The Future of Financial Inclusion Through Fintech: A Conceptual Study in Post Pandemic India

Abstract

Accessing adequate financial services is considered one of the main difficulties facing communities during periods of uncertainty and crisis. Applying technological innovations in the finance industry, such as digital cash transfers or mobile banking, along with governmental support and regulatory frameworks have the potential to reach out to people currently lacking access to basic financial requirements. Financial Technology or FinTech plays a crucial role in uplifting the state of financial inclusion in India in more ways than one. The current study aims to provide a conceptual understanding on how FinTech helps accelerate financial inclusion in India’s post pandemic landscape and throws light upon certain key regulatory initiatives that enable smooth execution of this objective. The paper also presents a brief discussion on the way forward for improvement of Fintech landscape in India. The methodology followed is descriptive in nature, focused on providing a conceptual overview of the topic at hand. The bottom line of the study states that Fintech will help the economy get back to its feet after the harsh realities of the pandemic through improvement and transformation so that it has a positive impact on all users.

Consumer Acceptance of Fintech App Payment Services: A Systematic Literature Review and Future Research Agenda

“…A few papers utilized Mixed Methods (Questionnaires and Interviews), and two studies utilized a conceptual framework. [3]; Yeh [55]; Zhang and Kim [80] Guttman-Kenney et al [16] Aalders [15]; Bakri and Yahaya [82]; Datta [60]; DawnBurton [45]; Johnson et al [48]; Nathan et al [32]; Tan [18] Alwi [8]; Ngo and Nguyen [39]; Singh et al [31]; Wang [76] Bommer et al [4]; Gomber et al [23]; Pattamatta and Dabadghao [49]; Souza and Spers [41]; Spulbar et al [71]; Weichert [78] Feng et al [46]; Kim et al [30] [77]; Won-jun [79]; Xie et al [94]; Yahaya and Ahmad [95]; Yan et al [43]; Yang et al [3]; Yeh [55]; Zhang and Kim [80] Guttman-Kenney et al [16] Aalders [15]; Bakri and Yahaya [82]; Datta [60]; DawnBurton [45]; Johnson et al [48]; Nathan et al [32]; Tan [18] Alwi [8]; Ngo and Nguyen ([39]; Singh et al [31]; Wang [76] Bommer et al [4...…”

Digital Banking and Financial Inclusion: A Review of Practices in the Usa and Nigeria

“…These technologies not only enhance the security and efficiency of financial services but also introduce new avenues for offering customized financial products and services that cater to the unique needs of underserved populations. The utilization of FinTech innovations is recognized as a key driver for financial inclusion in the post-pandemic era, particularly in countries like India, where technological solutions can expedite the inclusion process within the regulatory frameworks (Datta, 2023). Similarly, the adoption of digital finance in Indonesia's banking sector has underscored the importance of developing new measurements for financial inclusion, using loan transactions as a proxy (Widarwati, Solihin, & Nurmalasari, 2022).…”

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

“…Applying technical advancements in the finance sector, such as mobile banking and digital currency transfers, at the side organization help and administrative frameworks, has the capacity to reach out to those who don't as of now have access to principal budgetary needs. In many respects, fintech is essential to improving India's level of inclusion in finance [9]. FinTech can only successfully leverage the advantages of inclusion of finance if the potential hazards are also taken into consideration.…”