Role of Technology Options for Financial Inclusion

Abstract

Financial services have a ubiquitous need however the urban rich have easy and universal access with wider options, compared to the low-income group who are forced to accept informal, expensive and riskier means to fulfill their financial needs. The demand and supply of financial services for the poor is imbalanced, with supply being acutely constrained by lack of viability and sustainability of current business models. Technology and IT has a pivotal role in making financial inclusion a viable reality. Technology, including information technology can enable lowering costs by increasing automation, enhancing efficiency, enabling scaling up through uniformity, consistency and security. Multiple technology choices are available to financial service providers but few have been proven yet. This chapter is based on available front end and back end technology options for financial inclusion. Further, it describe the role of front end and back end technology options in Indian context.

Assessing the Success of Mobile Banking in Saudi Arabia

“…Information technology and automation enable cost reduction, and efficiency enhancement, and help to scale up the financial sector by ensuring security and consistency (Chopra et al, 2015). Accordingly, the wide adoption of mobile technologies and advancement in their capacity for use in transactions has enabled consumers to migrate from Internet-based (Dwivedi et al, 2021) to mobilebased digital services (Al-Amin et al, 2022;Bui et al, 2022;Singh & Srivastava, 2020;Chopra et al, 2013;Dwivedi et al, 2022;Eneizan et al, 2023;Karjaluoto et al, 2021).…”

Leveraging Financial Inclusion Through Technology-Enabled Services Innovation

“…These unbanked poor and low-income people are forced to accept informal, expensive, and riskier ways to fulfil their financial needs. Banks are the gateway to even the most basic forms of banking and financial services (Chopra et al, 2015). However, despite continuous growth and expansion, banking infrastructure (through branch and ATM networks) cannot serve the masses due to limited outreach and the high cost of delivery.…”

“…Thereby, adequate, low-cost solutions for the poor unbanked is not widely available so far. Chopra et al (2015) indicate that financial inclusion requires broadening and deepening the reach of banking. Technology can play a vital role in making financial inclusion a reality.…”

A Study on Role of Information and Communication Technology (ICT) In Financial Inclusion in India

“…ICT plays a major role in promoting economic growth. Thus, encouraging financial inclusion will aid in the development of countries as well (Chopra, et. al, 2015).…”