Metaverse-Enhanced Islamic FinTech: Uncovering the Influencers of Diffusion in Scotland

Abstract

Islamic FinTech has also been spreading in Scotland characterized by growing demand for innovations in the financial sector due to the country’s notable emphasis on technology as a prime source for future development. The nations focus on technology leading to the introduction of metaverse technology. The introduction of Islamic FinTech along with metaverse technology required technological compatibility and user satisfaction. Therefore, this study is an attempt to highlight the Islamic FinTech through compatibility, user satisfaction and metaverse technology in financial industry of Scotland. Data was collected by developing a questionnaire survey among the users of Islamic FinTech and metaverse. 299 valid responses were used in data analysis. RStudio was used for Structural Equation Modeling (PLS-SEM) to examine the relationship between variables. It is observed that compatibility has valuable importance to enhance Islamic FinTech. Furthermore, the adoption of Metaverse technology as a tool for the future presents a game-changing opportunity for Islamic FinTech adoption. It has multiple advantages that affect the user experience, creativity, and industry growth in a beneficial manner.