Fintech: A Stepping Stone Towards Financial Inclusion

Rajani Puzhakkal; Sarannya Sivansankaran

doi:10.48001/jbmis.2024.si1006

Rajani Puzhakkal PG Department of Commerce and Management Studies, M.P.M.M.S.N Trusts College, Shoranur, Palakkad, Kerala https://orcid.org/0009-0002-4192-0121
Sarannya Sivansankaran PG Department of Commerce, PERI College of Arts and Science, Mannivakkam, Chennai https://orcid.org/0000-0002-3653-0332

DOI: https://doi.org/10.48001/jbmis.2024.si1006

Keywords: Finance, technology, finTech, financial inclusion, digital transformation

Abstract

Digital transformation underscored as the fourth industrial revolution has led to the emergence of various sophisticated technology-enabled financial services in various fields. One such major innovation called Fintech took place in the field of commerce and management as well. Fintech as the term implies is the combination of two terms Finance and Technology which simply means application of technology in the field of finance. Fintech refers to all the digital technologies that have the potential to transform the provision of financial services spurring the development of new or modify the existing business models, applications, processes, and products. Global adoption of FinTech is rapidly increasing due to its disruptive nature and is largely embraced by the various participants in the financial sector who are under served by traditional financial service providers. There exists a gap in the literature and visualization research on impact and future pathway of FinTech innovations in payments and financial services and role of financial regulations. This study aims to enrich the understanding of FinTech innovations in payments and financing and investigate the correlation and significance of regulatory framework in maintaining a fair ecosystem where the under served sections of the economy are included in the main stream economy. For this purpose, data were collected by using a well-designed Personal Interview Schedule and was circulated to 100 respondents under convenient sampling technique. The collected data were then analyzed with the help of statistical tools like Simple Percentage Analysis, Ranking method and Mean Percentage Analysis. The results of this study imply that the under served sections of the economy still remains the same and also provide a holistic insight to innovations in FinTech

References

Al Nawayseh, M. K. (2020). Fintech in COVID-19 and beyond: what factors are affecting customers’ choice of FinTech applications?. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 153.

Allen, H. J. (2019). Regulatory sandboxes. Geo. Wash. L. Rev., 87, 579. Barik, R., & Sharma, P. (2019). Analyzing the progress and prospects of financial inclusion in India. Journal of Public Affairs, 19(4), e1948

Dunaev, B. B. (2021). Banking regulation of macroeconomic processes. Cybernetics and Systems analysis, 57(1), 108-123.

BelayethHussain, A. H. M., Endut, N., Das, S., Chowdhury, M. T. A., Haque, N., Sultana, S., & Ahmed, K. J. (2019). Does financial inclusion increase financial resilience? Evidence from Bangladesh. Development in Practice, 29(6), 798-807.

Candy, C., Robin, R., Sativa, E., Septiana, S., Can, H., & Alice, A. (2022). Fintech in the time of COVID-19: Conceptual Overview. JurnalAkuntansi, Keuangan, danManajemen, 3(3), 253-262.

Carvalho, B. P., Peralta, S., & Pereira dos Santos, J. (2022). Regional and sectorial impacts of the Covid‐19 crisis: Evidence from electronic payments. Journal of regional science, 62(3), 757-798.

Devi, N. U., &Lingaraja, K. (2018). Financial inclusion of unorganized labourers and small-scale traders. SMART Journal of Business Management Studies, 14(2), 48-62.

Dunaev, B. B. (2021). Banking regulation of macroeconomic processes. Cybernetics and Systems analysis, 57(1), 108-123.

Gabor, D., & Brooks, S. (2017). The digital revolution in financial inclusion: international development in the FinTech era. New political economy, 22(4), 423-436.

Gupta, S., & Agrawal, A. (2021). ANALYTICAL STUDY OF FINTECH IN INDIA: PRE & POST PANDEMIC COVID-19. Indian Journal of Economics and Business, 20(3).

Huang, S. C., Wu, C. F., Chiou, C. C., & Lin, M. C. (2022). Intelligent FinTech data mining by advanced deep learning approaches. Computational economics, 59(4), 1407-1422.

Jain, C. A. (2019). A study of banking sector's initiatives towards financial inclusion in India. Journal of Commerce and Management thought, 6(1), 55-77

Jora, R. B., Sodhi, K. K., Mittal, P., & Saxena, P. (2022). Role of Artificial Intelligence (AI) In meeting Diversity, Equality and Inclusion (DEI) Goals. In 2022 8th International Conference on Advanced Computing and Communication Systems (ICACCS) (pp. 1687–1690). IEEE. https://doi.org/10.1109/icaccs54159.2022.9785266

Mehta, K., Mittal, P., Gupta, P. K., & Tandon, J. K. (2022). Analyzing the Impact of Forensic Accounting in the Detection of Financial Fraud: The Mediating Role of Artificial Intelligence (pp. 585–592). https://doi.org/10.1007/978-981-16-2597-8_50

Mittal, P. (2020). Impact of Digital Capabilities and Technology Skills on Effectiveness of Government in Public Services. In 2020 International Conference on Data Analytics for Business and Industry: Way Towards a Sustainable Economy (ICDABI) (pp. 1–5). IEEE. https://doi.org/10.1109/ICDABI51230.2020.9325647

Mittal, Prabhat and Mohan, M. (2013). Fighting Cyber Crimes in India - Achievements and Challenges. Administrative Development, Journal of HIPA, Shimla, 1(2), 28–35.

Puschmann, T. (2017). Fintech. Business & Information Systems Engineering, 59(1), 69-76.

Rahman, M. S., Peeri, N. C., Shrestha, N., Zaki, R., Haque, U., &Ab Hamid, S. H. (2020). Defending against the Novel Coronavirus (COVID-19) outbreak: How can the Internet of Things (IoT) help to save the world?. Health policy and technology, 9(2), 136.

Rakhi T & Mala S. (2017). Adoption readiness, personal innovativeness, perceived risk and usage intention across customer groups for mobile payment services in India. Internet Research, 24: 369-392.

Sahay, M. R., von Allmen, M. U. E., Lahreche, M. A., Khera, P., Ogawa, M. S., Bazarbash, M., & Beaton, M. K. (2020). The promise of FinTech: Financial inclusion in the post COVID-19 era. International Monetary Fund.

Schueffel, P. (2016). Taming the beast: A scientific definition of fintech. Journal of Innovation Management, 4(4), 32-54.

Verma, C. P., Bansal, R., & Mittal, P. (2020). Control of COVID-19: A Counter Factual Analysis. Administrative Development, Journal of HIPA, Shimla, 7(1), 1–24.

Veeragandham, M., Pamnani, P., Prasad, S., &Guruprasad, M. (2021). Impact of COVID-19 on Fintech Industry. International Journal of Research in Engineering, Science and Management, 4(2), 27-34