Published January 30, 2024
| Version CC-BY-NC-ND 4.0
Journal article
Open
Financial Inclusion through Fin-tech Adoption of Women: A Way to Sustainable Development
- 1. Lecturer, Department of Management Information Systems (MIS), Faculty of Business Studies, Noakhali Science and Technology University, Noakhali 3814, Noakhali, Bangladesh.
- 1. Lecturer, Department of Management Information Systems (MIS), Faculty of Business Studies, Noakhali Science and Technology University, Noakhali 3814, Noakhali, Bangladesh.
- 2. Lecturer, Bangladesh University of Professionals (BUP), Dhaka, Bangladesh.
Description
Abstract: The presence of technologically advanced financial institutions like banks and MFS have used technology to convenience the process of financial transactions which is called financial technology (fin-tech). However, there are many people like women, illiterate or poor who don’t use fin-tech due to social barriers or lack of knowledge and ability. When those people started to be involved, financial transactions were a matter of financial inclusion that led to economic growth. With the advancement of technology in finance, financial inclusion increases because one can do financial transactions, saving and paying from anywhere and anytime which leads to economic growth and growing the opportunity for innovation technology. The objective of this study is to find how digital financial inclusion can be executed to achieve sustainable development through the fin-tech adoption of women. This paper identifies the factors influencing the adoption of fin-tech services, finds the relationship between fin-tech adoption and financial inclusion, and finally how sustainable development goals are achieved by adopting fin-tech for women. To prove how financial inclusion can be possible through the fin-tech adoption of women, the UTAUT model along with some new constructs are identified to validate the new model. Smart PLS 4.0 software is used for conducting statistical analysis to validate the model.
Files
E168510050124.pdf
Files
(473.2 kB)
| Name | Size | Download all |
|---|---|---|
|
md5:e071fd28dfeb56db5f3d2c41e4cd963b
|
473.2 kB | Preview Download |
Additional details
Identifiers
- EISSN
- 2394-0913
- DOI
- 10.35940/ijmh.E1685.10050124
Dates
- Accepted
-
2024-01-15Manuscript received on 30 December 2023 | Revised Manuscript received on 08 January 2023 | Manuscript Accepted on 15 January 2024 | Manuscript published on 30 January 2024.
References
- P. Schueffel, "Taming the Beast: A Scientific Definition of Fintech," Journal of Innovation Management, vol. 4, no. 4, pp. 32-54, https://doi.org/10.24840/2183-0606_004.004_0004 (2017). https://doi.org/10.24840/2183-0606_004.004_0004
- A. S. Kelvin Leong, "FinTech (Financial Technology): What is It and How to Use Technologies to Create Business Value in Fintech Way?," International Journal of Innovation Management and Technology, vol. 9, no. 2, pp. 74-78, DOI:10.18178/ijimt.2018.9.2.791 (2018). https://doi.org/10.18178/ijimt.2018.9.2.791
- R. R. Suryono, I. Budi and B. Purwandri, "Challenges and Trends of Financial Technology (Fintech): A Systematic Literature Review," Information, vol. 11, no. 12, p. 590, https://doi.org/10.3390/info11120590 (2020). https://doi.org/10.3390/info11120590
- M. H. Kabir, S. S. M. S. Huda and O. Faruq, "MOBILE FINANCIAL SERVICES IN THE CONTEXT OF BANGLADESH.," Copernican Journal of Finance & Accounting, 9(3), 83., vol. 9, no. 3, p. 83, https://doi.org/10.12775/CJFA.2020.013 (2021). https://doi.org/10.12775/CJFA.2020.013
- M. H. Kabir, S. S. M. S. Huda and O. Faruq, "MOBILE FINANCIAL SERVICES IN THE CONTEXT OF BANGLADESH.," Copernican Journal of Finance & Accounting, 9(3), 83., vol. 9, no. 3, p. 83, https://doi.org/10.12775/CJFA.2020.013 (2021). https://doi.org/10.12775/CJFA.2020.013
- P. Senyo and E. L. . L. Osabutey, "Unearthing antecedents to financial inclusion through FinTech innovations," Technovation, vol. 98, https://doi.org/10.1016/j.technovation.2020.102155 (2020). https://doi.org/10.1016/j.technovation.2020.102155
- A. Demirguc-Kunt, L. Klepper, D. Singer and S. Ansar, "Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution," World Bank, https://doi.org/10.1596/978-1-4648-1259- 0 (2018). https://doi.org/10.1596/978-1-4648-1259-0
- NFIS, "National Financial Inclusion Strategy: Journey towards Sustainable and Impactful Financial Inclusion through Digitization and Innovation.," Financial Division, (2021).
- A. Nugroho and E. Y. Purwanti, "DETERMINAN INKLUSI KEUANGAN DI INDONESIA (GLOBAL FINDEX 2014)," JURNAL DINAMIKA EKONOMI PEMBANGUNAN, vol. 1, no. 1, pp. 1-13, https://doi.org/10.14710/jdep.1.1.1-13 (2018). https://doi.org/10.14710/jdep.1.1.1-13
- A. Pandey, R. Kiran and R. K. Sharma, "Investigating the Impact of Financial Inclusion Drivers, Financial Literacy and Financial Initiatives in Fostering Sustainable Growth in North India," Sustainability, vol. 14, no. 17, p. 11061, https://doi.org/10.3390/su141711061 (2022). https://doi.org/10.3390/su141711061
- V. Venkatesh, M. G. Morris and G. B, "User Acceptance of Information Technology: Toward a Unified View," MIS Quarterly, vol. 27, no. 3, p. 425, https://doi.org/10.2307/30036540 (2003). https://doi.org/10.2307/30036540
- R. Manrai, P. D. Yadav and U. Goel, "Factors affecting adoption of digital payments by urban women: Understanding the moderating role of perceived financial risk," Technology Analysis & Strategic Management, pp. 1-13 , https://doi.org/10.1080/09537325.2022.2139237 (2022). https://doi.org/10.1080/09537325.2022.2139237
- B. Nyagadza, D. R. Muzira and T. Chuchu, "Mobile Fin-Tech Ecosystem Shaping Financial Inclusion in Zimbabwean Banking and Financial Services Markets. In H. Chitimira & T. V. Warikandwa (Eds.)," Financial Inclusion and Digital Transformation Regulatory Practices in Selected SADC Countries, vol. 106, pp. 255-274, https://doi.org/10.1007/978-3-031- 23863-5_12 (2023). https://doi.org/10.1007/978-3-031-23863-5_12
- H. E. Riquelme and R. E. Rios, "The moderating effect of gender in the adoption of mobile banking," International Journal of Bank Marketing, vol. 28, no. 5, p. 328–341, https://doi.org/10.1108/02652321011064872 (2010). https://doi.org/10.1108/02652321011064872
- K. P. Gupta, R. Manrai and U. Goel, "Factors influencing adoption of payments banks by Indian customers Extending UTAUT with perceived credibility," Journal of Asia Business Studies, vol. 13, no. 2, p. 173–195, https://doi.org/10.1108/JABS-07-2017-0111 (2019). https://doi.org/10.1108/JABS-07-2017-0111
- V. S. Chau and L. W. Nga, "he youth market for internet banking services: Perceptions, attitude and behaviour," Journal of Services Marketing, vol. 24, no. 1, pp. 42-60, https://doi.org/10.1108/08876041011017880 (2010). https://doi.org/10.1108/08876041011017880
- L. Xu and B. Zia, "Financial Literacy around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward," The World Bank, https://doi.org/10.1596/1813-9450-6107 (2012). https://doi.org/10.1596/1813-9450-6107
- H. Prasad, D. Meghwal and V. Dayama, " Digital Financial Literacy: A Study of Households of Udaipur," Journal of Business and Management, vol. 5, pp. 23-32, https://doi.org/10.3126/jbm.v5i0.27385 (2018). https://doi.org/10.3126/jbm.v5i0.27385
- A. Grohmann and L. Menkhoff, "The Relationship between Financial Literacy and Financial Inclusion," DIW Berlin, p. 23, (2020). https://doi.org/10.2139/ssrn.3735809
- G. O. C. Bongomin, J. M. Mpeera NtayI and C. A. Malinga , "Analyzing the relationship between financial literacy and financial inclusion by microfinance banks in developing countries: Social network theoretical approach," International Journal of Sociology and Social Policy, vol. 40, no. 11/12, p. 1257–1277, https://doi.org/10.1108/IJSSP-12-2019-0262 (2020). https://doi.org/10.1108/IJSSP-12-2019-0262
- P. R. Warshaw and F. D. Davis, "Disentangling behavioral intention and behavioral expectation," Journal of Experimental Social Psychology, vol. 21, no. 3, pp. 213-228, https://doi.org/10.1016/0022- 1031(85)90017-4 (1985). https://doi.org/10.1016/0022- 1031(85)90017-4
- T. Abbasi and H. Weigand, "The Impact of Digital Financial Services on Firm's Performance: a Literature Review," Papers, (2017).
- F. D. Davis, R. P. P. Bagozzi and P. R. Warshaw, "User Acceptance of Computer Technology: A Comparison of Two Theoretical Models," Management Science, vol. 35, no. 8, pp. 982-1003, https://doi.org/10.1287/mnsc.35.8.982 (1989). https://doi.org/10.1287/mnsc.35.8.982
- Y. K. Dwivedi, N. P. Rana, H. C. Chen and M. D. Williams, "A Meta-analysis of the Unified Theory of Acceptance and Use of Technology (UTAUT)," Governance and Sustainability in Information Systems. Managing the Transfer and Diffusion of IT, vol. 366, p. 170, https://doi.org/10.1007/978-3-642-24148-2_10 (2011). https://doi.org/10.1007/978-3-642-24148-2_10
- N. Davidson and M. Y. McCarty, "Driving customer usage of mobile money for the unbanked," GSM Association (GSMA), (2011).
- E. Dabla-Norris, Y. Ji, R. M. M. Townsend and D. F. Unsal, "Distinguishing constraints on financial inclusion and their impact on GDP, TFP, and the distribution of income," Journal of Monetary Economics, vol. 117, pp. 1-18, https://doi.org/10.1016/j.jmoneco.2020.01.003 (2021). https://doi.org/10.1016/j.jmoneco.2020.01.003
- S. Mahmood, W. Shuhui and T. Ahmed, "The Financial Inclusion Development and Its Impacts on Disposable Income," Sage Open, vol. 12, no. 2, https://doi.org/10.1177/21582440221093369 (2022). https://doi.org/10.1177/21582440221093369
- Y. Liu, L. Luan , W. Wu and Z. Zhang , "Can digital financial inclusion promote China's economic growth?," International Review of Financial Analysis, vol. 101889, p. 78, https://doi.org/10.1016/j.irfa.2021.101889 (2021). https://doi.org/10.1016/j.irfa.2021.101889
- B. Frączek and A. Urbanek, "Financial inclusion as an important factor influencing digital payments in passenger transport: A case study of EU countries," Research in Transportation Business & Management, vol. 41, https://doi.org/10.1016/j.rtbm.2021.100691 (2021). https://doi.org/10.1016/j.rtbm.2021.100691
- P. K. Ozili, "Financial inclusion and sustainable development: an empirical association," Journal of Money and Business, vol. 2, no. 2, pp. 186-198, https://doi.org/10.1108/JMB-03-2022-0019 (2022). https://doi.org/10.1108/JMB-03-2022-0019
- O. Kabakova and E. Plaksenkov, "Analysis of factors affecting financial inclusion: Ecosystem view," Journal of Business Research, vol. 89, pp. 198-205, https://doi.org/10.1016/j.jbusres.2018.01.066 (2018). https://doi.org/10.1016/j.jbusres.2018.01.066
- A. Malhotra, A. Kanesathasan and P. Patel, HOWMOBILE PHONES, COMPUTERS AND THE INTERNET CAN CATALYZE WOMEN'S ENTREPRENEURSHIP, (2012). https://doi.org/10.2139/ssrn.2021005
- B. Augsburg, R. D. Haas, H. Harmgart and C. Meghir, "Microfinance at the Margin: Experimental Evidence from Bosnia and Herzegovina," SSRN Electronic Journal , p. 41, https://doi.org/10.2139/ssrn.2021005 (2012). https://doi.org/10.1080/15228916.2017.1419332
- J. Y. Abor, M. Amidu and H. Issahaku, "Mobile Telephony, Financial Inclusion and Inclusive Growth," Journal ofAfrican Business, vol. 19, no. 3, pp. 430-453, https://doi.org/10.1080/15228916.2017.1419332 (2018).
- K. Bajunaied, N. Hussin and S. Kamarudin , "Behavioral intention to adopt FinTech services: An extension of unified theory of acceptance and use of technology," Journal of Open Innovation: Technology, Market, and Complexity, vol. 9, no. 1, p. 100010, https://doi.org/10.1016/j.joitmc.2023.100010 (2023). https://doi.org/10.1016/j.joitmc.2023.100010
- A. O. N. Teutio, J. R. K. Kamdjoug and J.-P. Gueyie, "Mobile money, bank deposit and perceived financial inclusion in Cameroon," Journal of Small Business & Entrepreneurship, vol. 35, no. 1, pp. 14-32, https://doi.org/10.1080/08276331.2021.1953908 (2021). https://doi.org/10.1080/08276331.2021.1953908
- Y. Koloma, "Microfinance and Threshold Effect: The Paradox of Microfinance?," SSRN ElectronicJournal, https://doi.org/10.2139/ssrn.2409734 (2010). https://doi.org/10.2139/ssrn.2409734
- World-Bank, "Global Financial Development Report 2014: Financial Inclusion," World Bank Group, https://doi.org/10.1596/978-0-8213- 9985-9 (2014). https://doi.org/10.1596/978-0-8213-9985-9
- P. Hadaya, "Minimum sample size estimation in PLS-SEM: The inverse square root and gamma-exponential methods," Information Systems Journal, vol. 28, no. 1, pp. 227-261, https://doi.org/10.1111/isj.12131 (2016). https://doi.org/10.1111/isj.12131
- D. Straub, M.-C. Boudreau and D. Gefen, "Validation Guidelines for IS Positivist Research," Communication of the Association for Information Systems, vol. 13, no. 24, pp. 380-427, https://doi.org/10.17705/1CAIS.01324 (2004). https://doi.org/10.17705/1CAIS.01324
- C. Fornell and D. F. Larcker, "Structural Equation Models with Unobservable Variables and Measurement Error: Algebra and Statistics," Journal of Marketing Research, pp. 382-388, (1981). https://doi.org/10.1016/0021-8693(81)90240-4
- J. F. H. Jr., W. C. Black, B. J. Babin and R. E. Anderson, "Multivariate Data Analysis," vol. 7, (2005).
- G. James, D. Witten, T. Hastie and R. Tibshirani, An Introduction to Statistical Learning with Applications in R, Springer, (2017).
- J. Henseler, C. M. Ringle and M. Sarstedt, "A new criterion for assessing discriminant validity in variance-based structural equation modeling," Journal of the Academy of Marketing Science , vol. 43, no. 1, pp. 115-135, ttps://doi.org/10.1007/s11747-014-0403-8 (2015). https://doi.org/10.1007/s11747-014-0403-8
- Darmansyah, B. A. Fianto, A. Hendratmi and P. F. Aziz, "Factors determining behavioral intentions to use Islamic financial technology: Three competing models," Journal of Islamic Marketing, vol. 12, no. 4, pp. 794-812, https://doi.org/10.1108/JIMA-12-2019-0252 (2020). https://doi.org/10.1108/JIMA-12-2019-0252
- Baishya, D. D. (2019). Empowering Women Weavers by Up-Gradation of Handloom Industry of Assam through Microfinance. In International Journal of Innovative Technology and Exploring Engineering (Vol. 8, Issue 12, pp. 1511–1513). https://doi.org/10.35940/ijitee.l3102.1081219
- Gautam, R. S., Kanoujiya, J., Bhimavarapu, V. M., & Rastogi, Dr. S. (2021). Financial Technology and Its Impact on Poverty in India. In International Journal of Management and Humanities (Vol. 6, Issue 3, pp. 1–10). https://doi.org/10.35940/ijmh.b1396.116321
- Kasim, M. A. B., Hanafi, S. R. B. M., & Suki, N. M. (2019). Relevance of Technology Acceptance Model for the Implementation of Value Added Tax (VAT) In the United Arab Emirates (UAE): Evidence of Distinctive Behavioral Connections. In International Journal of Recent Technology and Engineering (IJRTE) (Vol. 8, Issue 3, pp. 6357–6365). https://doi.org/10.35940/ijrte.c5784.098319