Factors determining Fintech implementation in Latin America: Financial education challenges

Abstract

This research studies the influence of financial education in the adoption of financial technology, also known as Fintech, in Latin America, in order to identify factors determining its development and implementation. By systematically reviewing literature on PRISMA protocol, key variables were identified in academic studies and documents from international organizations. Afterwards, DEMATEL-WINGS method was applied to analyze causal relations among the variables and classify their influence within the system. Results reveal that access to technology and the existence of an adequate regulatory framework represent the variables with greatest influence capacity, while the cultural environment is the one with the highest impact. These findings suggest that financial inclusion strategies must take into account sociocultural features and the population’s educational level so that more effective and sustainable interventions are designed. It is concluded that boosting financial education and broadening access to technology tools are crucial to encourage the use of Fintech and move towards a fairer, more accessible and more resilient financial system in the region.