Digital financial inclusion: evidence from Ukraine

Abstract

The article examines the influence of the current stage of economy digitalization on the financial inclusion in Ukraine. The purpose is to assess the level of financial inclusion in the country, to determine the dominant influence of price and non-price barriers to access to financial services for the Ukrainian population when compared to other world countries and to define which part of the adult population is able to join the formal financial services system through the use of innovative channels and financial service systems. Based on the methodological approaches proposed by the World Bank and the G20 Financial Inclusion Indicators, the authors analyze the real traditional and digital access opportunities of the general public to financial services in Ukraine compared to other countries across the world. Particular emphasis is placed on overcoming existing non-price barriers that impede formal financial inclusion of the Ukrainian population. The research findings stress the need to adhere to the basic principles of digital financial inclusion in order to regulate activities of financial institutions and their agents in the digital provision of financial services, strengthen regulatory control over the use of innovative financial products and service systems, and protect the rights of consumers of financial services in Ukraine.

[Retracted] Development and Supervision of Robo‐Advisors under Digital Financial Inclusion in Complex Systems

“…Digital inclusive finance extends and expands the meaning of financial services by using digital technologies such as the Internet and big data, expands the coverage of its services, and reduces the threshold and cost of financial services [17]. Moreover, digital financial inclusion can promote information sharing and reduce the degree of information asymmetry.…”

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“…In this aspect, the conclusion of the European Commission appears to be very logical, which notes that premature regulation can significantly impede the development of innovative crowdfunding technologies, and not contribute to their further development. Furthermore, it states the need to maintain a balance between protecting the interests of crowdinvestment platforms and protecting the rights of consumers in this segment of the financial market (Omelchuk et al, 2020;Naumenkova et al, 2019).…”

Building blocks of financial inclusion through customer experience value at financial touchpoints in Southern Africa

“…The financial access dimension of financial inclusion is determined by the physical proximity and breadth of financial services, and an individuals' ability to use available financial service touchpoints, such as physical bank branches, automated teller machines (ATMs), agents' network, Internet banking, mobile banking and affordability of financial services (Hannig and Jansen, 2010; Mindra and Moya, 2017; Mindra et al ., 2017; Naumenkova et al , 2019). The financial usage dimension assesses the functionality and ability to use the product and services permanently (Hannig and Jansen, 2010; Mindra and Moya, 2017; Mindra et al , 2017).…”

“…This is based on price affordability, uninterrupted service, an effective consumer protection system, etc. (Naumenkova et al , 2019). The financial quality dimension includes “the experience of the consumer, demonstrated in attitudes and opinions toward those products that are currently available to them” (Hannig and Jansen, 2010, p. 3).…”