Success and Failure Retrospectives of FinTech Projects: A Case Study Approach
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Success and Failure Retrospectives of FinTech Projects: A Case Study Approach Dakshitha N. Jinasena 1 & Konstantina Spanaki 1
&
Thanos Papadopoulos 2 & Maria E. Balta 3
Accepted: 13 October 2020 # The Author(s) 2020
Abstract The popularity and potential of FinTech for generating business value has been highlighted in an evolving number of studies. Nevertheless, there is still ambiguity on the success of such disruptive technologies. To address this gap, this paper draws on a case study of an IT vendor in Japan. We interview key stakeholders involved in the case project to (i) explore the success factors of FinTech applications adopted by non-financial organisations, (ii) illustrate the applicability of the multi-dimensional project success framework in FinTech projects, and (iii) highlight the importance of the FinTech Project Management field that warrants further investigation. We contribute to the IT Project Management field, where we extend the theoretical background with aspects of FinTech adoption and success. We also inform practice in terms of lessons for managers to improve the existing processes and assist their organisations in business transformational initiatives using FinTech. Keywords IT Project Management . FinTech . Success factors . Project success . Case study
1 Introduction Over the last years, Financial Technology (FinTech) has received considerable attention from both academics and practitioners due to their potential in digitally transforming networks of supply chains in almost every business sector (Chen et al. 2019; Fosso Wamba et al. 2018). Global funding of FinTech projects has been rising rapidly from $38.1 billion for all of 2017 to $57 billion in 2018 (KPMG 2018). FinTech builds upon Information Technology (IT) to offer financial products and services within the banking industry, with more advanced risk management, trade processing, cash management and data-analysis tools deployed by the financial institutions (Gomber et al. 2018; Zavolokina et al. 2017). Hence, the FinTech sector has applied disruptive technologies (e.g. Blockchain, Data Analytics, etc.) transforming existing business models and developing new products (e.g. cashless * Konstantina Spanaki [email protected] 1
School of Business and Economics, Loughborough University, Loughborough, Leicestershire LE11 3TU, UK
2
Kent Business School, University of Kent, Sail and Colour Loft, the Historic Dockyard, Chatham, Kent ME4 4TE, UK
3
Kent Business School, University of Kent, Canterbury, Kent CT2 7FS, UK
payments, robo-advisors etc.) in the financial services industry. More importantly, FinTech offers trust, confidence, and transparency for the systems and transactions in a field where these aspects are most required (Gozman et al. 2018; Leong 2018; Papazafeiropoulou and Spanaki 2016). The literature on FinTech has mainly focused on its business value, with scholars scoping at the potential and benefits accruing from its adoption (Belanche et al. 2019; Mori 2016; Ryu 2018). For instance, Pollari (2016) has investiga
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