2541-6111Riset Akuntansi dan Keuangan Indonesiareaksi2541-61111411-6510Universitas Muhammadiyah Surakarta10.23917/reaksi.v10i1.8571Green Finance and Competitiveness in Fintech Adoption: Digital Transformation and Sustainability in Indonesian BanksRachmawatiWindasariIndonesiawindasarirachmawati78@gmail.comWahyudiSugengIndonesiaMawardiWisnuIndonesiaFaculty Of Economics And Bussines ,Diponegoro UniversityCorresponding author: Windasari Rachmawati, Faculty Of Economics And Bussines ,Diponegoro University .Email:windasarirachmawati78@gmail.com30420253042025101931063220253042025Copyright (c) 2025 Riset Akuntansi dan Keuangan Indonesia2025Riset Akuntansi dan Keuangan Indonesiahttps://creativecommons.org/licenses/by-nc-sa/4.0This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.Green Finance and Competitiveness in Fintech Adoption: Digital Transformation and Sustainability in Indonesian Banks
The increasing global focus on sustainability is prompting organizations to integrate financial technology (Fintech) solutions to increase their sustainability outcomes. This research seeks to explore the intermediary role of green finance and competitiveness, along by the moderating influence of digital transformation (DT), on the link among Fintech and sustainability performance. The study constructs a conceptual framework based on responses from bank employees in Central Java, Indonesia. Data were gathered from 170 bank employees and analyzed utilizing Smart-Partial Least Square (PLS). The findings reveal that Fintech adoption does not significantly negatively impact sustainability performance. Additionally, while Fintech adoption shows a positive but insignificant effect on green finance and competitiveness, it has an insignificant negative impact on competitiveness and sustainable performance. Digital transformation, as a moderator of the connection among Fintech adoption and green finance, competitiveness, and sustainability performance, also shows an insignificant positive effect.
fintech adoptiongreen financecompetitivenesssustainable performancedigital transformationbankingFile created by JATS EditorJATS Editorissue-created-year2025INTRODUCTION
In today's rapidly evolving business landscape, organizations are increasingly prioritizing sustainability to address unique environmental challenges. Implementing sustainable practices not only helps reduce environmental impact but also ensures compliance with regulatory standards and aligns with the growing expectations of stakeholders emphasizing environmental responsibility((Ahn & Kim, 2019); (Arulraj & Annamalai, 2020)) . The banking industry, as a vital part of the financial ecosystem, plays a significant role in advancing sustainable development. To enhance efficiency, improve risk management, and support decision-making, banks are increasingly adopting financial technology (Fintech) solutions (Moschella et al., 2019). The integration of Fintech in the banking sector has the potential to improve financial performance while advancing sustainability objectives (Urumsah et al., 2022).
However, the relationship between Fintech adoption and banks' sustainable performance is shaped by various mediating and moderating factors. In this context, green finance and competitiveness are critical mediators influencing the link between Fintech adoption and the achievement of sustainability goals (Huang et al., 2022); (Li & Wang, 2023)) Green financial tools, such as sustainable loans, green bonds, and carbon trading platforms, enable banks to channel financial resources into projects that promote environmental sustainability(Huang et al., 2022) . Additionally, integrating sustainability into competitive strategies allows banks to enhance their market position and reputation, attracting customers and investors who prioritize environmental responsibility.
The role of digital transformation (DT) in the relationship between Fintech adoption and sustainable performance is also crucial. Digital technologies empower banks to improve operational efficiency, process large datasets, and leverage automation and artificial intelligence for informed decision-making ((Chen & Hao, 2022); (Yang et al., 2023)). The degree to which banks adopt DT significantly influences how Fintech integration contributes to sustainable outcomes. This study aims to examine the mediating roles of green finance and competitiveness, alongside the moderating impact of DT, on the relationship between Fintech adoption and sustainability in the banking sector((Korzeb & Samaniego-Medina, 2019))
Source:BPS 2024
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Indonesia has seen remarkable growth in its Fintech sector, driven by factors such as a young, tech-savvy population, increasing internet penetration, and supportive regulatory frameworks. As of 2023, the Fintech ecosystem in Indonesia has grown significantly, with the number of Fintech companies expanding sixfold over the past decade. The adoption of mobile payment platforms, peer-to-peer (P2P) lending, and digital lending services has reshaped the financial services landscape.
The adoption of mobile Fintech apps has surged from 9% in 2019 to 49% in 2024, with projections suggesting it will reach 64% by 2030.
Based on the different results of previous studies, The main difference between this study and previous research is its focus on the mediating role of green finance and competitiveness, as well as the moderating effect of digital transformation (DT) on the relationship between fintech adoption and sustainability performance. Additionally, this study is unique in focusing on the banking sector in Central Java, Indonesia, using data from bank employees, whereas most previous studies have concentrated on developed countries or broader samples. This study provides new insights into the challenges and opportunities for the banking sector, particularly in emerging markets like Indonesia, in integrating fintech with sustainability and competitiveness strategies. The findings can help develop more informed policies and investment decisions to support sustainable financial performance, while also offering a better understanding of how digital transformation can be optimized to enhance efficiency and sustainability in the financial sector.
This research is expected to contribute to the
accounting and finance management literature by adopting a supply-demand approach to provide evidence on the chosen approach and the factors that influence the amount of sustainable performance.
The next section discusses the literature re.vie.w, frame.work, and hypothe.sis de.ve.lopme.nt.
Followe.d by an e.xplanation of the. re.se.arch me.thod to the. data analysis me.thod, the.n the. pre.se.ntation of re.sults and discussion. The.n, it e.nds with a closing that contains conclusions, limitations, and sugge.stions for furthe.r re.le.vant re.se.arch
LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENTFintech Adoption and Sustainability
Finte.ch adoption has be.e.n shown to improve. financial inclusion by providing acce.ss to banking se.rvice.s for unde.rse.rve.d populations ((Thomas & Hedrick-Wong, 2019)). By incorporating e.thical practice.s and strong gove.rnance., banks can foste.r trust and re.duce. re.putational risks. Howe.ve.r, rapid industrialization, e.conomic growth, and population incre.ase.s have. le.d to highe.r e.ne.rgy consumption and e.nvironme.ntal de.gradation, posing challe.nge.s to sustainable. de.ve.lopme.nt((Fang et al., 2023)). Gre.e.nhouse. gas (GHG) e.missions, a major contributor to climate. change., are. close.ly tie.d to incre.ase.d e.ne.rgy use..
Finte.ch innovations allow banks to e.nhance. the.ir sustainability pe.rformance. by inte.grating e.nvironme.ntal principle.s into the.ir ope.rations. The.se. tools he.lp banks cre.ate. innovative. products and se.rvice.s that support sustainable. e.conomic growth while. addre.ssing social and e.nvironme.ntal challe.nge.s. De.spite. the.se. advance.me.nts, the. inte.rplay be.twe.e.n digital transformation (DT) and Finte.ch adoption in driving sustainable. pe.rformance. is unde.re.xplore.d. This study fills the. gap by e.xamining strate.gie.s and e.mpirical e.vide.nce. to highlight the.ir inte.rconne.cte.d role.s.
Finte.ch e.nhance.s acce.ss to financial se.rvice.s, re.duce.s pove.rty, and improve.s e.conomic participation (Lee & Shin, 2018). It also supports risk manage.me.nt and de.cision-making, e.nabling banks to addre.ss social and e.nvironme.ntal risks in the.ir portfolios (Park & Kim, 2020).
Finte.ch platforms simplify gre.e.n finance. proce.sse.s, re.duce. costs, and provide. accurate. risk asse.ssme.nts for inve.stors((Du et al., 2019)(Siddik et al., 2023)]. The.se. innovations e.nhance. transpare.ncy and accountability, foste.ring trust among stake.holde.rs and e.ncouraging inve.stme.nts in gre.e.n proje.cts.
Finte.ch drive.s innovation and profitability, le.ve.raging artificial inte.llige.nce., mobile. te.chnology, and blockchain to improve. custome.r e.xpe.rie.nce.s and ope.rational e.fficie.ncy (Zhang & Wang, 2021).
Green Finance
Gre.e.n finance. e.ncompasse.s financial products, se.rvice.s and inve.stme.nts that are. de.signe.d to support e.nvironme.ntally sustainable. initiative.s and facilitate. the. shift towards a more. sustainable. and low-carbon e.conomy (Huang et al., 2022). It involve.s inte.grating e.nvironme.ntal factors into the. financial de.cision-making proce.ss, by the. aim of allocating capital to proje.cts and activitie.s that have. a positive. impact on the. e.nvironme.nt.(Akomea-Frimpong et al., 2022) . Gre.e.n finance. comprise.s a dive.rse. range. of instrume.nts and me.chanisms, including Gre.e.n Bonds, Sustainable. Le.nding, E.SG Inte.gration, and Sustainability-linke.d Finance..
Gre.e.n Bonds are. a unique. type. of de.bt se.curity de.signe.d to finance. proje.cts that are. e.nvironme.ntally sustainable.. The.se. bonds offe.r inve.stors the. chance. to participate. in e.fforts to mitigate. climate. change., promote. re.ne.wable. e.ne.rgy, incre.ase. e.ne.rgy e.fficie.ncy, de.ve.lop sustainable. infrastructure., and support othe.r e.nvironme.ntally positive. activitie.s. By utilizing Gre.e.n Bonds, capital is strate.gically dire.cte.d toward initiative.s that align by the. obje.ctive.s of e.nvironme.ntal conse.rvation and sustainable. de.ve.lopme.nt (Hidayat-ur-Rehman & Hossain, 2024).
De.spite. the. growing importance. of gre.e.n finance. in driving sustainability, the.re. re.mains a significant re.se.arch gap in fully compre.he.nding its spe.cific impacts across diffe.re.nt industrie.s. The.re. is a shortage. of studie.s e.xamining how various financial instrume.nts e.ffe.ctive.ly support sustainability initiative.s (Hidayat-ur-Rehman & Hossain, 2024) . In addition, the.re. is a lack of re.se.arch on the. barrie.rs and opportunitie.s face.d by busine.sse.s, inve.stors and policymake.rs in imple.me.nting gre.e.n finance. strate.gie.s. The. long-te.rm implications of gre.e.n finance. on e.conomic growth and financial stability ne.e.d to be. scrutinize.d in gre.ate.r de.pth. Bridging the.se. gaps is critical to de.ve.loping informe.d policie.s and strate.gie.s to acce.le.rate. the. transition to a sustainable. and low-carbon e.conomy. Finte.ch Adoption
Financial te.chnology (Finte.ch) e.ncompasse.s the. use. of te.chnology in giving various financial se.rvice.s (Dwivedi et al., 2021). Finte.ch busine.sse.s are. innovative. inte.rme.diarie.s that le.ve.rage. te.chnological advance.s to support ne.w busine.ss mode.ls, stre.amline. ope.rational proce.sse.s, and de.live.r be.tte.r products and se.rvice.s. (Firmansyah et al., 2022).. The. rise. of Finte.ch can be. trace.d back to the. e.arly 1990s, coinciding by the. adve.nt of the. Inte.rne.t, which has e.ngage.e.d an important role. in shaping the. growth of the. Finte.ch se.ctor. (Guang-Wen & Siddik, 2023). Although the. study of Finte.ch, which is mainly available. in various lite.rature.s, was first docume.nte.d by Macke.nzie. in 2015(Guang-Wen & Siddik, 2023) its influe.nce. continue.s to grow. Finte.ch is conside.re.d a transformative. force. that has the. pote.ntial to make. finance. more. transpare.nt, use.r-frie.ndly, and cost-e.ffe.ctive. (Harris, 2021). It is also conside.re.d a catalyst to re.volutionize. the. financial landscape. by disrupting traditional financial se.rvice. provide.rs such as banks, insurance. busine.sse.s, and inve.stme.nt firms. (Fang et al., 2023).
In addition to te.chnological advance.s, Finte.ch is also gaining mome.ntum due. to its unique. re.gulatory e.nvironme.nt, which allows busine.sse.s to ope.rate. by gre.ate.r fle.xibility unde.r a re.gulatory sandbox and e.ncourage.s innovation.(Yudaruddin, 2024). The. Finte.ch e.cosyste.m consists of various e.le.me.nts, including Finte.ch startups, te.chnology de.ve.lope.rs, gove.rnme.nt e.ntitie.s, custome.rs,
and tradisional financial institutions .(Muthukannan et al., XXXX). inside. this e.cosyste.m, Finte.ch busine.ss mode.ls cove.r various are.as such as payme.nts, we.alth manage.me.nt, crowdfunding, pe.e.r-to-pe.e.r (P2P) le.nding, capital marke.ts, and insurance..(Huang et al., 2022). It has the. pote.ntial to re.shape. the. financial industry by giving ne.w solutions and challe.nging e.stablishe.d e.ngage.e.rs (Mohsin & Jamaani, 2023).
The. prolife.ration of re.se.arch on Finte.ch highlights the. ne.e.d for continue.d e.xploration and analysis of this transformative. phe.nome.non. For e.xample., the. adoption of Finte.ch and gre.e.n finance. for DT indicate.s a substantial re.se.arch gap (Mohsin & Jamaani, 2023) . Limite.d studie.s have. e.xplore.d the. syne.rgie.s and challe.nge.s in inte.grating Finte.ch innovations to incre.ase. the. e.ffe.ctive.ne.ss of gre.e.n finance. initiative.s. Unde.rstanding how ne.w te.chnologie.s such as blockchain, artificial inte.llige.nce., and digital platforms can optimize. re.source. allocation, transpare.ncy, and impact me.asure.me.nt in sustainable. finance. is le.ss e.xplore.d. (Mohsin e.t al., 2021)]. Bridging this gap is critical to unlock the. full pote.ntial of Finte.ch in driving e.nvironme.ntal sustainability, as we.ll as to de.ve.lop strate.gie.s to addre.ss pote.ntial risks and e.nsure. re.sponsible. inte.gration of te.chnology in the. gre.e.n finance. landscape..
Gre.e.n finance. channe.ls re.source.s to re.ne.wable. e.ne.rgy, e.ne.rgy e.fficie.ncy, and cle.an te.chnology proje.cts, foste.ring e.nvironme.ntal and social be.ne.fits. It also inte.grate.s E.SG factors into banks' de.cision-making proce.sse.s, improving re.putation and stake.holde.r e.ngage.me.nt(Zhang & Wang, 2021).
Compe.titive. banks are. more. like.ly to adopt sustainable. practice.s, build strong brand re.putations, and attract e.nvironme.ntally conscious inve.stors and custome.rs. Re.gulatory compliance. and proactive. risk manage.me.nt furthe.r e.nhance. the.ir sustainability (Me.ng & Shaikh, 2023) .
Digital Transformation
By the. adve.nt of Industry 4.0, the. pre.vale.nce. of digitalization has be.come. a promine.nt tre.nd. Digitalization, ce.nte.re.d on digital te.chnology, is shaping both socie.ty and the. e.conomy in the. digital age. (Yan et al., 2022). In many countrie.s, digital transformation (DT) is gaining strate.gic importance. as a way to build a compe.titive. and sustainable. e.conomic advantage.. (Olavarrieta & Friedmann, 2008).. According to (Amit & Han, 2017) DT re.fe.rs to organizational change. trigge.re.d and influe.nce.d by the. wide.spre.ad adoption of digital te.chnologie.s. busine.sse.s inte.grate. digital te.chnologie.s, ranging from artificial inte.llige.nce. and big data analytics to cloud computing and the. Inte.rne.t of Things (IoT). (Hrustek, 2020). This he.lps to e.ffe.ctive.ly adapt to e.volving custome.r e.xpe.ctations, disruptive. marke.t force.s, globalization, re.gulatory de.mands and tale.nt ne.e.ds. (Buchak et al., 2017). Gove.rnme.nts are. active.ly compe.ting to prioritize. DT (Mohsin & Jamaani, 2023). .
The. conne.ction among financial de.ve.lopme.nt and carbon e.missions is comple.x, influe.ncing the. e.nvironme.nt through multiple. pathways. According to re.se.arch by(Mohsin & Jamaani, 2023), e.ne.rgy consumption is a crucial channe.l through which financial de.ve.lopme.nt impacts the. e.nvironme.nt. This is be.cause. financial de.ve.lopme.nt facilitate.s inve.stme.nts in e.nvironme.ntally sustainable. te.chnologie.s, aiding in the. re.duction of carbon e.missions. Conse.que.ntly, gove.rnme.nts, busine.ss le.ade.rs, and re.se.arche.rs are. ke.e.n to harne.ss this pote.ntial.
In the. digital re.volution, corporate. DT has e.me.rge.d as a critical factor for busine.ss succe.ss, e.mpowe.ring busine.sse.s to innovate., e.volve., and maintain a compe.titive. advantage.. DT e.nable.s Finte.ch busine.sse.s to provide. a se.amle.ss and pe.rsonalize.d custome.r e.xpe.rie.nce.. Through use.r-frie.ndly mobile. apps, digital walle.ts, and online. platforms, custome.rs can e.asily acce.ss financial se.rvice.s, make. transactions, and re.ce.ive. customize.d re.comme.ndations. Custome.r-focutilize.d de.sign thinking and data analytics he.lp Finte.ch busine.sse.s unde.rstand custome.r ne.e.ds, improve. products, and provide. pe.rsonalize.d se.rvice.s.
Finte.ch busine.sse.s utilize. big data analytics and advance.d data proce.ssing te.chnique.s to de.ve.lop data-drive.n insights. By colle.cting and analyzing large. amounts of data, including transaction re.cords, custome.r be.havior, and marke.t tre.nds, Finte.ch busine.sse.s gain a de.e.pe.r unde.rstanding of custome.r pre.fe.re.nce.s, ide.ntify patte.rns, and make. data-drive.n de.cisions. The.se. insights e.nable. the.m to de.ve.lop innovative. products, improve. risk manage.me.nt, and optimize. inve.stme.nt strate.gie.s. DT in Finte.ch is re.shaping the. financial industry, re.volutionizing the. way financial se.rvice.s are. de.live.re.d and e.mpowe.ring both busine.sse.s and consume.rs (Gupta et al., 2019).
The. lite.rature. gap in the. conne.ction among DT and Finte.ch adoption is appare.nt. The. re.asons be.hind the. limite.d e.mphasis on DT in Finte.ch adoption have. not be.e.n ade.quate.ly e.xplore.d. Many curre.nt studie.s e.mphasize. the. advantage.s of Finte.ch adoption but ofte.n ove.rlook the. spe.cific challe.nge.s that impe.de. the. full imple.me.ntation of a compre.he.nsive. digital transformation (DT) strate.gy. It is crucial to unde.rstand why some. financial institutions or se.ctors fall be.hind in adopting a more. inte.grate.d DT approach. Factors such as outdate.d le.gacy syste.ms, re.gulatory hurdle.s, cybe.rse.curity issue.s, and inte.rnal re.sistance. inside. organizations may contribute. to this lag. Re.se.arch should focus on e.xploring the.se. barrie.rs and de.ve.loping strate.gie.s to ove.rcome. the.m, offe.ring practical guidance. for financial institutions to incre.ase. the.ir Finte.ch adoption by more. thorough DT inte.gration, the.re.by boosting e.fficie.ncy, foste.ring innovation, and promoting sustainability inside. the. financial se.ctor.
DT e.nable.s e.fficie.nt allocation of funds to gre.e.n proje.cts, e.nhance.s risk manage.me.nt, and improve.s transpare.ncy in financial transactions (Huang et al., 2022).
By le.ve.raging advance.d te.chnologie.s, DT incre.ase.s ope.rational e.fficie.ncy, optimize.s sustainability practice.s, and foste.rs stake.holde.r collaboration (Milian et al., 2019)[40].
H6c: DT mode.rate.s the. re.lationship be.twe.e.n Finte.ch adoption and compe.titive.ne.ss.
DT e.nhance.s custome.r-ce.ntric se.rvice.s, drive.s innovation, and supports strate.gic partne.rships be.twe.e.n traditional banks and Finte.ch firms, foste.ring a compe.titive. e.dge. (Mohsin & Jamaani, 2023).
Sustainable Performance
Sustainable. pe.rformance. re.fe.rs to the. ability of an organization to achie.ve. long-te.rm succe.ss while. minimizing ne.gative. e.nvironme.ntal and social impacts. It e.ncompasse.s the. inte.gration of E.SG factors into busine.ss strate.gie.s and ope.rations, by the. aim of cre.ating value. not only for share.holde.rs but also for othe.r stake.holde.rs, including e.mploye.e.s, custome.rs, communitie.s and the. plane.t. In the. conte.xt of the. banking se.ctor, sustainable. pe.rformance. involve.s banks adopting practice.s and initiative.s that are. aligne.d by e.nvironme.ntal and social goals, while. maintaining financial stability and profitability (Markopoulos et al., XXXX).
Banks can incre.ase. sustainable. pe.rformance. by imple.me.nting e.nvironme.ntally re.sponsible. practice.s, such as minimizing carbon e.missions, e.fficie.ntly managing e.ne.rgy and re.source. usage., financing re.ne.wable. e.ne.rgy proje.cts, and adopting sustainable. le.nding policie.s for e.co-frie.ndly initiative.s. By e.mbe.dding e.nvironme.ntal conce.rns into the.ir ope.rations, banks can significantly contribute. to combating climate. change. and advancing e.cological sustainability.
Achie.ving sustainable. pe.rformance. in the. banking se.ctor also re.quire.s upholding rigorous gove.rnance. standards and e.thical conduct. This involve.s maintaining transpare.ncy, accountability, and prude.nt risk manage.me.nt practice.s. Banks should e.stablish a robust corporate. gove.rnance. frame.work, adhe.re. to re.gulatory obligations, and e.mphasize. e.thical be.havior across all face.ts of the.ir ope.rations. By consiste.ntly applying the.se. gove.rnance. principle.s, banks can foste.r trust among stake.holde.rs and re.duce. re.putational risks.
Rapid e.conomic e.xpansion, industrialization, and population growth have. le.d to incre.ase.d e.ne.rgy consumption and e.nvironme.ntal de.gradation, thre.ate.ning sustainable. de.ve.lopme.nt(Fang et al., 2023). Global utilization of primary e.ne.rgy source.s e.xpe.rie.nce.d a 1.3% growth by 2022. Le.ve.raging Finte.ch solutions e.nable.s banks to incre.ase. the.ir sustainability pe.rformance., he.lping to lowe.r gre.e.nhouse. gas e.missions, align by global sustainability goals, and me.e.t the. incre.asing de.mands of custome.rs, re.gulators, and inve.stors. Finte.ch provide.s banks by the. tools to e.mbe.d sustainability into the.ir core. ope.rations, offe.r innovative. products and se.rvice.s, and contribute. to a more. sustainable. banking industry that foste.rs e.conomic growth, social we.lfare., and e.nvironme.ntal prote.ction.
The.re. is a notable. gap in the. e.xisting lite.rature. conce.rning the. inte.rse.ction of sustainable. pe.rformance. and digital transformation (DT) as a mode.rating factor. Most studie.s te.nd to focus e.ithe.r on sustainable. practice.s or the. be.ne.fits of DT, ofte.n ove.rlooking a compre.he.nsive. e.xploration of how the.se. e.le.me.nts inte.ract. Unde.rstanding how DT can spe.cifically incre.ase. sustainable. pe.rformance. is crucial, as this gap limits a full compre.he.nsion of the. pote.ntial syne.rgie.s among te.chnological advance.me.nts and sustainability obje.ctive.s. This re.se.arch aims to addre.ss this gap by e.xploring practical strate.gie.s and giving re.al-world e.xample.s, supporte.d by e.mpirical studie.s and robust statistical analysis, to illuminate. the. conne.ction among sustainability and e.ffe.ctive. DT.
Banks can e.ngage. a pivotal role. in tackling climate. change. and promoting e.cological sustainability by inte.grating e.nvironme.ntal conside.rations into the.ir ope.rations. This can be. achie.ve.d through e.fforts to re.duce. carbon e.missions, manage. e.ne.rgy and re.source. consumption, support re.ne.wable. e.ne.rgy proje.cts, and apply sustainable. le.nding practice.s to e.co-frie.ndly initiative.s. Sustainable. pe.rformance. in the. banking industry also re.quire.s upholding high standards of gove.rnance. and e.thical conduct. This involve.s e.nsuring transpare.ncy, accountability, and re.sponsible. risk manage.me.nt. By e.stablishing a strong corporate. gove.rnance. frame.work, adhe.ring to re.gulatory standards, and prioritizing e.thical be.havior across all ope.rations, banks can build trust by stake.holde.rs and mitigate. re.putational risks.
Rapid e.conomic growth, industrialization, and population growth have. le.d to incre.ase.d e.ne.rgy consumption and e.nvironme.ntal de.gradation, thre.ate.ning sustainable. de.ve.lopme.nt. (Fang et al., 2023). Global primary e.ne.rgy source. use. e.xpe.rie.nce.d 1.3% growth in 2022. The. e.stablishe.d corre.lation among e.ne.rgy consumption and e.conomic growth dire.ctly contribute.s to e.nvironme.ntal de.gradation, by gre.e.nhouse. gas (GHG) e.missions from e.ne.rgy consumption ide.ntifie.d as a ke.y drive.r of climate. change. (Shobande. & Ogbe.ifun, 2022).By utilizing Finte.ch solutions, banks can improve. the.ir sustainability pe.rformance. to re.duce. GHG, align by the. global sustainability age.nda, and me.e.t the. e.volving e.xpe.ctations of custome.rs, re.gulators, and inve.stors. Finte.ch e.mpowe.rs banks to inte.grate. sustainability into the.ir core. ope.rations, offe.r innovative. products and se.rvice.s, and contribute. to a more. sustainable. banking se.ctor that supports e.conomic growth, social we.lfare., and e.nvironme.ntal prote.ction.
In the. re.alm of sustainable. pe.rformance. and digital transformation (DT) as a mode.rator, the.re. is a significant gap in the. curre.nt lite.rature. and re.se.arch. Studie.s ofte.n focus on sustainable. practice.s or the. be.ne.fits of DT, ne.gle.cting a holistic e.xploration of the.ir inte.rconne.ction. It is crucial to inve.stigate. how DTs can spe.cifically contribute. to sustainable. pe.rformance. improve.me.nt. This gap hinde.rs a compre.he.nsive. unde.rstanding of the. pote.ntial syne.rgie.s among te.chnology and sustainability goals. The.re.fore., this re.se.arch se.e.ks to prioritize. filling this gap by diving into practical strate.gie.s and re.al-world e.xample.s, offe.ring valuable. insights from e.mpirical studie.s utilizing powe.rful statistical tools for the. harmonious conne.ction among sustainable. pe.rformance. and e.ffe.ctive. DT.
ImageRESEARCH METHODSPopulation And Sample
The. study focutilize.d on bank e.mploye.e.s in Ce.ntral Java, Indone.sia, by a population size. of approximate.ly 441,145 individuals. From this population, a sample. of 170 e.mploye.e.s was se.le.cte.d for the. re.se.arch. The. sampling me.thod e.mploye.d was the. saturate.d or ce.nsus sampling te.chnique., which involve.s se.le.cting a sample. size. that include.s all me.mbe.rs of the. population.
Data Analysis Te.chnique.s utilizing De.scriptive. Statistical Analysis De.scriptive. statistics are. utilize.d to analyze. data by de.scribing or de.scribing the. data that has be.e.n gathe.re.d as it is de.void of inte.nding to make. conclusions that apply to the. public or ge.ne.ralizations. (Hair et al., 2011). Analysis te.chnique.s to de.scribe. the. data are. pe.rce.ntage. and ave.rage..
The. de.mographic characte.ristics of the. re.sponde.nts are. as follows: 58.4% are. male. and 41.6% are. fe.male.. In te.rms of age., 38.4% are. unde.r 31 ye.ars, while. 29.9% are. age.d be.twe.e.n 31 and 40 ye.ars. Re.garding e.ducation, 54% hold a bache.lor's de.gre.e., 36.5% have. a maste.r's de.gre.e., and 9.5% fall into othe.r cate.gorie.s. For work e.xpe.rie.nce., 40.9% are. custome.r se.rvice. office.rs, 33.1% are. cash office.rs, and 17.5% hold assistant manage.r positions. The. re.se.arch mode.l was the.n analyze.d by inne.r, oute.r mode.l and hypothe.sis te.sting utilizing SmartPLS software..
Operational Definition and Variable Measurement
Variable
Operational Definition
Measurement
Fintech Adoption
(Buchak e.t al., 2017)
The. e.xte.nt to which banks inte.grate. te.chnological innovations such as digital le.nding, mobile. payme.nts, and blockchain into the.ir financial ope.rations.
Me.asure.d by the. adoption of spe.cific Finte.ch tools, such as mobile. apps, pe.e.r-to-pe.e.r le.nding platforms, and digital payme.nt syste.ms.
Green Finance
(Muganyi e.t al., 2021)
Financial products and se.rvice.s that support e.nvironme.ntally sustainable. proje.cts, such as gre.e.n bonds, sustainable. le.nding, and inve.stme.nts in re.ne.wable. e.ne.rgy.
Me.asure.d by the. volume. of gre.e.n inve.stme.nts, including gre.e.n bonds and sustainable. loans issue.d by the. bank.
The. ability of a bank to pe.rform we.ll in the. marke.t, drive.n by factors like. innovation, custome.r satisfaction, and e.fficie.ncy.
Me.asure.d by marke.t share., profitability, custome.r satisfaction ratings, and ope.rational e.fficie.ncy indicators.
Sustainable Performance (K. H. Le.e. e.t al., 2020; Yun e.t al., n.d.)
The. ability of a bank to achie.ve. long-te.rm succe.ss while. minimizing ne.gative. e.nvironme.ntal and social impacts. This include.s adopting e.nvironme.ntal, social, and gove.rnance. (E.SG) practice.s.
Me.asure.d by E.SG pe.rformance. indicators, including carbon e.missions re.duction, re.source. e.fficie.ncy, and compliance. with sustainability re.gulations.
Digital Transformation (DT)(Kaonde.ra e.t al., 2023)
The. inte.gration of digital te.chnologie.s into all are.as of banking ope.rations, including AI, big data, cloud computing, and the. Inte.rne.t of Things (IoT), which impact ope.rational e.fficie.ncy.
Me.asure.d by the. e.xte.nt of te.chnological adoption in banking proce.sse.s, such as the. use. of AI in de.cision-making, cloud computing for ope.rations, and digital platforms.
Source.: Data 2024
Re.gre.ssion e.quations (with PLS) would be. e.xpre.sse.d as:
Fintech Adoption = β6 * Digital Transformation + ε
Whe.re. β6 is the. coe.fficie.nt.
Green Finance = β7 * Digital Transformation + ε
Whe.re. β7 is the. coe.fficie.nt.
Whe.re. ε re.pre.se.nts the. e.rror te.rm for e.ach e.quation.
RESULT AND DISCUSSIONImage
Indicator validity (Oute.r loadings) and Conve.rge.nt Validity (AVE.)
The. validity of an indicator is rigorously e.valuate.d through the. me.tric of its oute.r loading score., which se.rve.s as a critical de.te.rminant of its re.liability. An indicator is ge.ne.rally conside.re.d to e.xhibit sufficie.nt validity whe.n its oute.r loading e.xce.e.ds the. thre.shold of 0.70. Furthe.rmore., to me.e.t the. stringe.nt crite.ria for validity, the. Ave.rage. Variance. E.xtracte.d (AVE.) must also surpass the. minimum be.nchmark of 0.50. In instance.s whe.re. the. oute.r loading of an indicator falls be.low 0.70 but re.mains above. 0.40, the. indicator may still be. re.taine.d inside. the. mode.l, continge.nt upon the. AVE. me.e.ting or e.xce.e.ding the. 0.50 crite.rion. This e.nsure.s the. construct’s ove.rall validity is pre.se.rve.d. Conve.rse.ly, indicators that e.xhibit oute.r loading score.s be.low 0.40 should be. syste.matically e.xclude.d from the. mode.l due. to the.ir insufficie.nt contribution to the. construct’s validity(Hair et al., 2011)
The. Cronbach's Alpha value.s for all variable.s are. be.low 0.70, as indicate.d by re.d marke.rs. According to the. re.sults of the. Construct Re.liability calculations (Cronbach's Alpha and Composite. Re.liability), some. variable.s do not me.e.t the. ne.ce.ssary crite.ria. Additionally, the. calculations for Oute.r Loading, AVE., and Composite. Re.liability all fail to me.e.t the. re.quire.d standards.
The. He.te.rotrait-Monotrait Ratio (HTMT) se.rve.s as a sophisticate.d diagnostic tool for e.valuating the. discriminant validity of constructs by comparing the. corre.lations among diffe.ring traits against those. inside. the. same. trait. This ratio is compute.d by ave.raging the. corre.lations among indicators of distinct constructs (re.fe.rre.d to as he.te.rotrait-he.te.rome.thod corre.lations) and the.n normalizing this value. by the. ge.ome.tric me.an of the. ave.rage. corre.lations among indicators corre.sponding to the. same. construct. In e.sse.nce., the. HTMT ratio approximate.s the. true. corre.lation among two constructs unde.r the. assumption of pe.rfe.ct me.asure.me.nt re.liability, ofte.n te.rme.d as the. disatte.nuate.d corre.lation. Whe.n this disatte.nuate.d corre.lation approache.s unity, it signals a pote.ntial violation of discriminant validity. For constructs to maintain distinctive.ne.ss as late.nt variable.s, it is ge.ne.rally re.quire.d that the.ir HTMT value.s re.main be.low the. thre.shold of 0.90, the.re.by e.nsuring ade.quate. discriminant validity in the. me.asure.me.nt mode.l (Hair et al., 2011)
The. re.sults of the. HTMT calculation re.ve.al a value. e.xce.e.ding 0.90, highlighte.d by a re.d marke.r. This indicate.s that the. construct variable. fails to e.stablish a distinct late.nt variable. and doe.s not fulfill the. He.te.rotrait-Monotrait ratio crite.ria, the.re.by sugge.sting a lack of discriminant validity.
colline.arity asse.ssme.nt
The. e.valuation of colline.arity inside. the. structural mode.l adhe.re.s to the. same. conce.ptual frame.work as that of the. formative. me.asure.me.nt mode.l, spe.cifically by e.xamining the. Variance. Inflation Factor (VIF). To e.nsure. the. abse.nce. of multicolline.arity, the. VIF must re.main be.low the. thre.shold of 5.0. This crite.rion confirms that the. mode.l is de.void of multicolline.arity symptoms across all pre.dictor variable.s and re.sponde.nt data, the.re.by validating the. mode.l's re.adine.ss for furthe.r analytical te.sting (Ghozali_2020, n.d.; Hair e.t al., 2011)
The. R² value.s indicate. low mode.l accuracy: Compe.titive.ne.ss (13.7%), Gre.e.n Finance. (8.5%), and Sustainable. Pe.rformance. (12.6%), with most variations (86.3%, 91.5%, and 87.4%, re.spe.ctive.ly) influe.nce.d by factors outside. the. re.se.arch mode.l.
Variabe.l Late.n
f-square.
Compe.titivne.ss -> Sustainable. pe.rformance.
0.031
Small
Digital Transformation -> Compe.titivne.ss
0.077
Small
Digital Transformation -> Gre.e.n finance.
0.026
Small
Digital Transformation -> Sustainable. pe.rformance.
0.022
Small
Finte.ch adoption -> Compe.titivne.ss
0.094
Small
Finte.ch adoption -> Gre.e.n finance.
0.055
Small
Finte.ch adoption -> Sustainable. pe.rformance.
0.049
Small
Gre.e.n finance. -> Sustainable. pe.rformance.
0.002
Small
Digital Transformation x Finte.ch adoption -> Compe.titivne.ss
0.000
Small
Digital Transformation x Finte.ch adoption -> Gre.e.n finance.
0.002
Small
Digital Transformation x Finte.ch adoption -> Sustainable. pe.rformance.
0.000
Small
Base.d on the. table. above., the. following information can be. found:
Finte.ch adoption → Sustainable. pe.rformance. shows an Original Sample. (O) value. of -0.224 by P-value.s of 0.298, which are. highe.r than 0.05. This indicate.s that the. ne.gative. e.ffe.ct is not statistically significant, le.ading to the. re.je.ction of H1 and the. acce.ptance. of H0. Similarly, Finte.ch adoption → Gre.e.n finance. has an Original Sample. (O) value. of 0.227 by P-value.s of 0.440, also e.xce.e.ding 0.05. This sugge.sts that the. positive. e.ffe.ct is not statistically significant, re.sulting in the. re.je.ction of H2 and the. acce.ptance. of H0.
Finte.ch adoption → Compe.titive.ne.ss has an Original Sample. (O) value. of -0.287 by P-value.s of 0.136, which e.xce.e.d the. 0.05 thre.shold. This sugge.sts that the. ne.gative. e.ffe.ct is not statistically significant, le.ading to the. re.je.ction of H3 and the. acce.ptance. of H0. Similarly, Gre.e.n finance. → Sustainable. pe.rformance. shows an Original Sample. (O) value. of -0.044 by P-value.s of 0.785, indicating an insignificant ne.gative. e.ffe.ct, re.sulting in the. re.je.ction of H4 and the. acce.ptance. of H0.
In the. case. of Compe.titive.ne.ss → Sustainable. pe.rformance., the. Original Sample. (O) value. is 0.176, by P-value.s of 0.381, which are. also gre.ate.r than 0.05. This de.monstrate.s an insignificant positive. e.ffe.ct, le.ading to the. re.je.ction of H5 and the. acce.ptance. of H0.
For Digital Transformation x Finte.ch adoption → Gre.e.n finance., the. Original Sample. (O) value. is 0.051, by P-value.s of 0.381, indicating an insignificant positive. e.ffe.ct. Conse.que.ntly, H6a is re.je.cte.d, and H0 is acce.pte.d. Similarly, Digital Transformation x Finte.ch adoption → Compe.titive.ne.ss has an Original Sample. (O) value. of 0.017, by P-value.s of 0.862, showing an insignificant positive. e.ffe.ct, le.ading to the. re.je.ction of H6c and the. acce.ptance. of H0. Lastly, Digital Transformation x Finte.ch adoption → Sustainable. pe.rformance. has an Original Sample. (O) value. of 0.012 by P-value.s of 0.892, also indicating an insignificant positive. e.ffe.ct. As a re.sult, H6b is re.je.cte.d, and H0 is acce.pte.d.
Hypothesis TestingThe Effect Fintech Adoption on Sustainable Performance
The. study found that finte.ch adoption doe.s not have. a statistically significant impact on sustainable. pe.rformance.. This outcome. sugge.sts that, de.spite. the. adoption of finte.ch tools, the.y do not dire.ctly influe.nce. a bank's sustainability goals in the. conte.xt of this re.se.arch.The. re.sult is aligne.d with pre.vious lite.rature. indicating that while. finte.ch has the. pote.ntial to improve. financial acce.ss and e.fficie.ncy, its dire.ct contribution to sustainability may be. limite.d or influe.nce.d by othe.r factors such as re.gulatory frame.works, organizational re.adine.ss, and the. inte.gration of sustainability strate.gie.s ((Lee & Shin, 2018); (Park & Kim, 2020)).
The Effect Fintech Adoption on Green Finance
The. study found that finte.ch adoption doe.s not significantly affe.ct gre.e.n finance.. This sugge.sts that simply adopting finte.ch tools doe.s not automatically re.sult in incre.ase.d inve.stme.nts in e.nvironme.ntally sustainable. proje.cts.This re.sult is consiste.nt with re.se.arch that acknowle.dge.s the. challe.nge.s banks face. in inte.grating sustainability into the.ir finte.ch-drive.n ope.rations (Huang et al., 2022). The. abse.nce. of a significant e.ffe.ct may be. attribute.d to a lack of targe.te.d policie.s or infrastructure. within the. finte.ch tools that promote. gre.e.n finance..
The Effect Fintech Adoption On Competitiveness
The. study found that finte.ch adoption doe.s not have. a significant impact on compe.titive.ne.ss. While. finte.ch can e.nhance. e.fficie.ncy and improve. custome.r se.rvice., it doe.s not se.e.m to dire.ctly impact the. compe.titive. positioning of banks in this study.
This outcome. aligns with findings from othe.r studie.s that sugge.st that while. finte.ch tools can foste.r innovation, the.y do not ne.ce.ssarily guarante.e. an e.nhance.d compe.titive. e.dge. without a compre.he.nsive. strate.gy that combine.s finte.ch adoption with othe.r compe.titive. factors (Zhang & Wang, 2021).
The Effect Green Finance on Sustainable Performance
The. study found that gre.e.n finance. doe.s not significantly influe.nce. sustainable. pe.rformance.. De.spite. the. adoption of gre.e.n financial products, this did not le.ad to a me.asurable. improve.me.nt in the. bank's sustainability outcome.s. This re.sult is consiste.nt with the. notion that gre.e.n finance., while. a growing fie.ld, face.s imple.me.ntation barrie.rs such as a lack of aware.ne.ss, inade.quate. funding, or insufficie.nt inte.gration with broade.r corporate. sustainability e.fforts (Akomea-Frimpong et al., 2022).
The. study found that compe.titive.ne.ss doe.s not significantly impact sustainable. pe.rformance.. This sugge.sts that be.ing compe.titive. doe.s not ne.ce.ssarily translate. into be.tte.r sustainability practice.s or outcome.s in the. banking se.ctor. This finding supports the. argume.nt that compe.titive.ne.ss alone. is not e.nough to drive. sustainable. practice.s. Othe.r factors such as re.gulatory compliance., stake.holde.r e.ngage.me.nt, and inte.rnal sustainability policie.s might be. more. influe.ntial in achie.ving sustainable. pe.rformance.(Me.ng & Shaikh, 2023) .
The Effect Moderating Role of Digital Transformation On Green Finance, Fintech adoption and Competitivness
Digital transformation doe.s not significantly mode.rate. the. re.lationship be.twe.e.n finte.ch adoption and gre.e.n finance., sustainable. pe.rformance., or compe.titive.ne.ss. This indicate.s that digital transformation, while. important, doe.s not play a strong mode.rating role. in the. spe.cific conte.xt of finte.ch adoption in this study. This outcome. is consiste.nt with re.se.arch sugge.sting that digital transformation’s impact on sustainability is not straightforward and can be. influe.nce.d by factors such as the. maturity of digital infrastructure., organizational re.adine.ss, and the. spe.cific digital tools be.ing use.d(Mohsin & Jamaani, 2023) . Additionally, the. lack of significance. might indicate. that digital transformation's be.ne.fits are. more. comple.x and multiface.te.d than what the. curre.nt study was able. to capture.. The. re.sults of this study contradict re.se.arch by (Hidayat-ur-Rehman & Hossain, 2024) Compe.titive.ne.ss acts as a mode.rating factor. This me.ans that compe.titive.ne.ss mode.rate.s the. re.lationship be.twe.e.n the. adoption of Finte.ch, gre.e.n finance. initiative.s, and the. sustainable. pe.rformance. of banks. He.re., compe.titive.ne.ss not only influe.nce.s the. bank's pe.rformance. dire.ctly but also stre.ngthe.ns or alte.rs how the. adoption of digital te.chnologie.s (Finte.ch) and gre.e.n policie.s affe.ct the. sustainability of the. bank's pe.rformance..
Conclusion
This study e.xamine.d how finte.ch adoption, gre.e.n finance., compe.titive.ne.ss, and digital transformation affe.ct sustainable. pe.rformance. in the. banking se.ctor in Ce.ntral Java, Indone.sia. Base.d on the. findings:
Finte.ch Adoption: Finte.ch adoption doe.s not significantly impact sustainable. pe.rformance., gre.e.n finance., or compe.titive.ne.ss. This sugge.sts that while. finte.ch is innovative., it doe.sn't dire.ctly improve. sustainability outcome.s by itse.lf.
Gre.e.n Finance.: The.re. is no significant e.ffe.ct of gre.e.n finance. on sustainable. pe.rformance.. This indicate.s that adopting gre.e.n financial products doe.s not automatically le.ad to be.tte.r sustainability re.sults.
Compe.titive.ne.ss: Compe.titive.ne.ss in the. banking se.ctor doe.s not significantly influe.nce. sustainable. pe.rformance.. Be.ing compe.titive. doe.s not ne.ce.ssarily drive. sustainability e.fforts.
Digital Transformation: Digital transformation doe.s not significantly affe.ct the. re.lationship be.twe.e.n finte.ch adoption and sustainability outcome.s. This shows that digital tools alone. may not be. e.nough to achie.ve. sustainability goals.
Final Thoughts:
The. study sugge.sts that while. finte.ch and digital transformation are. important, the.ir dire.ct impact on sustainability in banks is not as strong as e.xpe.cte.d. More. re.se.arch is ne.e.de.d to unde.rstand the. factors that he.lp inte.grate. te.chnology with sustainability practice.s in the. banking se.ctor.
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