Prospects and Challenges of Digital Financial Inclusion/Fintech Innovation in the Fourth Industrial Revolution

Mhlanga, David

doi:10.1007/978-3-031-16687-7_9

Cited by 10 publications

(6 citation statements)

References 23 publications

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“…The word “fintech,” which stands for “financial technology,” refers to the application of various forms of technology to enhance and automate financial services (Ferdiana and Darma, 2019 ; Mhlanga, 2020 , 2022b ; Firmansyah et al, 2023 ). This can cover a wide variety of applications, ranging from investment management and insurance to mobile banking and digital payments (Lee and Shin, 2018 ; Wewege et al, 2020 ).…”

Section: Review Of Important Literaturementioning

confidence: 99%

The role of big data in financial technology toward financial inclusion

Mhlanga

2024

Front. Big Data

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In the rapidly evolving landscape of financial technology (FinTech), big data stands as a cornerstone, driving significant transformations. This study delves into the pivotal role of big data in FinTech and its implications for financial inclusion. Employing a comprehensive literature review methodology, we analyze diverse sources including academic journals, industry reports, and online articles. Our findings illuminate how big data catalyzes the development of novel financial products and services, enhances risk management, and boosts operational efficiency, thereby fostering financial inclusion. Particularly, big data's capability to offer insightful customer behavior analytics is highlighted as a key driver for creating inclusive financial services. However, challenges such as data privacy and security, and the need for ethical algorithmic practices are also identified. This research contributes valuable insights for policymakers, regulators, and industry practitioners, suggesting a need for balanced regulatory frameworks to harness big data's potential ethically and responsibly. The outcomes of this study underscore the transformative power of big data in FinTech, indicating a pathway toward a more inclusive financial ecosystem.

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Section: Review Of Important Literaturementioning

confidence: 99%

The role of big data in financial technology toward financial inclusion

Mhlanga

2024

Front. Big Data

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“…These tests can show how Fintech affects distinct populations differently, assisting in the development of tailored policy suggestions [14]. Via numerical measures or effect sizes, statistical analysis helps researchers to consider the level of Fintech's influence on the inclusion of finance.…”

Section: Figure 2: Fluctuation Of Dividends In Feb 2021mentioning

confidence: 99%

Examining The Role of Fintech in Financial Inclusion and Its Impact on Financial Services to Underbanked Population in India

2023

IJFMR

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This study explores the changing "landscape of financial inclusion in India", concentrating on the role of Fintech as an initiator and its effects on the unbanked population. The intriguing setting for this study is India's diversified socioeconomic structure paired with a developing Fintech environment. The goal of the study is to find out how much technological advances in finance have advanced financial inclusion, affordability, and accessibility, particularly in marginalized populations. Descriptive statistics, two-sample t-tests, regression, ANOVA, correlation, and two-sample z-tests were used in statistical analyses to find trends, causal connections, and correlations using a large dataset of secondary data sources and Fintech stock values. The results highlight Fintech's ability to solve issues with financial inclusion while outlining differences in its effects on various demographic groups. To maximize the benefits of Fintech, suggestions for policy emphasize the necessity for stakeholder cooperation and ongoing regulatory support. To ensure that no part of the underbanked population remains behind, initiatives to improve knowledge of finances and equally distribute the benefits of Fintech are essential. In summary, this study offers important new perspectives on the complex interactions in India between Fintech, the underbanked, and financial inclusion. India may direct itself toward more equitable and sustainable financial systems, promoting economic expansion and bettering the well-being of millions by utilizing the revolutionary capabilities of Fintech while solving related concerns.

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“…Most nations throughout the globe have chosen financial inclusion and entrepreneurial development as effective instruments and panaceas for addressing socioeconomic ills such as inequality of opportunities and, for that matter, achieving Sustainable Development Goals 1, 2, and 8, which aim to reduce poverty and hunger and create wealth and jobs [1,2]. The outbreak of the COVID-19 pandemic and its exacerbated socioeconomic effects have spiced up the global urgency for digital financial inclusion as an antidote to this social challenge [3,4]. Digital financial inclusion is defined as delivering or providing basic financial services to marginalized and excluded members of society, usually enabled through digital devices or tools.…”

Section: Introductionmentioning

confidence: 99%

“…Ref. [3] found that about 115 economies across the globe prohibit women from establishing enterprises compared with their male counterparts, and about 167 countries have at least functional barriers that exclude women from certain economic opportunities. The pandemic and its related movement restrictions made access to traditional financial services a nightmare.…”

Section: Introductionmentioning

confidence: 99%

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The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy

Anakpo,

Xhate,

Mishi

2023

FinTech

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Globally, over 1.4 billion adult people remain unbanked. This worrisome phenomenon was exacerbated by the outbreak of the COVID-19 pandemic, which further created a new dimension of inequality in accessing financial services. Digital financial inclusion promises to be an effective tool for addressing this socioeconomic ill and propelling economic development. Given the limited studies on the subject in the context of developing economies, it is imperative to understand the existing policies, practices, and barriers to digital financial inclusion in developing economies so as to provide cutting-edge interventions for redress. It is against this background that this study seeks to address the following research questions: (1) What is the state of digital financial inclusion in the developing economy? (2) What are the policies and practices regarding digital financial inclusion in the developing economy? (3) What are the barriers to digital financial inclusion and innovative interventions for redress? Findings reveal that about 44% of the adult population in developing countries does not have access to financial services, with only a few countries that have made significant progress and gains through policy and practice, such as mobile financial services, mobile money interoperability, native connectivity, human capital development, and the digitalization of public services for digital financial inclusion. Our findings also identify challenges and implications with recommendations, which are discussed in detail in this paper.

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Prospects and Challenges of Digital Financial Inclusion/Fintech Innovation in the Fourth Industrial Revolution

Cited by 10 publications

References 23 publications

The role of big data in financial technology toward financial inclusion

The role of big data in financial technology toward financial inclusion

Examining The Role of Fintech in Financial Inclusion and Its Impact on Financial Services to Underbanked Population in India

The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy

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