Fintech Innovation, Digital Maturity, and Responsible Financial Behaviour: Panel Evidence from Developed and Transition Economies

Можаровська, Наталія Олегівна (2026) Fintech Innovation, Digital Maturity, and Responsible Financial Behaviour: Panel Evidence from Developed and Transition Economies Journal of Applied Economic Sciences, XXI (4(94)). с. 1109-1131. ISSN 2393-5162

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Анотація

The active spread of digital financial technologies is changing financial decision-making mechanisms and creating new behavioural risks. At the same time, the issue of combining financial efficiency, responsibility and digital maturity remains insufficiently empirically substantiated. This article aims to assess the impact of fintech innovations on balanced financial behaviour and responsibility at different levels of digitalisation. The research methodology is based on a fixed-effects panel econometric analysis for the period 2020–2024. The sample covers a group of countries with developed and transitional financial markets. An integral BFRI index has been formed, combining indicators of financial behaviour and responsibility. The key explanatory variables are the indices of fintech innovation and digitalisation, as well as their interaction effect. To ensure the robustness of the estimates, macroeconomic control variables and robust standard errors were employed. The empirical findings indicate a consistent positive impact of fintech innovations on the BFRI level. During the study period, the BFRI index increased from 0.52 to 0.67, reflecting a strengthening of responsible financial behaviour. The fintech innovation coefficient is statistically significant, with the estimated marginal effect ranging from 0.016 at DIGI = -1 to 0.040 at DIGI = +1. The interaction effect confirms that digitalisation significantly amplifies the behavioural impact of fintech. The highest effects were recorded in digitally mature financial systems. The overall conclusions confirm the system-forming role of fintech innovations in transforming financial behaviour. Digital infrastructure is a key catalyst for responsible financial practices. The results are of practical importance for regulatory policy and digital transformation strategies for the financial market.

Тип елементу :	Стаття
Ключові слова:	fintech innovation; responsible financial behaviour; digital maturity; behavioural finance; financial regulation; panel data
Типологія:	Статті у періодичних виданнях > Інші (не входять ні до фахових, ні до баз даних)
Підрозділи:	Факультет права та міжнародних відносин (архів) > Кафедра публічного права (архів)
Користувач, що депонує:	Доцент Наталія Олегівна Можаровська
Дата внесення:	03 Жов 2026 16:04
Останні зміни:	03 Жов 2026 16:04
URI:	https://elibrary.kubg.edu.ua/id/eprint/59679

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