The FinTech Evolution: Technology Push, Market Pull Dynamics, and Inertia

Tatja Karkkainen

Jan. 2023 · Tatja Karkkainen

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This work serves as a base for foundational knowledge of the taxonomy, vocabulary and concepts in the interdisciplinary field of financial technology (FinTech). It is specifically written for innovation management in financial services. For this end, it is integral to inspect the evolution of FinTech through technology push, market pull dynamics, and inertia because they play a crucial role in shaping the direction and rate of innovation. Technology push relates to the development and introduction of new technologies that drive innovation in the financial industry. Market pull dynamics, on the other hand, relate to the demand for new financial products and services that arises from changing consumer needs and preferences. The interaction between market pull and technology push can be described as a feedback loop, which can be then affected by inertia. Inertia can be described as resistance to change that is often present in consumers, which can hinder the creation of new technologies and innovations. In this sense, the consumer inertia can affect the relationship between technology push and market demand making it difficult for new financial technology applications to gain traction if they are not seen as offering significant improvements. By understanding the interplay between these three factors, it is possible to gain insight into the current state and future direction of the FinTech industry, and from there Financial Services Industry.

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Dr Karkkainen is a leading expert in Financial Technology (FinTech). She is currently conducting RDI in defi, open finance, desci, digital assets and machine learning. As part of this research, she has authored a number of academic papers with topics such as cryptocurrency FOMO, network effects, price discovery, and financial literacy. In addition to her academic interests, she has had a long and successful track record in alternative investments. She combines her financial and technological background by applying technology solutions to develop innovative products and services. Dr Karkkainen has coded her own financial service/supply chain solution on a blockchain with a cloud back-end. She holds a Ph.D. in Fintech, a Masters in Politics, and a BA in International Relations and Politics.