scholarly journals Bangladesh toward Digital Financial Inclusion: FinTech Experience

2021 ◽  
Vol 8 (2) ◽  
pp. 33
Author(s):  
Asma Ahmed ◽  
Md. Enamul Hasan
Keyword(s):  
Financial Services ◽  
Financial Intermediation ◽  
Relevant Literature ◽  
Financial System ◽  
Internet Banking ◽  
Financial Inclusion ◽  
Digital Products ◽  
Welfare Benefits ◽  
Descriptive Research ◽  
Important Concern

Digitalization in financial services, in another way financial technology or FinTech, has drastically extended financial intermediation while customers are experiencing and engaging with the development of new digital products and competencies. Nevertheless, over two billion people worldwide remain out of accessing financial services that make financial inclusion an equally important concern for all economies, including Bangladesh. Over the last few years, a good number of academic literature has been made on FinTech covering how essential it is to serve the unbanked and underbanked countries. This study tries to provide an inclusive survey of relevant literature on FinTech and its potential to disruptive financial intermediation globally and nationally. Therefore, a descriptive research design has been adopted entirely based on secondary resources and mostly relying on the Global Findex database, International Monetary Fund (IMF) releases, and Bangladesh Bank reports. It has been evident that digital financial inclusion is connecting more and more people to the financial system at a growing pace resulting in substantial welfare benefits throughout the nation. Even if the active use of mobile money systems, digital banking, especially internet banking, is reshaping our bank. However, there is much work to be done compassing the challenges and the threats of FinTech as important policy issues for the existing financial landscape. In conclusion, this study provides an insight into the country's digital financial system and contributes to further study in relevant disciplines.

The First Android Based Sharia Fintech Innovation In Indonesia To Increase Inclusive and Literate on Society’s Finance

2021 ◽  
Vol 1 (2) ◽  
pp. 01-19
Author(s):  
Suhartono Suhartono ◽  
Juniato Sidauruk ◽  
Octa Pratama Putra ◽  
Syamsul Bahri ◽  
Martias Martias ◽  
...  
Keyword(s):  
Financial Services ◽  
Research Method ◽  
Banking Sector ◽  
Financial Inclusion ◽  
Descriptive Research ◽  
Technology Industry ◽  
Technical Procedure ◽  
Interview Session ◽  
Personal Finances ◽  
Financial Technology

Technology has become the part of today’s people life. Then, it is actually close to the application of it. Absolutely, it has example; such as the electricity for having more sophisticated in financial technology (Fin-Tech). The simplicity and speed of this technology have led people to adopt it in everyday’s life. One of the innovations in developing business and the economy, especially in the banking sector, is currently to develop Fintech (Financial Technology) which is able to facilitate all types of buying and selling transactions, investments and fundraising. Next, the purpose of this study is to explain and provide an understanding of the technical, procedures and benefits of the application, it is called Sharia FinTech. Then, it is also to contribute to the literature on the capacity of the latest technological and non-technological innovations. The research method used is descriptive research method with a qualitative approach. It is to describe and explore the phenomena in the form of engineering human innovation in the financial technology industry. It is done by taking into account the characteristics, quality, and interrelationships between activities It has several aspects; they are: conducting the observation, having an interview session, creating the documentation, and the last one is doing the Literature review. The result of this study is to increase the knowledge, skills and confidence of the community in managing personal finances to be better and to provide access to be having convenient and accountable financial services. Afterwards, this study linits on explaining and providing an understanding of the technical, procedure and benefits of Sharia Fintech for all people in need. Thence, the limitation of the research only discusses the role of Islamic Fintech in increasing the public financial inclusion and literacy. As for the the next researchers, they can be even wider by adding the collaboration of fintech and the banking world. The novelty of this research is the use of the android application as a digital platform in financial inclusion and literacy.

scholarly journals Financial Inclusion, Awareness, and Understanding of Financial Products among People Selected Gewogs (Blocks) of Bhutan

2019 ◽  
Vol 8 (11S2) ◽  
pp. 485-494
Keyword(s):  
Financial Services ◽  
Financial System ◽  
Secondary Data ◽  
Primary Objective ◽  
Financial Inclusion ◽  
Primary Data ◽  
Journal Articles ◽  
Financial Products ◽  
The People ◽  
Survey Finding

The financial products that are being offered by the banks in the contemporary era are significant to enhance the primary objective of the banks that is, ‘Financial Inclusion’ (FI). However, due to umpteen reasons, the banks in many countries have failed streamlining the poor and the majority of the rural folk. Bhutan is not an exception as it is in a landlocked country. The Survey finding (2013) depicted a smaller share of Bhutanese involvement in the formal financial system (48%) whereas larger percentage of them involved in informal financial system. Further, the present Governor of Royal Monetary Authority (The central bank of the country), Dasho Penjor in his discussion on the review of His Majesty’s address on 109th National day Celebration in Trongsa stated that the majority of the rural folks are unable to avail banking services extended by the formal institutions. Besides, financial services can be availed by mass only when banks and other financial institutions run some awareness programmes. There are a few literature on FI in Bhutan in general; however literature on the awareness and understanding of financial products of the people are minimal in the country. The present study, therefore, investigates the scenario of FI along with awareness and understanding of financial products of commercial banks among Bhutanese in four Gewogs (Blocks) of the country that is, Bongo, Chapcha, Darla and Samphelling. The structured questionnaire was designed and primary data from 378 respondents were collected. Further, various articles and papers published in survey findings, magazines, and journal articles are used as secondary data sources of the study. The collected data have been tabulated, analysed, and interpreted with the help of Descriptive statistics, Independent t-test and Analyses of Variance (ANOVA).

scholarly journals Factors affecting financial inclusion in transitional country: A case of Vietnam

2020 ◽  
Vol 5 (12) ◽  
Author(s):  
Linh Hoai Do ◽  
Xuan Thanh Ngo ◽  
Linh Tuan Luu ◽  
Thuy Thu Cao
Keyword(s):  
Financial Services ◽  
Financial System ◽  
Geographical Location ◽  
Emerging Countries ◽  
Financial Inclusion ◽  
Education Attainment ◽  
Factors Affecting ◽  
Transitional Country ◽  
Individual Perceptions

The authors aim at investigating factors driving and hindering financial inclusion in Vietnam. The dataset was achieved from the 2017 Global Financial Inclusion (Global Findex) Database of Vietnam along with two probit regressions were used to indentify factors driving access to formal financial system. The results showed that key obstacles to have a formal account are income shortage, education attainment, geographical location and individual perceptions. Converserly, age made a huge indicator of usage of formal financial services. Based on these findings, some recommendations were proposed to enhance financial inclusion for people in emerging countries such as Vietnam.

scholarly journals Determinants of Financial Capability: A Situational Analysis for Namibia

2022 ◽  
Vol 7 (6) ◽  
pp. 7-13
Author(s):  
Asa Romeo Asa ◽  
Johanna Pangeiko Nautwima
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Economic Inequality ◽  
Financial System ◽  
Financial Inclusion ◽  
Situational Analysis ◽  
The Poor ◽  
Development Agenda ◽  
Wide Range ◽  
Ease Of Access

It is imperative that if the poor in society benefit from the massive developments in the financial sector, then such a sector must be genuinely inclusive. It should meet the needs of all citizens with the potential to use such financial services productively. This paper scopes financial inclusivity as a process ensuring ease of access, availability, and usage of financial services by all members of society. To reduce socio-economic inequality, the poor in developing countries, like everyone else, need access to a wide range of financial services that are convenient, flexible, and reasonably priced. Therefore, financial inclusivity is sought to be significant towards the global development agenda as a tool for increasing the poor’s access to financial services, often cited as a mechanism that can help reduce poverty and lower income inequality. For many years, microfinance has been heralded as a mechanism for enhancing financial inclusion. It provides an avenue through which the marginalized and the poor can access and benefit from the formal financial system. Moreover, financial inclusivity is substantially evident in the rural areas among the poor, who have no collateral or credit history for participating in the legal financial system. As a result, financial inclusion is receiving increased attention as an essential tool for reducing aspects of socio-economic inequality characterized by the isolation of individuals and communities from formal financial services, like affordable and accessible credit.

scholarly journals Investigating the Factors Influence Adoption of Internet Banking in Chennai: Adopters Perspective

2020 ◽  
Vol 8 (1) ◽  
pp. 187-190
Author(s):  
J Anand ◽  
S Radha
Keyword(s):  
Financial Services ◽  
New Technology ◽  
Internet Banking ◽  
Ease Of Use ◽  
Perceived Usefulness ◽  
The Internet ◽  
Perceived Ease Of Use ◽  
Descriptive Research ◽  
Banking Institutions ◽  
Use Of The Internet

The remarkable boom in the usage of the internet has made all banking institutions to make use of the internet for serving their customers retain and benefits, banks delivering all financial services through an online platform through Internet Banking. The track to embrace new technology to gain an advantage in the market gives the bank a new shape called the online Bank. The increased internet usage has made banks influence over the internet to gain a competitive advantage in the sector. This paper focus on the factors that influence the adoption of internet banking by customer”. In this study, descriptive research is used. The study is conducted to obtain data on the adoption of internet banking in Chennai. The study is conducted in the Chennai region. A sample size of 100 was selected using convenience sampling. The study reveals that perceived usefulness and perceived ease of use are the key factors to influence customer adoption of Internet Banking.

Financial Inclusion Strategies and Performance of Commercial Banks in Rwanda; A Case of I&M Bank in Rwanda

2021 ◽  
Vol 5 (4) ◽  
pp. 23-34
Author(s):  
Elysée Byukusenge ◽  
Keyword(s):  
Financial Performance ◽  
Financial Services ◽  
Commercial Banks ◽  
Financial Inclusion ◽  
Coefficient Of Determination ◽  
Banking Services ◽  
Remote Areas ◽  
Descriptive Research ◽  
Interview Guide ◽  
And Performance

The research intended to analyze the effect of financial inclusion strategies on performance of commercial banks in Rwanda, a case of I&M Bank Rwanda Ltd. The specific objectives of the study were to examine the effect of agency banking, financial innovation and loan products on financial performance of commercial banks in Rwanda and guided by three theories which are agency theory, constraint-induced theory and innovation theory. A sample size of 92 employees among 1,232 was taken and data was collected through questionnaires and interview guide. SPSS 23, descriptive research design, correlation and regression statistic were used in the analysis of collected data. The results of the study indicated that agency banking application is the important driver to facilitate people to get banking services form banks. The results established that agency banking and financial inclusion are satisfactory in explaining the performance of commercial banks. The coefficient of determination, also known as the R square, was 0.594 (59.4%). This implied that agency banking and financial inclusion strategies explain 59.4% of the variations in the performance of commercial banks. As conclusions, financial inclusion strategies analysed in this research play an important role in the performance of commercial banks in Rwanda. Financial institutions in Rwanda use financial inclusion strategies to boost their financial performances. Automated Teller Machine (ATM) is important and very effective because it facilitates the customers the access of their accounts to withdraw or deposit money as it is for digital banking, debit cards and smart cards. This enables banks to increase sales and influence its financial performance. For loan product, it is concluded that this is an important strategy of I&M Bank to attract customers thus affect the financial performance of the bank. The study recommended that I&M Bank has to improve its agency banking by increasing their number and location. I&M Bank has to extend its branches to remote areas and increase the number of ATMs so that people in remote areas get different financial services easily. Keywords: financial inclusion strategies, agency banking, financial performance, I&M Bank, Rwanda

Financial capability: citizens or subjects?

2021 ◽  
pp. 25-44
Author(s):  
Rajiv Prabhakar
Keyword(s):  
Financial Services ◽  
Financial System ◽  
Financial Inclusion ◽  
Financial Capability ◽  
Financial Decisions

This chapter discusses financial capability, which refers to the knowledge, skills, and confidence of people to make financial choices. It is possible that people have full access to the financial system but still make poor choices because they lack the capacity to make informed choices. Conversely, people might be fully capable of making such choices but are unable to make these choices if they are excluded from financial services. This points to the importance of 'financial capability' as a complement to financial inclusion. Critics claim that financial capability ultimately turns people into consumers or 'investor-subjects'. The chapter argues that while it is possible for financial capability to develop in this fashion, it can also be part of an alternative agenda that supports citizenship. The capacity of people to make financial decisions is an important part of citizenship, and so the task is to shape financial capability in appropriate ways rather than rejecting the idea outright.

Colombia financial inclusion set to progress

2017 ◽  
Keyword(s):  
Latin American ◽  
Financial Services ◽  
Social Inclusion ◽  
Poverty Reduction ◽  
Financial System ◽  
Financial Inclusion ◽  
Foreign Banks ◽  
Content Type ◽  
Access To Credit ◽  
Financial Exclusion

Subject Financial inclusion in Colombia. Significance Colombia saw nearly 1 million adults join the financial system for the first time in 2016, despite the economy struggling with sluggish growth. Financial inclusion is a high priority for several Latin American governments at the moment, with high degrees of financial exclusion viewed as obstacles to economic growth, social inclusion and poverty reduction. Impacts Greater financial inclusion will help reduce informality in the Colombian economy, and the high use of cash. Improved access to credit and a range of financial services will support the growth of the country’s many SMEs. Millions of new financial system customers will make Colombia even more attractive to foreign banks.

scholarly journals DETERMINANTS OF POVERTY AND CHANNELS OF POVERTY ALLEVIATION: A POWERFUL ANALYTICAL TOOL KIT

2019 ◽  
pp. 1-2
Author(s):  
Kumaraswamy Manepalli ◽  
M. Ramkumar
Keyword(s):  
Financial Services ◽  
Rural Population ◽  
Poverty Alleviation ◽  
Banking Sector ◽  
Urban Society ◽  
Internet Banking ◽  
Financial Inclusion ◽  
Technological Innovations ◽  
Automated Teller Machines ◽  
Powerful Analytical Tool

With the progress of the Indian economy,especially when the focus is on the achievement of sustainable development, there must be an attempt to include maximum number of participation from all the sections of the society.But the lack of awareness among the rural population is hindering the growth of the economy.In order to overcome such barriers,the banking sector emerged with some technological innovations such as automated teller machines, credit and debit cards,internet banking,etc.Though introduction of such banking technologies brought a change in the urban society,a majority of the rural population is still unaware of these changes and is excluded from formal banking. Financial inclusion is considered crucial from the viewpoint of developing a conceptual framework and identifying the underlying factors that lead to low level of access to the financial system. This paper aims to focus on the objective of financial inclusion, its availability of financial services which allows maximum investment in business opportunities, education, save for retirement,insurance against risks,etc.by the rural individuals and firms

scholarly journals PERCEPTION TOWARDS BC/BF MODEL AS A SUCCESSFUL AGENT FOR FINANCIAL INCLUSION

2020 ◽  
pp. 1-3
Author(s):  
Manoj Xavier
Keyword(s):  
Economic Growth ◽  
Low Income ◽  
Financial Services ◽  
Critical Role ◽  
Financial System ◽  
Financial Inclusion ◽  
Inclusive Growth ◽  
Financial Exclusion

The concept financial inclusion, the delivery of financial services at affordable costs to low-income segments of society, is a realistic strategy for accelerated economic growth, and plays critical role in achieving inclusive growth. Non accessibility, non-affordability and non availability of formal financial services results in financial exclusion and thereby, vulnerable sections cannot use their own funds in an underdeveloped financial system leading to high cost credit from informal sources and the individuals also pay higher charges for basic financial services. In India the RBI and Government have launched several financial inclusion measures and programs over the last two decades. Among these, BC/BF Model is one of the successful initiatives. This study is an attempt to know the perception towards BC/BF model as a successful agent for financial inclusion among the beneficiaries

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