From Tweets to Trends: Analyzing FinTech's Focus on Innovation and the Overlooked Sustainable Development Goals

Abstract

Businesses that are based on financial technology (FinTech) are essential for advancing new ideas and technologies in the financial sector, sustainable development, and financial inclusion. This study uses machine learning-based social media analysis (SMA) to evaluate how open innovation and the Sustainable Development Goals (SDGs) are incorporated into public conversation on the social media platforms of FinTech companies. As a result, using empirical data from 32,716 tweets, we monitored the actions of 21 businesses. The findings revealed distinct discourses depending on the operations of FinTech companies. However, it was discovered that the only domains with a sermon pertaining to novelty and, to a slighter grade, the SDGs theme are financial infrastructure, lending, and personal finance. Since FinTech has often ignored the SDGs, knowledge of sustainable goals is still far from being a pertinent concern; yet, innovation and related concepts remain a recurring theme in this field.  Additionally, indications of the open innovation paradigm's application and interest in new technologies are shown, along with the promotion of various social media players and events that operate as a showcase for businesses with a Twitter presence.