Pioneering Perception of Green Fintech in Promoting Sustainable Digital Services Application within Smart Cities
Abstract
:1. Introduction
Aims and Objectives
- Analyzing the perceptions and attitudes of consumers towards green fintech and its potential to support sustainability and consumer behavior.
- Analyzing the critical green fintech initiatives and policies implemented and their effects on sustainability and consumer behavior.
2. Materials and Methods
2.1. Research Design and Methods
2.1.1. Sampling and Search Strategy
2.1.2. Data Collection
2.1.3. Data Analysis
2.2. Materials
3. Results
3.1. Influence of Green Fintech on Supporting Sustainability Efforts
“Yes. Green Fintech has been crucial to KSA in how it has generated technologies and innovations geared towards influencing green energy investments. Among these are green bonds, blockchain, and crowdfunding.”(R2)
“Yes. A notable case in point in KSA is carbon trading platforms which have KSA have made commitments in allowing businesses and individuals to buy and sell carbon credits which essentially incentivizes the reduction of emissions and support renewable energy projects.”(R5)
3.2. Factors That Influence the Adoption of Green Fintech Products or Services
“Government support in terms of clear and supportive regulations for green Fintech is a plus to their adoption.”(R6)
“The government can also come up with standards and certifications programs for companies to adopt green Fintech to drive sustainability programs.”(R1)
3.3. Impact of Green Fintech Initiatives on Consumer Behavior
“Green Fintech adoption in KSA and Egypt, in my opinion, improves awareness about eco-friendly financial products and services which consumers can adopt hence improving the sustainability behaviors.”(R8)
“Green Fintech programs sometimes offer rewards and incentives for sustainable financial behaviors which can encourage sustainable spending such as sustainable energy adoption.”(R7)
3.4. Challenges to the Implementation of Green Fintech Initiatives
“Despite a made effort, the regulatory framework of green Fintech is still significantly limited, and this limits its adoption across a wide range of industries.”(R4)
“The regulations of green Fintech still point to the need to develop more regulations to enhance implementation.”(R3)
“Despite the advantages of green Fintech, we know it requires the collection and storage of large amounts of … you know data security concerns arise.”(R7)
“You know that Middle Easter countries are yet to reach that point where we say we trust green Fintech companies with our data…not enough data security regulations.”(R8)
4. Discussion
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
Appendix A
Respondent Code | Profession/Position | Age Range (Years) | Gender |
---|---|---|---|
R1 | Manager at a bank | 36–45 | Male |
R2 | Public policy manager experienced in climate change | 26–35 | Female |
R3 | Director of engineering company using green fintech | 46–65 | Male |
R4 | Professor of energy studies | 36–45 | Female |
R5 | Postgraduate student and expert in sustainability practices | 18–25 | Male |
R6 | Professor of accounting and Fintech in Saudi Arabia | 26–35 | Female |
R7 | Consulting building engineers implementing green fintech projects | 36–45 | Male |
R8 | Manager of the private organization on environmental conservation | 26–35 | Male |
Author (Date) | Country | Study Title |
---|---|---|
Bouteraa et al. (2022) [42] | Malaysia | Challenges affecting bank consumers’ intention to adopt green banking technology in the UAE: a UTAUT-based mixed-methods approach. |
Gannon and Hieker (2022) [43] | UK | Employee engagement and a company’s sustainability values: a case study of a Fintech SME. |
Hoang et al. (2021) [44] | Vietnam | Toward successful bank-Fintech partnerships: perspectives from service providers in an emerging economy. |
Ranchber (2018) [45] | Sweden | Stimulating green Fintech innovation for sustainable development: an analysis of the innovation process. |
Wang et al. (2022) [46] | China | Motivations influencing Alipay users to participate in the Ant Forest Campaign: an empirical study. |
Zeng (2022) [47] | China | Saving the world by being green with fintech: exploring the contradictions inherent in the case of Ant Forest. |
Green Fintech Influence in Supporting Sustainability | Factors Influencing Adoption of Green Fintech | Impact of Green Fintech on Consumer Behavior | Implementation Challenges of Green Fintech |
---|---|---|---|
Promoting investments in renewable energy by companies | Perceived usefulness of green fintech significantly improves adoption | Effective green fintech solutions improve consumers’ adoption of sustainable behaviors | Limited regulatory framework of green Fintech in KSA still limits its adoption |
Improves financial inclusion by enabling innovations into affordable financial products | The level of government and regulatory support also significantly influences the adoption of green fintech | Green fintech initiatives promoted environmental values among consumers | Data safety challenges and security concerns hinder the adoption of green fintech services |
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Aboalsamh, H.M.; Khrais, L.T.; Albahussain, S.A. Pioneering Perception of Green Fintech in Promoting Sustainable Digital Services Application within Smart Cities. Sustainability 2023, 15, 11440. https://0-doi-org.brum.beds.ac.uk/10.3390/su151411440
Aboalsamh HM, Khrais LT, Albahussain SA. Pioneering Perception of Green Fintech in Promoting Sustainable Digital Services Application within Smart Cities. Sustainability. 2023; 15(14):11440. https://0-doi-org.brum.beds.ac.uk/10.3390/su151411440
Chicago/Turabian StyleAboalsamh, Hoda M., Laith T. Khrais, and Sami A. Albahussain. 2023. "Pioneering Perception of Green Fintech in Promoting Sustainable Digital Services Application within Smart Cities" Sustainability 15, no. 14: 11440. https://0-doi-org.brum.beds.ac.uk/10.3390/su151411440