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28 - Financial Innovation in the Process of Financial Inclusion

from Part V - Financial Innovation and Sustainability

Published online by Cambridge University Press:  30 January 2025

By
Iwa Kuchciak
Edited by
Kern Alexander ,
Matteo Gargantini  and
Michele Siri
Kern Alexander
Affiliation:
University of Zurich
Matteo Gargantini
Affiliation:
University of Genoa
Michele Siri
Affiliation:
University of Genoa
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Summary

There is a large body of academic literature about financial inclusion and financial exclusion in both applied and theoretical works. The causes, sizes, and consequences of both phenomena are analyzed and evaluated, which leads to the formulation of conclusions and recommendations as to how to enhance financial inclusion. This chapter surveys not only the traditional perspective of financial inclusion and exclusion but also the role of new technologies, providing innovative solutions behind the concept of digital banking inclusion. Moreover, the chapter considers new possibilities for adopting digital financial services that result from lockdowns and promotion of contactless modes of payment to reduce the risk of viruses spread through the handling of cash. With regard to the increased use of digital banking access channels, the importance of financial education in the context of ensuring cybersecurity is highlighted.

Keywords

financial inclusioninvoluntary financial exclusionvoluntary self-exclusiondigital financial inclusiondrivers of financial inclusionmobile financial servicesdigitalizationaccessibility of financial services
Type
Chapter
Information
The Cambridge Handbook of EU Sustainable Finance
Regulation, Supervision and Governance
 , pp. 712 - 742
Publisher: Cambridge University Press
Print publication year: 2025

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