Uncovering patterns of fintech behavior in Italian banks: A multidimensional statistical analysis

Fintech is changing the financial system and increasing the possibility of access to financial services. Considering the centrality of the banking world in providing financial services, this study aims to offer an analysis of banks’ adoption of Fintech. Exploiting a sample of Italian listed banks, this study investigates their adoption of Fintech. Multiple correspondence analysis and hierarchical clustering classification are used to study Fintech factors in Italian banks, starting from significant variables highlighted by the literature: disclosure, financial investments, and collaborations in Sandboxes. Results show that different bank subgroups have specific Fintech features based on various structural characteristics. The implications are both academic and practical. On the one hand, we highlight how these measures make it possible to have homogeneous clusters. On the other hand, we have indications of policies and best practices.