Relevance of DOI and TOE for assessing FinTech adoption by banks: comparative analysis between Egypt and Bahrain

Abstract

Global financial industry is facing recent emergence of digital transformation and technology innovations, especially financial technology in banking sector. Yet, previous studies have not provided sufficient models to assess this 'FinTech Revolution'. The current study, therefore, addressed this limitation by proposing a conceptual model for FinTech adoption by retail banks in Bahrain and Egypt. The proposed model is based on triangulation of technology-organisation-environment (TOE) framework and diffusion of innovation (DOI) theory. The model was empirically tested using a sample of 305 senior and mid-career bank employees in both countries. Exploratory factor analysis was employed to identify the underlying relationships between variables resulting in validating and developing two versions of the proposed 'FinTech Adoption' conceptual model, thus reflecting differences between the studied countries. Stepwise regression was used to answer research hypotheses and measure the true impact on FinTech Adoption, followed by T-test and ANOVA to assess the impact of moderating variables.

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