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A Fuzzy Multicriteria Group Decision Making Approach for Evaluating and Selecting Fintech Projects

Author

Listed:
  • Santoso Wibowo

    (School of Engineering & Technology, CQUniversity, Melbourne, VIC 3000, Australia)

  • Lakshmi Grandhi

    (School of Engineering & Technology, CQUniversity, Melbourne, VIC 3000, Australia)

  • Srimannarayana Grandhi

    (School of Engineering & Technology, CQUniversity, Melbourne, VIC 3000, Australia)

  • Marilyn Wells

    (School of Engineering & Technology, CQUniversity, Melbourne, VIC 3000, Australia)

Abstract

The use of financial technologies (Fintech) has increased recently due to their support to financial institutions in managing their financial operations and achieving competitive advantages. Even though there are several benefits with Fintech development and implementation, selecting the most suitable Fintech project can be complex. This is due to the involvement of numerous decision makers, the conflicting nature of multiple evaluation criteria, and fuzzy data derived from imprecise judgments of qualitative performance ratings. Interval-valued based intuitionistic fuzzy numbers are used to deal with the inherent vagueness and imprecision of the evaluation process. An algorithm based on an interval-valued intuitionistic fuzzy weighted geometric (IIFWG) and the concept of ideal solutions is developed. As a result, the most suitable Fintech project alternative can be selected across all evaluation criteria. To demonstrate the effectiveness of the approach, a Fintech project selection problem is presented.

Suggested Citation

  • Santoso Wibowo & Lakshmi Grandhi & Srimannarayana Grandhi & Marilyn Wells, 2022. "A Fuzzy Multicriteria Group Decision Making Approach for Evaluating and Selecting Fintech Projects," Mathematics, MDPI, vol. 10(2), pages 1-14, January.
    • Handle: RePEc:gam:jmathe:v:10:y:2022:i:2:p:225-:d:722829
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    References listed on IDEAS

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    1. Qun Zhao & Pei-Hsuan Tsai & Jin-Long Wang, 2019. "Improving Financial Service Innovation Strategies for Enhancing China’s Banking Industry Competitive Advantage during the Fintech Revolution: A Hybrid MCDM Model," Sustainability, MDPI, vol. 11(5), pages 1-29, March.
    2. Daniela Gabor & Sally Brooks, 2017. "The digital revolution in financial inclusion: international development in the fintech era," New Political Economy, Taylor & Francis Journals, vol. 22(4), pages 423-436, July.
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