A Review of the Literature on Fintech and Enterprise Digital Transformation

Abstract

As global digital technology advances, digital transformation of businesses has emerged as a crucial step in the growth of multinational corporations. A large number of enterprises lacking strong economic strength urgently need the help of financial technology, a product of the digital economy era. This article summarizes and generalizes existing relevant literature from three aspects: The way that financial technology facilitates businesses' digital transformation, The degree to which various business types can adjust to financial technologies, and the external factors that influence the mechanism. Specifically, the article first clarifies the mechanism by which financial technology promotes Businesses' digital transformation by investigating the connection between enterprise digital transformation and financial technology, as well as the elements that influence this process. Examine further how various business models and financial technology might work together, and group businesses based on five factors: ownership, lifespan, age, size, and industry. Similarly, in the external factors section, external influencing factors are also divided into five aspects: geographical factors, degree of marketization factors, financial regulatory factors, media supervision factors, and economic policy factors. All things considered, this paper thoroughly develops a preliminary framework for fintech to support businesses' digital transformation from angles including time, location, and enterprise qualities. The financial sector's ability to support the real economy and foster its growth in the digital economy has significant practical implications.