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

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.

Automated summary

The use of Fintech has increased in recent years due to its support for financial institutions in managing operations and gaining competitive advantages. However, selecting the most suitable Fintech project can be complex due to various decision makers, conflicting evaluation criteria, and imprecise judgments. This study proposes an algorithm based on interval-valued intuitionistic fuzzy numbers to tackle these challenges and select the most suitable Fintech project.