FinTech

This study develops a comprehensive competitiveness model for Indonesia’s WealthTech ecosystem by integrating Interpretive Structural Modeling (ISM) and MICMAC analysis. The research identifies and classifies 23 interrelated variables derived from SEM-PLS and NVivo analysis, of which 17 passed expert validation and were subsequently retained in the ISM–MICMAC structural model, including innovation capabilities, regulatory support, digital infrastructure, capital readiness, and customer trust, to evaluate their systemic roles in shaping competitive advantage. Through expert interviews, bibliometric analysis, and a structured modeling process, key independent drivers such as innovation capabilities, geopolitical events, and economic shocks were identified as foundational enablers. Linkage variables including digital transformation, strategic alliances, and cost leadership connect these enablers to dependent outcomes such as customer satisfaction and platform personalization. The resulting hierarchical framework and strategic roadmap offer actionable insights for policymakers, fintech stakeholders, and investors to enhance resilience, regulatory alignment, and ecosystem integration. This research not only fills a critical gap in the digital finance literature but also provides a strategic tool for advancing Indonesia’s WealthTech sector within the global financial landscape.

Purpose: The central research question of the study is how objective financial knowledge and subjective financial confidence interact and relate to digital financial behavior and the use of FinTech tools. By examining both objective knowledge refers to measured, test-based financial competence and subjective confidence denote self-assessed financial understanding, the research offers insight into the psychological and demographic drivers of FinTech use and perceived financial well-being. Design/methodology/approach: Based on the OECD’s 2023 international financial literacy survey, the study uses a nationally representative Hungarian sample. It employs non-parametric statistical methods, linear regression, and two-step cluster analysis. Three composite indicators, general digital activity, digital financial engagement frequency, perceived financial security were developed to measure general digital activity, frequency of digital financial engagement, and perceived financial security. Findings: Results reveal a moderate but significant correlation between actual and self-assessed financial knowledge. Men score higher on both measures, though self-assessment bias does not significantly differ by gender. Higher education and income levels are associated with stronger financial literacy and more frequent use of FinTech tools, while age correlates negatively. However, the accuracy of self-perception is not explained by these demographic factors. Cluster analysis identifies four distinct financial knowledge profiles and five consumer digital behavior types, revealing disparities in digital financial inclusion and confidence. Originality: This research contributes a multidimensional perspective on how consumer capabilities, attitudes, and digital behavior influence FinTech adoption. By integrating behavioral, demographic, and psychological factors, the study offers practical implications for targeted financial education and the design of inclusive, human-centered digital financial services—especially relevant for emerging European markets.

Enterprises today face increasing threats from cyberattacks, supply chain disruptions, and systemic market risks, making the enhancement of organizational resilience through advanced risk management frameworks increasingly critical. Traditional approaches often struggle to balance data privacy, cross-organizational collaboration, and real-time adaptability. While distributed ledger technologies (DLTs) initially enabled cryptocurrencies, they have evolved into a foundational infrastructure for decentralized AI applications. This study investigates how decentralized AI techniques, particularly federated learning, can support joint risk management processes in enterprise networks. First, a comprehensive review of decentralized AI methods is conducted to identify approaches suitable for enterprise risk management. Next, expert interviews are used to contextualize these insights, highlighting practical considerations, organizational challenges, and adoption constraints. Building on the literature and expert feedback, a decentralized framework is developed to allow organizations to securely share risk-related insights while preserving data privacy and control over proprietary information. The framework is validated through a technical prototype, combining architectural design with empirical proof-of-concept experiments on federated learning benchmarks. Results demonstrate the feasibility of achieving near-centralized model accuracy under privacy constraints, while also highlighting communication and governance issues that need to be addressed in real-world deployments. The study presents a structured comparison of decentralized AI techniques and a validated concept for enhancing supply chain risk prediction, fraud detection, and operational continuity across enterprise networks.