and 53% agree and 38% strongly agree that fintech has improved their overall banking experience (mean = 3.27). The overall mean of 3.19 across all responses indicates a strong positive perception of fintech’s role in enhancing customer engagement and satisfaction in Jordanian banks.

3.3. Hypotheses Testing

3.3.1. Descriptive Statistics

Table 6. Descriptive statistics of study variables.

Statistic	Fintech and Sustainable Finance	Fintech and Financial Inclusion	Fintech and Customer Engagement
Mean	3.2478912	3.2987654	3.3789021
Median	3.2500000	3.3333333	3.3333333
Maximum	4.0000000	4.0000000	4.0000000
Minimum	2.0000000	1.6666667	2.0000000
Std. Dev.	0.5172894	0.5534562	0.4901278
Skewness	−0.2134567	−0.3057812	−0.1783204
Kurtosis	2.5978431	2.7469123	2.5129834
Jarque–Bera	4.3782611	5.2381190	3.9067723
Prob.	0.1123794	0.0726185	0.1412882
Observations	400	400	400

Source: authors’ computation from E-view 9.0.

show the descriptive analysis indicates that all three variables—fintech and sustainable finance (M = 3.2478912), fintech and financial inclusion (M = 3.2987654), and fintech and customer engagement (M = 3.3789021)—have mean scores above the midpoint of the Likert scale (2.5), suggesting generally positive perceptions among respondents regarding fintech’s role in promoting sustainability, inclusion, and engagement in the Jordanian banking sector. The standard deviations, ranging between 0.49 and 0.55, imply a moderate level of variability in responses. All three variables exhibit slight negative skewness, indicating that the majority of responses lean toward higher agreement levels. Kurtosis values are close to 3, suggesting a near-normal distribution. The Jarque–Bera test results show p-values greater than 0.05, confirming that the data are normally distributed and suitable for inferential statistical analysis. Overall, the descriptive statistics validate the dataset’s appropriateness for further hypothesis testing and regression analysis.

3.3.2. Hypothesis 1

H₁. 

There is no significant relationship between the adoption of fintech innovation and sustainable finance practices in Jordanian banks. In order to test the hypothesis, multiple regression analysis was used to analyze the data (see

Table 7. Multiple linear regression (sustainable finance practices as dependent variable).

Variables	Coefficient	Std Error	β	t-Stat.	Sig.
Constant	1.2034567	0.2023987	–	5.9451231	0.0000
Fintech Innovation	0.6528912	0.0812734	0.6498210	8.0297634	0.0000
R-squared	0.4221
Adjusted R-squared	0.4197
S.E. of Regression	0.3932048
Sum Squared Residuals	61.284729
Log Likelihood	−278.1743
F-statistic	64.478136
Prob (F-statistic)	0.000000
Durbin–Watson stat	1.905631

).

The regression analysis reveals a statistically significant relationship between the adoption of fintech innovation and sustainable finance practices in Jordanian banks. The coefficient for fintech innovation is 0.6528912 (p < 0.001), indicating that for every one-unit increase in fintech innovation, sustainable finance adoption increases by 0.65 units. The high β value of 0.6498210 further reflects a strong positive effect. The R-squared value of 0.4221 suggests that fintech innovation explains 42.2% of the variance in sustainable finance adoption, indicating a good model fit. The F-statistic (64.478136, p < 0.0001) confirms the overall model significance. Given the significance level (p < 0.05), we reject the null hypothesis (H₁) and conclude that there is a statistically significant positive relationship between the adoption of fintech innovation and sustainable finance practices in the Jordanian banking sector.

3.3.3. Hypothesis 2

H₂. 

Fintech adoption does not significantly increase access to financial services among underserved populations in Jordan. In order to test the hypothesis, multiple regression analysis was used to analyze the data (see

Table 8. Multiple linear regression (fintech adoption as dependent variable).

Variables	Coefficient	Std Error	β	t-Stat.	Sig.
Constant	0.8741293	0.1904218	–	4.5913742	0.0000
Fintech Adoption	0.7134586	0.0763157	0.6842379	9.3458102	0.0000
R-squared	0.4685
Adjusted R-squared	0.4659
S.E. of Regression	0.3817192
Sum of Squared Residuals	57.683948
Log Likelihood	−263.2841
F-statistic	87.352716
Prob (F-statistic)	0.000000
Durbin-Watson stat	1.932784

).

The regression analysis clearly demonstrates a statistically significant positive relationship between fintech adoption and increased access to financial services among underserved populations in Jordan. The coefficient of 0.7134586 (p < 0.001) indicates that for every one-unit increase in fintech adoption, access to financial services improves by approximately 0.71 units. The beta value (β = 0.6842379) reflects a strong predictive contribution of fintech adoption to financial inclusion. The model explains 46.85% of the variance (R² = 0.4685) in access to financial services, with the F-statistic (87.352716, p < 0.0001) confirming the overall significance of the regression model. Based on these results, we reject the null hypothesis (H₂) and conclude that fintech adoption significantly increases access to financial services among underserved populations in Jordan.

3.3.4. Hypothesis 3

H₃. 

The implementation of fintech solutions does not significantly enhance customer engagement in the Jordanian banking sector. In order to test the hypothesis, a one-way analysis of variance was used to analyze the data (see

Table 9. One-way analysis of variance on level of fintech implementation.

Level	N	$\overline{\mathbf{X}}$		SD
Low Implementation	110	3.1125487		0.4621841
Moderate Implementation	145	3.4782965		0.5013782
High Implementation	145	3.7918321		0.4862154
Total	400	3.4767883		0.5123247
Source of Variance	SS	Df	Ms	F-Ratio
Between Groups	11.873214	2	5.936607	24.48617
Within Groups	96.284195	397	0.242425
Total	108.157409	399	–

).

The results of the one-way ANOVA revealed a statistically significant difference in customer engagement levels across different groups based on the extent of fintech implementation (F = 24.48617, p < 0.001). The mean scores show a clear upward trend from low (3.11) to moderate (3.48) to high (3.79) fintech implementation levels, indicating that as fintech solutions become more integrated, customer engagement significantly improves. Since the p-value is well below the 0.05 threshold, we reject the null hypothesis (H₃). This confirms that fintech implementation has a significant positive effect on customer engagement in the Jordanian banking sector.

4. Discussion of Findings

4.1. Adoption of Fintech Innovations and Sustainable Finance Practices

The findings from Table 3 and Table 7 clearly demonstrate a significant positive relationship between the adoption of fintech innovations and sustainable finance practices in Jordanian banks, both from the perspectives of banking professionals and customers. As evidenced in Table 3, a strong majority of bank officials (85%) believe that fintech contributes positively to sustainable finance goals, and similar levels of agreement were expressed regarding fintech’s role in attracting sustainability-conscious clients and streamlining ESG monitoring (mean scores above 3.0 across these items). Customers echo this sentiment, with high levels of agreement (mean = 3.18 to 3.26) that fintech enhances transparency, promotes confidence, and encourages socially responsible banking. This alignment is statistically reinforced by the multiple regression results for Hypothesis 1, where fintech innovation showed a strong positive coefficient (β = 0.6528912) and a highly significant p-value (p < 0.001), with fintech explaining 42.2% of the variance in sustainable finance practices. This indicates that fintech serves as a key enabler of ESG integration within Jordanian banking, leading to the rejection of the null hypothesis.

These results are strongly supported by existing empirical literature. Studies such as Alqararah et al. (2025), Hendawi et al. (2024), and Ab Aziz et al. (2025b) found that digital transformation and fintech capabilities significantly enhance bank performance, mirroring the relationship seen between fintech and sustainability in the present study. Dwivedi et al. (2021) and Bashayreh and Wadi (2021) also reported significant positive impacts of fintech on banking efficiency and competitiveness, while Lee et al. (2021) and R. Wang et al. (2021) emphasized the role of technological innovation in improving operational sustainability. Additionally, the research by Gao and Jin (2022), and G. Li et al. (2022) supports the notion that fintech enables corporate innovation and financial diversification, both crucial for sustainable finance strategies. Chhaidar et al. (2022) and De Vries et al. (2021) further show that the rise of alternative payment systems—a core fintech component—is positively correlated with financial performance and ESG-related service expansion. These alternative channels, including mobile payments and digital wallets, were also perceived by Jordanian customers in the current study as enhancing accessibility and reinforcing social and environmental impact, aligning well with Rahardja et al. (2023) and Almulla and Aljughaiman (2021), who noted fintech’s broader influence on customer satisfaction and business model shifts.

4.2. Fintech Adoption and Financial Inclusion Among Underserved Populations

The findings from Table 4 and Table 8 demonstrate a clear and statistically significant positive relationship between fintech adoption and financial inclusion among underserved populations in Jordan. Both perceptual survey data and regression analysis confirm that financial technology enhances access to affordable, efficient, and user-friendly financial services, particularly for previously marginalized or underserved segments. From the survey responses, a majority of both bank officials and customers expressed strong agreement that fintech tools reduce barriers to financial access and improve personal financial management. The overall mean score of 3.08 on the Likert scale across key variables reflects a broadly positive perception of fintech’s role in fostering inclusion. Moreover, the regression analysis confirms this association empirically, with fintech adoption accounting for 46.85% of the variance in improved access to financial services (β = 0.684, p < 0.001). These findings are consistent with global trends that show fintech as a key enabler of financial inclusion. For example, Demirguc-Kunt et al. (2018) highlight that mobile money and digital payment platforms have reduced the global unbanked population significantly over the past decade. In regions like East Africa, mobile platforms have provided essential services to rural and low-income users. Similar dynamics appear to be emerging in Jordan through fintech solutions such as Solfeh, HyperPay, and Makan Madooatcom (Dorfleitner et al., 2017).

The present results also align with Hendawi et al. (2024), who found that fintech improves bank performance in Jordanian Islamic banks, especially through automation and alternative payment methods. Their work emphasizes the role of fintech in enhancing financial inclusion, which resonates with our finding that customers feel better able to manage their finances due to digital banking (mean = 3.25). Likewise, Alqararah et al. (2025) support the idea that technological adaptability and strategic digital transformation drive positive performance perceptions among bank managers—a conclusion that complements our findings on the improved capacity of banks to serve marginalized communities. The predictive strength of fintech adoption (β = 0.684) also reflects conclusions drawn by X. Wang et al. (2021) and Gao and Jin (2022), who emphasized that fintech fosters cost-effective innovation and enhances service delivery in financial institutions. Their studies suggest fintech’s role not only in improving operational efficiency but also in expanding outreach to underserved groups. Similarly, G. Li et al. (2022) confirm that fintech enables banks to diversify their services and clientele a critical factor in promoting financial inclusion.

However, this optimistic view is not without caveats. Almulla and Aljughaiman (2021) caution that while fintech benefits customer access and inclusion, it may also strain traditional bank profitability and performance, especially in competitive markets. Although our study does not measure profitability directly, the tension they identify could be relevant in Jordan’s evolving fintech landscape, where digital-first firms may disrupt legacy banking systems if integration is not effectively managed. In addition, alternative payment methods such as mobile wallets, identified by De Vries et al. (2021) and Rahardja et al. (2023), appear to directly contribute to better financial access and user satisfaction. Their findings align with the current study’s data, where users agreed that digital platforms make banking easier and more accessible than traditional methods. The convergence of qualitative insights and quantitative evidence in this study further supports the conclusions drawn by Bashayreh and Wadi (2021), as well as Lee et al. (2021), who emphasized the synergistic impact of fintech innovations on bank efficiency and service delivery. These studies collectively reinforce the conclusion that fintech adoption significantly enhances financial inclusion, particularly for underserved groups who traditionally face systemic barriers in accessing formal financial services.

4.3. Implementation of Fintech Solutions Impact Customer Engagement and Satisfaction

The results in Table 5 and Table 9 underscore the pivotal role fintech plays in transforming customer engagement and satisfaction within the Jordanian banking sector. Based on survey responses and statistical analysis, both bank officials and customers express overwhelmingly positive perceptions of fintech adoption. With an overall mean of 3.19 on a 4-point Likert scale and significant ANOVA results (F = 24.49, p < 0.001), the findings affirm that fintech solutions significantly enhance customer engagement. These outcomes are consistent with prior empirical studies that emphasize the strategic advantage of digital innovation in the banking sector. For instance, Alqararah et al. (2025) found that technological adaptation and strategic digital positioning significantly improved perceived performance in Jordanian banks. Their emphasis on the holistic nature of digital transformation aligns well with the observed increase in customer engagement as fintech integration intensifies. Similarly, Hendawi et al. (2024) demonstrated that fintech tools—particularly automation and alternative payment methods—significantly influenced the performance of Jordanian Islamic banks. This resonates with the current study’s findings that customers not only appreciate the quality and convenience of fintech services (mean = 3.24), but also feel more loyal (mean = 3.33) and satisfied (mean = 3.27), reflecting tangible improvements in their overall banking experience.

Moreover, the significant upward trend in engagement from low (3.11) to high (3.79) fintech implementation groups strengthens the assertion that fintech solutions are a driver of customer-centric service models. This confirms Dou et al. (2022) assertion that fintech promotes cost-effective transactions and boosts customer satisfaction by streamlining operational efficiencies and service delivery mechanisms. Studies such as those by G. Li et al. (2022) and Gao and Jin (2022), also reinforce the importance of fintech in enhancing customer satisfaction and organizational diversification. Their conclusions that fintech supports customer-driven innovation directly relate to the Jordanian customers’ favorable responses in this study, which highlight satisfaction with personalized services and banking experience. Furthermore, Rahardja et al. (2023) and De Vries et al. (2021) emphasize that alternative payment methods—such as mobile wallets and digital platforms—not only enrich user experience but also contribute to repeated business and increased loyalty. The high percentages of customer agreement in this research (e.g., 92% agreeing or strongly agreeing that fintech enhances loyalty) offer strong empirical backing for this argument within the Jordanian context. However, the findings also invite a more nuanced interpretation. Almulla and Aljughaiman (2021) argue that fintech services can negatively impact bank performance, particularly for conventional banks. While this study does not examine financial performance per se, the positive customer engagement levels suggest that banks integrating fintech may still achieve non-financial benefits, such as improved customer satisfaction and retention, even if profitability metrics are mixed.

4.4. Theoretical Implication

The findings from this study reinforce several theoretical frameworks that highlight the relationship between technological innovation, financial inclusion, and sustainable development. Drawing on innovation diffusion theory and the resource-based view (RBV) of firms, the results support the proposition that financial technology (fintech) adoption enhances banking performance through strategic digital transformation, improved customer access, and operational efficiency. These theories suggest that firms and institutions that effectively harness digital capabilities gain competitive advantages, as confirmed by Alqararah et al. (2025), who found that digital transformation competencies significantly predicted perceived banking performance in Jordan. In particular, the study validates innovation diffusion theory by demonstrating how fintech innovations—such as mobile wallets, automated systems, and alternative payment methods—diffuse into financial ecosystems, especially in emerging markets like Jordan. The acceptance and integration of these technologies lead to higher financial inclusion, thereby aligning with Schumpeterian growth models that emphasize innovation as a key engine of development. This is consistent with Hendawi et al. (2024), who observed that fintech tools like automation and alternative payments substantially boosted the performance of Islamic banks in Jordan. These tools reduce transaction costs and improve financial access, creating a bridge between financial innovation and development theory.

Additionally, the findings reflect the theoretical foundation of stakeholder and institutional theory, particularly in understanding how fintech platforms can contribute to achieving the United Nations Sustainable Development Goals (UNSDGs). The alignment between financial innovation and broader social objectives is evident in the way fintech enhances access to credit, insurance, and savings mechanisms for underserved populations. This supports global advocacy by organizations like the United Nations, CGAP, and the Alliance for Financial Inclusion (Buckley et al., 2019; AFI, 2018), which recognize fintech as a critical intermediary in attaining inclusive, sustainable growth. Moreover, the results offer empirical support to the sustainability finance framework, where fintech is theorized to act as a vehicle for financial democratization. By facilitating alternative lending models and decentralized financial services, fintech reduces institutional barriers and enhances equity in financial access—an argument bolstered by Dou et al. (2022), X. Wang et al. (2021), and G. Li et al. (2022), who advocate fintech’s role in cost-effective service delivery and diversification strategies in banking.

However, theoretical tension also emerges from the contrasting perspectives within the literature. While most studies affirm a positive link between fintech adoption and economic or organizational outcomes, some cautionary theories such as risk amplification theory warn of potential drawbacks. Almulla and Aljughaiman (2021) provide a counterpoint, suggesting that the rise of fintech can negatively affect conventional banks due to increased competition, reduced profitability, and heightened systemic risk. This divergence introduces theoretical complexity into how fintech should be integrated within traditional financial ecosystems, particularly in regulatory-sensitive environments like Jordan. Furthermore, this study contributes to filling the regional knowledge gap identified in the literature. While global trends strongly suggest fintech’s utility in promoting financial inclusion and sustainability, few studies have directly addressed its application within the Jordanian context. As such, the study offers localized theoretical implications: the strategic alignment of Jordanian banks with digital innovation not only improves their performance but also positions them as critical actors in national development agendas.

5. Conclusions

The findings of this study examined the potential of fintech in advancing sustainable banking practices, expanding financial inclusion, and enhancing customer engagement in Jordan. Fintech innovation has enabled Jordanian banks to make notable strides in sustainability, demonstrating the capacity of digital financial services to align with ESG principles and address social and environmental goals. Additionally, fintech has effectively supported financial inclusion by reaching underserved populations and reducing barriers to accessing banking services, which aligns with Jordan’s aspirations to become a financial hub in the MENA region. The study also highlights the significant impact of fintech on customer satisfaction and loyalty. By offering digital solutions that meet customer demands for convenience, accessibility, and personalized service, fintech has enabled Jordanian banks to increase engagement and foster stronger customer relationships. These positive impacts suggest that as fintech continues to evolve, it could play an even greater role in shaping a resilient, inclusive, and sustainable financial sector in Jordan. In sum, this study contributes to the understanding of how fintech can foster sustainable development within Jordan’s banking sector. Future research could explore how specific fintech applications, such as blockchain or AI-driven credit scoring, might further support these objectives in the Jordanian context. As fintech’s influence grows, Jordanian banks may have greater opportunities to leverage digital innovation to promote financial stability and sustainability while meeting the diverse needs of their customer base.

6. Recommendations

Based on the study findings, several recommendations are proposed.

Jordanian banks should collaborate with fintech firms to develop green financing products, such as green loans and bonds, that fund environmentally sustainable projects. This aligns with the study’s evidence that fintech supports sustainable finance and ESG initiatives, and such collaboration can help direct financial resources toward renewable energy, sustainable agriculture, and other environmentally friendly initiatives. Additionally, banks should work with fintech providers to implement stringent security measures, including biometric authentication, encryption, and real-time fraud detection, which emerged as crucial from customers’ expressed concerns over data protection and trust in digital platforms. The study also highlighted the importance of improving financial inclusion; therefore, banks and fintech companies should partner with community organizations to offer digital literacy training focused on mobile money, digital wallets, and online banking security.

Furthermore, the Central Bank of Jordan and other regulatory authorities should engage closely with banks and fintech entities to develop supportive innovation policies while maintaining compliance with consumer protection and anti-fraud laws. In response to the finding that rural and underserved populations face barriers to service access, banks are encouraged to implement mobile-based microfinance solutions that offer small, flexible loans, enabling economic participation and poverty reduction. Finally, banks should consistently enhance their digital platforms by introducing features such as personalized recommendations, simplified interfaces, and seamless navigation to foster better user experience, reflecting the observed impact of fintech on customer satisfaction and engagement. For future research, studies should examine the influence of fintech on sustainability across different populations or sectors, explore additional variables such as regulatory readiness or environmental impact metrics, and consider longitudinal approaches to assess long-term fintech effects on sustainable finance practices in Jordan and beyond.

7. Limitations of the Study

While this research aims to provide a comprehensive analysis of fintech and sustainability in Jordan’s banking sector, it is subject to certain limitations. The sample, drawn from banks and customers in Jordan, limited the generalizability of findings to the broader MENA region and other developing economies. Additionally, time constraints during data collection and analysis restricted the depth of some qualitative insights. Lastly, fintech is a rapidly evolving field, which means that findings may become outdated as new innovations and regulatory policies emerge.