2020 3rd International Conference on Computer and Informatics Engineering (IC2IE)
Model of Sustainable Development Based on
FinTech in Financial and Banking Industry:
A Mixed-Method Research
Mercurius Broto Legowo
Information System Study Program Master of Management Program
Information Technology Faculty Post Graduate School
Institute of Perbanas Jakarta,Indonesia Institute of Perbanas Jakarta, Indonesia
mercurius@perbanas.id steph@perbanas.id
Abstract— In the past decade, it stated that the discourse on
Sustainable Development and the Financial
Technology(FinTech) role in the financial and banking
industries, has attention on researchers, practitioners,
regulators, and policymakers. The real problem arises from the
discourse on whether FinTech has an effect on sustainable
development in the financial and banking industry in Indonesia.
This discourse needed to be understood better and more deeply.
For credible research results, it is necessary to use a mixed-
method research approach. This research aims to develop a
model that will help uncover the phenomenon of FinTech to
sustainable development in the Financial and Banking Industry
in Indonesia, using mixed methods research. In this study,
Exploratory Sequential Mixed Method used as a type of mixed-
method approach. The main results of this study reveal that
FinTech, which is influenced by business drivers, has a
significant role in sustainable development in the Financial and
Banking Industry in Indonesia. The contribution of this
research can provide insight and understanding for researchers
and practitioners in the financial and banking industry who
want to implement a sustainable development model based on
FinTech in more depth.
Keywords—financial and banking industry, FinTech, mixed-
method, model, sustainable development
I. INTRODUCTION
Sustainable Development in the financial services
industry is attracting rising attention from researchers,
representatives of the Financial and Banking Industries, and
policy-makers[1]. Sustainable development originally
applied to environmental problems, which now included
social, ethical which economic issues as well[2]. Sustainable
Development can increase the circular impact on a more
productive economic system.[3]. One of the main areas
related to the discourse on Sustainable development is
innovation 's position in strengthening sustainability.
Innovation for sustainable development (SD) is a new
phenomenon, specifically Technological innovations that is
growing rapidly in the financial services industry[4].
Financial Technology (FinTech), as a technological
innovation for sustainable development in developing
countries[5].
Nowadays, the term of FinTech refers to a new business
in the Indonesian financial service and banking industry, a
technological innovation that is attracting many publics.
Digitalization has influenced the financial and banking
industries in recent years. This is reflected in the rise of
FinTech, a financial and information technology combination
[6], [7]. FinTech services refer to companies that develop
financial services and products by relying on the use of
978-1-7281-8247-6/20/$31.00 ©2020 IEEE
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Steph Subanidja Fanky Antoneus Sorongan
Accounting Study Program
Economic and Business Faculty
Institute of Perbanas Jakarta, Indonesia
f.sorongan@perbanas.id
information technology that is far more intense[8]. Mobile
payment is one of their products that utilizes this financial
technology [9]. The development of Fintech in Indonesia has
made many Start-Ups glance at this field. Fintech products
usually refer to m-payment products (mobile payments). All
major e-commerce platforms or online shopping systems
have developed unique versions of this Fintech product in
their business. According to CBNC Indonesia[10], payment
products as Fintech products have 39% of the total FinTech
products in Indonesia. Business Drivers are the main factors
that influence the mechanism of Financial Technology,
especially in infrastructure technology in financial and
banking service institutions[11]. Technology or Information
Technology is the main driving force of business in various
business sectors[6][12]. Organizations included in the
Fintech ecosystem will be a good business driver [12][13].
On the other hand, it turns out that the flow of money is also
an important business driver.
Research is an organized and systematic way of finding
answers to questions[14]. Therefore, this study will provide
answers on whether FinTech has an effect on sustainable
development in the financial and banking industry in
Indonesia. To understand research better and in-depth and
have high credibility, the qualitative approach combined with
qualitative, which is currently known as Mixed methods
research[15]. A mixed methods research is a type of research
method in which a group of researchers combines qualitative
and quantitative approaches[16]. A combination of
quantitative and qualitative approaches to analysis will
contribute a deeper understanding of the research problem
than using only one approach method.
There are several previous studies on FinTech in the
financial and banking industry with the research methods it
uses. A qualitative exploratory case study conducted by Da
Cruz Caria[17],states that the results of this qualitative
research are limited to developing a theoretical framework for
the FinTech business model. To more depth understand the
FinTech business model to suit the conditions in the field, the
study suggests that the FinTech business model requires an
empirical foundation. A study from Subanidja et al. [18] has
examined FinTech for sustainable performance in the
financial and banking industry, whether it disrupts or
collaborates with quantitative research methods. One of the
empirical test results reveals that FinTech has the potential to
collaborate with the financial and banking industry.
However, these results considered insufficient to fully
understand Fintech, which can disrupt or collaborate with the
financial and banking industry. A study from Cheng et al.[19]
related Robo-Advisor Service as a typical application of
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 2020 3rd International Conference on Computer and Informatics Engineering (IC2IE)

FinTech using a mixed-method approach. This study uses proof[14]. Research activities require novelty which certainly
qualitative investigations to build a research model and not to is obtained from duplication and replication. That, by
propose hypotheses. After that, use quantitative experts, is referred to as the “State of the Arts”.
investigations with surveys to collect data and test the model
quantitatively. The two results of these investigations are then QUALITATIVE QUANTITATIVE MIXED
PHASE PHASE METHOD
combined to enrich the understanding of the research results.
Based on the considerations of these previous studies, this • Data Collection • Data Collection Analysis of
• Data Analyis • Data Analyis (Quan + Qual)
study aims to develop a model that will help uncover the Qualitatively Quantitatively Phase
phenomenon of FinTech to sustainable development in the
Financial and Banking Industry in Indonesia, with an
emphasis on the use of mixed methods research. The focus to Develop to Interpretation of Final Results of
Research Model Empirical Tests Results Mixed Method
be achieved in this mixed-method research: (1) to create a
theoretical framework as a theoretical basis, to build a Fig. 1. State of the Art
proposed research model in a qualitative phase, (2) to conduct
empirical tests of the research model proposed in the As shown in Fig. 1, this study elaborates form analysis
quantitative phase and interpret it, so that finally the research and data collection qualitatively (QUAL Phase). QUAL
results can be stated. As a result, this research model Phase results to develops a research model for the QUAN
developed using mixed-method research is the novelty of this phase. Then, interpretation conducted after this phase. So the
study. findings of the research on mixed methods are a combination
of qualitative and quantitative and integrated into a
II. LITERATURE REVIEW complementary sequence. In mixed-method research, it is
A. Sustainable Development called Exploratory Sequential Mixed Method[15].
Discourse related to sustainable development has been III. RESEARCH METHODOLOGY
receiving increasing attention from academicians, industrial
sector and policy-makers. Sustainable development was By looking at the research objectives to be achieved, then
this study used Mixed-Methods Research, which is a
initially referring to environmental concerns, and now also
combination of research qualitative and quantitative
compassing social, and economic issues[2]. There is a shift in research[16]. According to Creswell in 2014[15], there are
interest from the interpretation and determination of three basic mixed methods designs, namely: Convergent
sustainable development to sustainable performance in the parallel mixed methods, Explanatory sequential mixed
company. In sustainable development, it revealed that methods, and Exploratory sequential mixed methods.
sustainability is identified as the Triple Bottom Line
Next, exploratory sequential mixed methods finally are
(abbreviated as TBL), an instrument for assessing the
chosen to be used as the research method. An exploratory
economic, social and environmental impacts of business
sequential mixed method is a research method in which this
performance[20]. study conducted in the first qualitative phase by exploring
B. Financial Technology with qualitative data. The second stage in the quantitative
phase, empirically analyzed to interpret the research
In recent years, digitalization has strongly influenced the findings.[15]. Based on this research design of mixed
financial and banking industry, reflected in the rise of methods in this study (Fig. 2.), it explained that the research
"FinTech," which describes the marriage or combination of method consisted of two phases of approach.
Financial and Information Technology.[21],[22],[23].
According to Zavolokina et al.,[13], stated that the
mechanism of a FinTech is indicated by the way to Literature Focuss Group Data Collection
create/change/improve a business model. Furthermore, Study Discussion with Qustionaire
Fintech has a mechanism for disruption or collaboration[23].
Finally, a real indication of Fintech is the application of IT to Theoritical Conceptual Empirical
Finance[9]. Framework Framework Model

C. Business Drivers In-depth Model Test &

Zavolokina et al.,[13], stated that technology or
commonly said as IT is the main driving force of business in
the various area of business sectors. Meanwhile, the
organizations included in the Fintech ecosystem will also
become good business drivers. Now, newly established
FinTech organizations or established IT companies that enter
the financial business domain collectively referred to as
FinTech Companies[6]. The definition of "Money Flow" is
the same as investing, and also an important thing is used as
a business driver[13],[24].
D. State of The Art for Research
A mixed research method is a type of research method in
which a group of researchers combines qualitative and
quantitative approaches for a deeper understanding and
Confirm-ability
Interview Test Hiphoteses Test
Qualitative Phase Quantitative Phase
Mixed-Methods Research
Fig. 2. Phases in Mixed-Methods Research
A. Research Data Collection and Samples
In this study, data collection carried out in two phases of
collection, namely the first phase of qualitative data
collection and the second phase quantitatively.
In the qualitative phase, research data collected through
literature studies, conduct in-depth interviews with
representatives of the Financial Services Authority (OJK, in
Indonesia), and Focus Group Discussions with parties related

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 2020 3rd International Conference on Computer and Informatics Engineering (IC2IE)

to this matter. The parties are between Other: Bank Indonesia competence in managing organizations as intangible assets.
as the maker policy, the Indonesia Financial Services Management Theory and Technology includes the Theory of
Authority as the regulator and two representatives of the Diffusion of Innovations developed by Roger in 1995.
National Bank and one from a FinTech company Innovation theory represents how to create, change, and
representative. For the application of quantitative methods, improve technology adoption. And, organizations apply IT to
data collection through questionnaire survey techniques finance, then create competition in financial technology.
collected by using online surveys. Thus, the unit of analysis Organizational speed in adopting innovation is needed.
of this study is FinTech practitioners and staff employees in Theories of Sustainable Development[26] has a role in
sustainable development by looking at the Triple Bottom
the Indonesian financial and banking industry. Than 150
Line for the economic, social and environment of the
respondents taken through Convenience Sampling
financial and banking industry[20].
techniques. Then finally, valid samples are 100 samples.
B. Data Analysis GRAND THEORY
This study analyzes data from two sequential phases of Modern Monetary Theory
data collection and uses the results from the initial data
analysis to develop the next quantitative stage of research. In
the first phase using the Qualitative method, this study uses
grounded theory to develop a conceptual model based on a MIDDLE THEORY
theoretical framework analysis. The conceptual model
constructed is an empirical research model for the
quantitative phase of the testing. The results of the analysis in Resource Based View Management of Sustainability
this first phase then validated by the Confirm-ability Test. In Theory Technology Theory Development
Theory
the second phase using the quantitative method, the Likert
scale used to measure the variables of this study (scale of 5).
SmartPLS 3.2.7 is software used for data analysis. The main APPLIED THEORY
empirical tests are the model test and hypothesis test. The Business Financial Sustainable
inner and outer models test conducted for the proposed Drivers Technology Developement
conceptual model. For this study, by evaluating the validity • Technology • Create/Change/ • Economics
and reliability of the variables and indicators, where • Money Flow Improve • Social
Cronbach's Alpha value and also Composite Reliability value • Organization • Disruption / • Envromental
Collaborate
> 0.7. Hussain et al., [25], stated that the evaluation of the • Applied IT to
Inner Model related the value of Goodness of Fit (GoF) and Finance
R-square (R2). The hypothesis tested using a P-Value < 5%
and a T-Statistic value> 1.960.
IV. RESULTS AND DISCUSSION
THEORITICAL FRAMEWORK
Refer to the State of the Art for this study, where the
Exploratory Sequential Mixed Method determined in this
study. So, these research results are shown based on each Fig. 3. Theoritical Framework
phase of the research..
The first construct that results from the translation of
A. Analysis Results in Qualitative Phase various theories is Business Drivers. Business drivers in the
In this phase, a theoretical framework is developed as a financial industry sector include: technology, organization,
theoretical base, to build a proposed research model. This and money flow. A finTech is a form of financial service
theoretical framework based on the description of Grand innovation that has recently become a way to facilitate
Theory, Intermediate Theory, and Applied Theory. The aim business, especially related to financial services[8][22].
is to shape the construction and dimensions in the Conceptual Dimensions or indications, such as creating / changing /
Framework in this study. Theoretical framework, shown in improving, disruption/collaboration, IT application for
Fig. 3. finance which is a dimension of FinTech. Finally, the
construct of results is sustainable development that has
Today, many say that Modern Monetary Theory in 2004 dimensions or indications of economic, social, and
by Griffith and Austin, it is the theory that underlies the
environmental that exist in the financial and banking
FinTech problem. Modern Monetary Theory teaches matters
industries.
relating to Electronic Money and Monetary Policy hence the
money supply and the speed of money flow. Another theory To complement the theoretical framework that developed,
statement revealed it related to the effect of electronic money data collection also carried out through in-depth interviews.
flow on the economy. The Grand Theory further elaborated The findings of in-depth interviews with one of the Financial
into Middle Theory. The middle theory used first is the Services Authority's Board of Commissioners (OJK, in
Resource-Based View (RBV) Theory. From the perspective Indonesia) concluded that the Financial Services Industry
of Wernerfelt in 1984, the core of the Resource-Based View must optimize the business driving factors and the role of the
(RBV) theory states that companies can achieve and maintain FinTech mechanism in Indonesia. Thus, the need for
a competitive advantage by developing and empowering collaboration to improve sustainable development by
valuable resources and capabilities. According to Melville et building synergy and business collaboration between
al. study in 2004, and Barney’s concept in 2001 clearly stated FinTech and Industry Incumbents.
that technology and resources as tangible assets and

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 2020 3rd International Conference on Computer and Informatics Engineering (IC2IE)

B. Build to Proposed Research Model function as a banking intermediary. Furthermore, the Validity
Results from the theoretical framework in the previous Test carried out in a confirmation test conducted by
stage can use as the basis for constructing a conceptual Academics, FinTech practitioners, and practitioners in
framework. finance and banking. They positioned as verifiers. Based on
these test results, the results of 80% of verifiers stated
"confirm" the model developed from this Conceptual
Framework. Furthermore, the model needs to be tested by
quantitative methods using empirical models whose data is
processed statistically.
C. Analysis and Interpretation in Quantitative Phase
Empirical test results in the quantitative phase include the
results of the model test and the results of the hypothesis test.
100 Respondents fill out questionnaires from Fintech
practitioners and banking employees for analysis in this
empirical test.
Analysis and Interpretation for Model Testing Results
Fig. 4. Conceptual Framework First of all, carry out the analysis phase of the results of
testing the outer models. Analysis of the results of the
Conceptual frameworks that based on previous theoretical
measurement of the validity and reliability of research
frameworks, are decisive concepts, are the main variables in
variables by looking at the value of Cronbach's Alpha and CR
research [27]. This conceptual framework is a Proposed
Research Model in this study, shown in Fig. 4. and data processing results and executed with Smart-PLS
version 3.2 [25]. As seen in Table I, it states that all
The proposed research model has three variables. Each Cronbach's Alpha and Composite Reliability values for each
variable has three dimensions/indicators. Furthermore, variable are more than 0.7. These results indicate that all
hypotheses in research can developed, as follows: variables used in the study are valid and reliable.
Rabhi in his study[11], stated that business drivers have a
positive effect on infrastructure technology, including the TABLE I. OUTER MODEL TEST RESULTS
application of financial technology in financial sector
Variable Cronchbach’s Rho A CR AVE
institutions. Based on this, the hypothesis is developed: Alpha
H1: Business drivers significantly and positive influence Business 0.895 0.902 0.935 0.829
towards FinTech. Drivers
Varga in his study[28], introduces how FinTechs can Financial 0.766 0.812 0.809 0.589
enable innovation in the financial sector and have positive Technology
effects on sustainable development. There is also evidence to Sustainable 0.899 0.924 0.935 0.828
state that FinTech has significant economic, social and Development
environmental impacts[5]. Then the hypothesis:
H2: FinTech significantly and positive influence towards The results of data processing with smartPLS related to
sustainable development. Output of Outer Loading in Path Analysis in the measurement
Schaltegger et al. [29] stated that The business drivers for model shown in Fig. 5.
sustainable development directly influence the economic
performance of conventional businesses. Then the hypothesis
able to be developed as follows:
H3: Business drivers significantly and positive influence
towards sustainable development.
Business drivers expect to influence the FinTech
implemented then it will impact on sustainable performance.
Then it can be hypothesized that the FinTech mediates the
influence of business drivers on sustainable performance.
This the hypothesis able to be developed:
H4: FinTech mediates significantly business drivers for Fig. 5. Output of Outer Loading
Sustainable Development. The results of the study using Structural Equation
The finding of this hypothesis H4 is the novelty in this Modeling (SEM) analysis, the following equations are
research. The results of the Focus Group Discussion involved obtained:
four people, one Academician, one FinTech practitioner, and FT = 11 BD + 1 (1)
two practitioners in finance and banking, reinforcing the
Financial Technology = 0.550*Business Drivers + 1
conceptual model that created. The results concluded that the
SD = 12 BD + 13 FT + 13 BD*FT + 2 (2)
Bank and the financial services industry supported
Sustainable Development =
sustainability programs through technological innovation to
improve the welfare of the community and helped drive the = 0.550* Business Drivers +0.630*Financial Technology +
real sector through economic development, and FinTech's 0.437*BusinessDriver*FinancialTechnology + 2

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 2020 3rd International Conference on Computer and Informatics Engineering (IC2IE)

where:
 = coefficient value beta and,  = measurement error
In testing the structural model (Inner Model), the overall
suitability index measured using Goodness of Fit (GoF)
criteria, Q-square values, and R-square values[25]. The
Goodness of Fit (GoF) values are determined using the
following formula:

Goodness of Fit (GoF)

= average commulality x average R-square (3)

Fig. 6. T-Statistic Value in Path Analysis with Bootstrapping Algorithm

= 0.373 x 0.469 = 0.175 = 0.418 Analysis of the results of the hypothesis test states that:
H1:Business drivers significantly and positive influence
The Q-square value is determined by the formula, as follows: towards FinTech. Beta coefficient value is 0.599, the T-
Q-square = 1 – [ (1 - R12) x (1- R22)] (4) statistic value >1.96, is 3.984 and the P-Value < 0.05, is
= 1 – [ (1-0.302) x (1-0.635)] = 1 – 0.255 = 0.745 0.000. H1 accepted. The result is in line with Rabhi's
research[11].
From the results of testing the model by looking at the H2:FinTech significantly and positive influence towards
magnitude of the GoF value, it shows that the model has a sustainable development. The Beta coefficient value is
very high overall suitability index (GoF value> 0.36). 0.393, and the T-statistic value > 1.96, is 5.730 and the P-
Furthermore, the model has a very high degree of predictive Value < 0.05, is 0.000. H2 accepted. These results is in
relevance (Q-square value > 0.35). The FinTech variable has line with statements from the studies of Deng et al., [5]
a value of 0.302 for R-square and 0.635 for Sustainable and Varga[28].
Development. It means that both of them have a very high H3:Business drivers significantly and positive influence
influence category because the R-square value is > 0.30. This towards sustainable development. The Beta coefficient
results shown in Table II. value is 0.091, and the T-statistic value > 1.96, is 3.544
TABLE II. INNER MODEL TEST RESULTS and then the P-Value < 0.05, is 0.000. H3 accepted. The
result is in line with studies by Schaltegger et al., [29].
Variabel R-Square Communality GoF Q-Square
Business 0.326
H4:FinTech mediates significantly business drivers for
Drivers Sustainable Development. H4 accepted. Beta coefficient
Financial 0.302 0.285 0.418 0.745 value is 0.550 x 0.630 = 0.347 (> 0.252), T-statistic value
Technology > 1.96, is 4.160 and the P-Value < 0.05, is 0.000. This
Sustainable 0.635 0.508
Development
finding is a novelty of this research.
D. Discussion
Other results state that FinTech 30.2% influenced by This study did not use a qualitative approach, like the
Business Drivers factors, so 69.8% FinTech influenced by previous study conducted by Da Cruz Caria[17]. Because of
other factors not discussed in this study. On the other hand, this, the type of research method used limited to developing
63.5% of Sustainable Development influenced by business a theoretical framework for a business model. Research also
drivers and FinTech. Then 36.5% by other factors not did not use a quantitative approach, such as a study by
discussed in this study. Subanidja et al.[18], which resulted in the results deemed
Interpretation for Hypothesis Testing Results insufficient to be understood in more depth. Because of this,
All of the hypothesis testing results shown in Table III. the study did not conduct In-depth Interviews and also Focus
Group Discussions(FGDs) with related parties. This research
TABLE III. THE HYPOTHESIS TESTING RESULTS conducted by investigating qualitatively at an early stage,
Origina Sample STDEV T P Value
then the results were used for empirical analysis and
l Mean Statistics interpreted at a quantitative stage to obtain a deep and
Sample credible understanding. Hence, this type of mixed methods
BDÆFT 0.550 0.335 0.082 3.984 0.000 is called the Exploratory Sequential Mixed Methods
(direct effect)
approach [15]. It is different from previous research
FTÆSD 0.630 0.500 0.089 5.730 0.000 conducted by Cheng et al.[19], which uses a mixed-method
(direct effect)
with its type, is the Convergent Parallel Mixed Method
BDÆSD 0.252 0.285 0.078 3.544 0.000
(direct effect)
approach[15].
BDÆFTÆSD 0.347 0.326 0.069 4.160 0.000 In the qualitative phase, this study explored it by creating
(mediating effect) a grounded theory within a theoretical framework to guide
research[27]. Furthermore, the results are complemented by
While the T-Statistics Value in the Path Analysis Model conducting in-depth interviews with representatives from
with Bootstrapping Algorithm shown in Fig. 6. This figure is Financial Services Authority (OJK), as well as FGDs with
the result of data processing using SmartPLS 3.2.7 by experts from representatives of Bank Indonesia and OJK,
utilizing the bootstrapping algorithm Bank practitioners, FinTech industry practitioners, and

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 2020 3rd International Conference on Computer and Informatics Engineering (IC2IE)
academics, then qualitatively validated by the confirm-ability
test. The results used to build the proposed research model.
In the quantitative phase, the research model empirically
tested through model testing and hypothesis testing and its
interpretation. Thus, the results of this mixed-method
research show that the research model is appropriate, and
accurate then has high credibility. The main results in
emprical testing revealed that FinTech has a role in mediating
business drivers for sustainable development in the financial
and banking industry in Indonesia. This finding of the
research is a novelty of this study. Other hypothesis test
results are in line with the results of research by other
researchers[5],[11],[28],[29]. The other studies also
investigated whether FinTech disrupts or collaborates with
the financial and banking industries[23],[30]]. However,
based on the results of this study which states FinTech, whose
role is to mediate business drivers for sustainable
development, has the potential to collaborate with the
financial and banking industry in Indonesia.
The theoretical and practical implications in this study are
about how to increase sustainable development through the
role played by FinTech in the financial and banking industry,
especially in Indonesia. This paper has certain limitations:
Firstly, this finding limited studies on the chosen financial
and banking industry in Indonesia context. Secondly, there
are some method-related elements of the study that may limit
the empirical findings because the sample size is small.
Lastly, the questionnaire approach is not entirely free from
the subjectivity of the respondent.
V. CONCLUSION
In summary, this study is a new paradigm in research to
build a research model with "Mixed-Method" with the
primary purpose for developed a model of sustainable
development based on FinTech in the Financial and Banking
Industry in Indonesia.
The main results revealed that FinTech influenced by
business drivers has an impact on sustainable development in
the financial and banking industry in Indonesia.
For future research, studies related to the FinTech model
need to examine its effects on sustainable bank performance
in the Indonesian financial and banking industry.
ACKNOWLEDGMENT
Thanks for the Republic of Indonesia's Ministry of
Research and Technology provide us with this Multi-Year
Research Grant through the 'Fundamental Research' schemes
for 2020.
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