Study of the Use of Financial Technology in Sri Lankan Diversified Financial Sector

Abstract

Introduction: This research delves into the integration of Financial Technology (FinTech) within financial companies in Sri Lanka, with a specific focus on the influence of organizational culture on technology adoption. The study comprehensively explores key factors impacting the adoption of FinTech, encompassing technological readiness, external influences, and operational resilience. Methodology: The research examines the adoption and implementation of FinTech in Sri Lankan financial institutions. The central focus is on understanding how organizational culture shapes the incorporation of FinTech tools and systems. The study investigates technological readiness as a cornerstone, emphasizing the companies' preparedness and capabilities to embrace modern technological advancements. Additionally, the research scrutinizes external influences, including regulatory frameworks, market dynamics, and competitive landscapes, as pivotal forces steering FinTech strategies. Operational resilience is also analyzed, uncovering how financial entities navigate internal hurdles and challenges in embracing FinTech solutions. Findings: In conclusion, this study sheds light on the intricate dynamics involved in the adoption of FinTech within Sri Lanka's financial sector. Organizational culture, technological readiness, external influences, and operational resilience collectively contribute to the successful integration of FinTech among financial entities. Recognizing the role of organizational culture in this process is imperative for understanding the complexities of FinTech adoption in the unique context of Sri Lanka. Conclusion: In conclusion, this study provides valuable insights into the dynamics governing the financial performance of diversified financial companies in the CSE. Firm-specific factors emerge as influential contributors to financial outcomes, emphasizing the need for strategic management of these factors. Additionally, the study underscores the significant moderating impact of interest rates on the financial performance of diversified financial companies, further illustrating the multifaceted nature of their financial dynamics.