A Study on Advancing Financial Inclusion Through Digital Banking in Emerging Markets

Authors: M. Annapurna

Country: India

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Abstract: The advent of digital banking has significantly transformed financial landscapes, particularly in emerging markets where traditional banking services have been limited. This research explores the role of digital banking in enhancing financial inclusion by providing access to affordable, efficient, and secure financial services for underserved populations. Digital platforms, mobile banking, and fintech innovations have bridged gaps in access to financial services, empowering individuals and small businesses to participate in formal economies, thus driving economic growth.
The study examines the impact of digital banking on reducing barriers such as geographical constraints, lack of formal identification, and high transaction costs, which have historically hindered access to financial services in emerging markets. It also delves into the critical role of mobile banking, e-wallets, and digital payment systems in enabling financial transactions for millions of previously unbanked individuals. By analyzing case studies from countries in Africa, South Asia, and Latin America, the research highlights successful models and the challenges in scaling digital banking solutions.
Finally, this paper assesses the regulatory frameworks and policy interventions necessary to ensure the sustainability of digital banking in promoting financial inclusion. It also explores the risks involved, such as data security concerns, digital literacy gaps, and potential exclusion of vulnerable populations. The findings suggest that while digital banking has immense potential to drive financial inclusion, a coordinated effort from governments, financial institutions, and technology providers is crucial for maximizing its benefits in emerging markets.

Keywords: Digital Banking, Financial Inclusion, Emerging Markets, Fintech,Mobile Banking

Paper Id: 231421

Published On: 2023-05-09

Published In: Volume 11, Issue 3, May-June 2023

Cite This: A Study on Advancing Financial Inclusion Through Digital Banking in Emerging Markets - M. Annapurna - IJIRMPS Volume 11, Issue 3, May-June 2023.

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