THE ROLE OF FINTECH IN PROMOTING ENVIRONMENTALLY AND ECONOMICALLY SUSTAINABLE CONSUMER BEHAVIOR

The financial sector has witnessed transformative efficiencies with the rapid advancement of financial technology (Fintech), which has the potential to integrate sustainability into environmental and economic practices. Keeping in view the host of large companies functioning in Saudi Arabia, this study has been undertaken to examine the role of Fintech in promoting sustainable customer behaviour. The research examines the adoption and implementation of Fintech solutions, the conversance with green Fintech practices, and the challenges faced by organizations by conducting structured surveys among senior management. It has been observed that Fintech has been adopted by many companies; however, varying levels of importance have been ascribed to the objectives hovering around its environmental and economic sustainability. In line with such observations, regulatory constraints and lack of awareness have been identified as prominent obstacles. Also, this study is poised to accentuate the potential of Fintech in order to influence consumer behaviour positively, prevailing over the practical challenges in execution. Emphasis has also been placed on the necessity for enhanced regulatory frameworks, increased industry collaboration, and investment in digital literacy to utilize Fintech's potential to stimulate sustainable practices. It is expected that this research work will provide valuable insights to policymakers, industry stakeholders, and academicians and acquaint them with strategic initiatives to align Fintech innovation with sustainability goals.