Leveraging Financial Inclusion Through Technology-Enabled Services Innovation

Abstract

The majority of the Indian population is not getting the advantages of inclusive growth and development in India, referred to as financial inclusion and has become a challenge for the Indian economy. The paper aims to investigate the use of available technology-enabled financial services and their role for financial inclusion in the current COVID 19 situation and the reaching rural and semi-urban India. The research is based on the in-depth analysis of the government policies and Fintech in the light of India's situation during COVID 19. The study reveals that the government showed the intent by opening a vast amount of banking accounts (411 million accounts) for financial inclusion in around six years. With radical changes in mobile subscribers and 4G, Internet, and Smartphone growth, India is close to achieving financial inclusion with full potential. However, significant change and development can be attained only if the government provides and motivates citizens to adopt the innovation services for financial inclusion.

Assessing the Success of Mobile Banking in Saudi Arabia

“…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). As a result, this has led the banking sector to be aligned with information technology to provide innovative financial services to customers using technology (Dwivedi et al, 2022) and particularly to shift in favor of mobile banking (MB) markets (Gong et al, 2020;Jebarajakirthy & Shankar, 2021;Singh & Srivastava, 2020). The banks adopt more advanced technologies and innovations to meet consumers' and stakeholders' needs (Dwivedi et al, 2021) and encourage them to use MB services (Aslam et al, 2022).…”

The Catalytic Role of Mobile Banking to Improve Financial Inclusion in Developing Countries

“…Developing countries have seen dramatic growth and improvement in usage of mobile telephony, yet with lower banking services development. Since mobile telephony has no geographic boundaries, and can be used at reduced transaction cost, it is a good tool for improving financial inclusion in the geographically disadvantaged areas (Dwivedi et al, 2022). In that developing countries' largest population resides in rural areas with limited or no commercial banking services, leveraging mBanking is of paramount importance for financial inclusion.…”

“…It is imperative for governments to encourage and support partnerships between financial institutions such as banks and other non-banking financial institutions, microfinance institutions, as well as mobile money service providers such as telecommunications networks. Lastly, it is evident that, with the increasing ubiquity of cellphones within the unbanked and underbanked communities in developing countries, such leveraging will help to provide financial services to the wider financially excluded population (Dwivedi et al, 2022).…”

Digital Financial Inclusion: COVID-19 Impacts and Opportunities

“…However, the final result depends on the share of consumers who will use a digital financial service; that is, on digital financial inclusion. Accordingly, one of the tasks of regulators is to promote digital financial inclusion by increasing trust and digital and financial literacy as well as ensuring the protection of consumer rights [38,68,69]. The analysis of existing programs for increasing digital financial inclusion and the development of recommendations for their implementation while taking into account the features of post-pandemic development will be the subjects of further scientific research.…”