Download or read book Impact of Digital Banking in Promoting Financial Inclusion written by Neeraj Kumar and published by . This book was released on 2023-08-31 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digital financial inclusion can prove a master stroke in reaching the unserved and underserved population, especially to low income groups. With the aim of reaching such population banking and non banking sectors have started to render digital financial services to excluded people. The approach to digital channels and usage of financial services in formal way by the debarred and underserved populace is termed as "Digital Financial Inclusion". One of the decisive drivers that included majority of population in formal financial sector was Pradhan Mantri Jan Dhan Yojna initiated by the Indian Government. Under this scheme the bank accounts of majority of the Indian citizens have been opened to provide the benefits of direct benefit transfer. The accounts of adults with any of the financial institutions have been increased from 52.8% to 79.8 % between years 2014 to 2017 that shows more than three hundred million people entered in formal financial sector in three years. If the digital financial services could be provided in an effective manner by the service providers it may bridge the gap in the way of financial inclusion by providing convenience, ease of use, time saving and low cost transaction features etc. Various digital banking channels have been introduced by the financial institutions and Government such as Automatic teller machines (ATMs), Cash dispensing machines, Internet banking, Mobile banking, Point of sales (POS) terminals, Unified payment interface (UPI) and Business correspondents etc. which made the banking easily accessible. In spite of presence of enormous digital banking platforms, still there are quite a few lacunas ingrained in the system that act as roadblock in the way of digital financial inclusion. Hence we cannot ignore the adverse factors and the risk associated with digital transactions.

Download or read book Is Digital Financial Inclusion Unlocking Growth written by Purva Khera and published by International Monetary Fund. This book was released on 2021-06-11 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digital financial services have been a key driver of financial inclusion in recent years. While there is evidence that financial inclusion through traditional services has a positive impact on economic growth, do the same results carry over for digital financial inclusion? What drives digital financial inclusion? Why does it advance more in some countries but not in others? Using new indices of financial inclusion developed in Khera et. al. (2021), this paper addresses these questions for 52 developing countries. Using cross-sectional instrument variable procedure, we find that the exogenous component of digital financial inclusion is positively associated with growth in GDP per capita during 2011-2018, which suggests that digital financial inclusion can accelerate economic growth. Fractional logit and random effects empirical estimation identifies access to infrastructure, financial and digital literacy, and quality of institutions as key drivers of digital financial inclusion. These findings are then used to help inform policy recommendations in areas related to the digitization of financial services to promote financial inclusion.

Download or read book The Global Findex Database 2017 written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2018-04-19 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.

Download or read book The Promise of Fintech written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 2020-07-01 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.

Download or read book Financial Inclusion Technology and Virtual Banking written by Sau Wai Law and published by Springer Nature. This book was released on with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Fintech written by International Monetary Fund and published by International Monetary Fund. This book was released on 2019-06-27 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.

Download or read book Handbook of Blockchain Digital Finance and Inclusion Volume 1 written by David Lee Kuo Chuen and published by Academic Press. This book was released on 2017-08-03 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation explores recent advances in digital banking and cryptocurrency, emphasizing mobile technology and evolving uses of cryptocurrencies as financial assets. Contributors go beyond summaries of standard models to describe new banking business models that will be sustainable and will likely dictate the future of finance. The volume not only emphasizes the financial opportunities made possible by digital banking, such as financial inclusion and impact investing, but it also looks at engineering theories and developments that encourage innovation. Its ability to illuminate present potential and future possibilities make it a unique contribution to the literature. Explores recent advances in digital banking and cryptocurrency, emphasizing mobile technology and evolving uses of cryptocurrencies as financial assets Explains the practical consequences of both technologies and economics to readers who want to learn about subjects related to their specialties Encompasses alternative finance, financial inclusion, impact investing, decentralized consensus ledger and applied cryptography Provides the only advanced methodical summary of these subjects available today

Download or read book Digital Banking Support to Small Businesses Amid COVID 19 written by Tao Sun and published by International Monetary Fund. This book was released on 2021-06-29 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note analyzes the economic impact of digital lending to micro and small sized enterprises (MSEs) in China during the coronavirus disease (COVID-19) pandemic. A preliminary analysis of a large pool of MSEs served by a digital bank indicates that digital banks were able to remotely evaluate borrowers and sustain lending during the pandemic, thereby facilitating the business continuity, sales growth, and financial inclusiveness of MSEs. In the global context, a policy framework—leveraging the advantages of digital banks and empowering digital banks, while guarding against possible financial stability risks—would further support small businesses during and after the COVID-19 pandemic.

Download or read book IIBF X Taxmann s Digital Banking Seminal guide to familiarise the readers with digital banking advancements and provides practical knowledge for adapting to digital changes in banking written by Indian Institute of Banking & Finance and published by Taxmann Publications Private Limited. This book was released on 2024-01-13 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a seminal guide that charts the transformative journey of the banking sector in the digital age. It discusses the rise of digital banking, innovative financial products like UPI BHIM, and the role of Fintechs and NBFCs in enhancing financial inclusion and accessibility. The book provides in-depth insights into new banking trends like Blockchain and AI and offers practical knowledge for banking professionals to adapt to this evolving digital landscape. It serves as an essential resource, covering the following broad topics: • Digital Banking Products • Digital Banking & Financial Inclusion (FI) • Marketing of Digital Banking Products • Payment Systems • Future Trends in Digital Banking An invaluable resource for students, professionals, and anyone keen on understanding the digital banking revolution. The Present Publication is the 2024 Edition, updated by Mr Burra Butchi Babu | Former General Manager – Bank of India and vetted by Mr V.A. Prasanth | Former General Manager & Chief Information Officer – Indian Bank. Taxmann exclusively publishes this book for the Indian Institute of Banking and Finance with the following coverage: • Module A – Digital Banking Products o Digital Delivery Channels § Introduction and need for digital channels in banking § Analyzing the cost of transactions and customer preferences § The role of technology in enhancing user-friendliness and customer interaction § Emphasizing security as a crucial aspect of digital banking, including information security § Overview of the Integrated Ombudsman Scheme, 2021 by RBI § Discussion on customer protection and limiting liability in unauthorized transactions § RBI's directions on digital payment security controls § Challenges faced in digital banking and the concept of e-KYC o Cards § History and overview of plastic payment cards § Features and benefits of cards for customers § Understanding the Payment Card Industry-Data Security Standard § Comparison between Magnetic Strip Cards and EMV Cards, including NFC-based Tap & Go technology § The approval process for card schemes and profitability aspects § Insight into backend operations, recovery, follow-up, and information security issues o Automated Teller Machines (ATMs) § History and product features of ATMs § Types of ATMs, including White Label and Brown Label § The functioning of ATM networks and Instant Money Transfer (IMT) systems § Discussing profitability, risk management, and frauds in ATM operations § Backend operations and technology in ATMs § Overview of the Dispute Management System (DMS) o Mobile Banking § Introduction and diverse features of mobile banking § Description of IMPS and its benefits § Discussion on risk management, frauds, backend operations, and information security tips in mobile banking o Internet or Online Banking § History, working, and features of Internet banking § Analysis of the profitability and risks associated with Internet banking o POS Terminals § Background and features of Point of Sale (POS) systems § Benefits of POS systems to merchants and customers § Different types of transactions and the cash withdrawal process at POS § Merchant onboarding, approval process, and the parties involved in a POS setup § Profitability analysis and risk management in POS operations • Module B – Digital Banking & Financial Inclusion (FI) o Introduction to financial inclusion and its strategies o Approaches to accelerate financial inclusion and the role of technologies o Digital banking services in financial inclusion and factors beyond technology o Information security issues in financial inclusion and new developments o Understanding how banks earn money using digital delivery channels • Module C – Marketing of Digital Banking Products o Concept and channels for marketing digital banking products o Product planning and marketing structure in banks o Sales delivery, e-galleries, and after-sales service to customers o Marketing strategies for financial inclusion and the dangers of mis-selling o Use of analytics in marketing and customer education and protection • Module D – Payment Systems o Overview of global and domestic payment systems o Introduction to new domestic payment vehicles and platforms o Detailed analysis of various systems like Cheque Truncation System (CTS), RTGS, NEFT, NETC, Bharat QR, UPI QR, BBPS, and SWIFT o Forex and securities settlements o Innovative banking and payment systems, including digital banking super apps • Module E – Future Trends in Digital Banking o Background and future trends in digital banking o The impact of fintech, business ecosystem, and blockchain technology o Discussion on cryptocurrencies, peer financing, cloud computing, and virtualization o Data analytics, artificial intelligence (AI), machine learning (ML), deep learning (DL), robotic process automation (RPA), and the Internet of Things (IoT) o Central Bank Digital Currency (CBDC) and digital transformation of banks in India

Download or read book Digital finance and inclusion in the time of COVID 19 written by Benni, N. and published by Food & Agriculture Org.. This book was released on 2021-01-04 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has impacted digital financial inclusion trends across the world in many and complex ways. In developing and emerging contexts, this crisis also holds the potential to propel an unprecedented acceleration in the process of financial digitization and turn out to be a game-changer for digital financial inclusion. The aim of this study is to illustrate the opportunities and risks associated with the surge in uptake and use of digital financial service, providing ideas on how to leverage the paradigm changes affecting the overall approach and perspective towards digital financial services – on the part of various stakeholders – to advance financial inclusion and development. It also seeks to showcase how digital financial services have been used – in both traditional and innovative ways – to mitigate the impact of the COVID-19 crisis on economies and societies, by both public and private actors.

Download or read book Powering the Digital Economy Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.

Download or read book Central Bank Digital Currency s Role in Promoting Financial Inclusion written by Ashley Lannquist and published by International Monetary Fund. This book was released on 2023-09-22 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial inclusion is a key policy objective that central banks, especially those in emerging and low-income countries, are considering for retail central bank digital currency (CBDC). If properly designed to address the barriers to financial inclusion, CBDCs have the opportunity to gain acceptance by the financially excluded for digital payments. CBDC can then serve as an entry point to the broader formal financial system. CBDC has special aspects that may benefit financial inclusion, such as being a risk-free and widely acceptable form of digital money, availability for offline payments, and potentially lower costs and greater accessibility. However, CBDC is not a panacea to financial inclusion, and additional experience is needed to fully understand its potential impact.

Download or read book The Impact of Digital Transformation and FinTech on the Finance Professional written by Volker Liermann and published by Springer Nature. This book was released on 2019-10-02 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book demystifies the developments and defines the buzzwords in the wide open space of digitalization and finance, exploring the space of FinTech through the lens of the financial services professional and what they need to know to stay ahead. With chapters focusing on the customer interface, payments, smart contracts, workforce automation, robotics, crypto currencies and beyond, this book aims to be the go-to guide for professionals in financial services and banking on how to better understand the digitalization of their industry.​ The book provides an outlook of the impact digitalization will have in the daily work of a CFO/CRO and a structural influence to the financial management (including risk management) department of a bank.

Download or read book COVID 19 and Digital Financial Inclusion in Africa written by Immaculate Nafula Machasio and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 (coronavirus) pandemic and resulting containment measures are likely to cause an economic contraction of about 2.8 percent in Sub-Saharan Africa (SSA) in 2020 according to the Global Economic Prospects. Among the many adverse effects in the global economy, the crisis is posing a deep threat to financial inclusion efforts globally. Lockdowns and curfews designed to curb the spread of the virus resulted in the closure of bank branches and halted operations of mobile money agents in compliance with restrictions. Government officials and health practitioners encouraged use of cashless and contactless modes of payment to reduce the risk of virus spread through handling of cash, thus creating new opportunities for potential adoption of Digital Financial Services (DFS). Small firms and low-income households can directly benefit from digital solutions such as mobile money services, online banking and other financial technology innovations. Recent evidence suggests that digital financial inclusion could significantly contribute to economic growth, reduce poverty and narrow income inequalities without necessarily causing adverse effects on financial stability given the appropriate regulatory framework. The brief focuses on the impact of COVID-19 on financial inclusion and the potential of robust policy responses. The authors drew on the Global Findex database to showcase policy options that harness maximum benefits from digital technology, promoting financial inclusion and mitigating adverse impacts during the pandemic and beyond. The poor and vulnerable groups, such as women, the rural poor and youth, are bearing the economic brunt of the socioeconomic consequences of the pandemic. Day laborers and those in the informal sector are also among the most affected categories of workers.

Download or read book Fintech and Financial Inclusion in Latin America and the Caribbean written by Mr. Dmitry Gershenson and published by International Monetary Fund. This book was released on 2021-08-20 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite some improvement since 2011, Latin America and the Caribbean continue to lag behind other regions in terms of financial inclusion. There is no clear evidence that fintech developments have supported greater financial inclusion in LAC, contrary to what has been observed elsewhere in the world. Case studies by national policy experts suggest that barriers to entry in the financial sector, along with a constraining regulatory environment, may have hindered a faster adoption of fintech. However, fintech development seems to have accelerated in the wake of the COVID-19 pandemic and with the support of recent policy initiatives.

Download or read book Financial Literacy and Responsible Finance in the FinTech Era written by John O.S. Wilson and published by Taylor & Francis. This book was released on 2021-07-21 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing body of evidence suggests that financial literacy plays an important role in financial well-being, and that differences in financial knowledge acquired early in life can explain a significant part of financial and more general well-being in adult life. Financial technology (FinTech) is revolutionizing the financial services industry at an unrivalled pace. Views differ regarding the impact that FinTech is likely to have on personal financial planning, well-being and societal welfare. In an era of mounting student debt, increased (digital) financial inclusion and threats arising from instances of (online) financial fraud, financial education and enlightened financial advising are appropriate policy interventions that enhance financial and overall well-being. Financial Literacy and Responsible Finance in the FinTech Era: Capabilities and Challenges engages in this important academic and policy agenda by presenting a set of seven chapters emanating from four parallel streams of literature related to financial literacy and responsible finance. The chapters in this book were originally published as a special issue of The European Journal of Finance.

Download or read book Stay Competitive in the Digital Age The Future of Banks written by MissEstelle X Liu and published by International Monetary Fund. This book was released on 2021-02-19 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The latest advancement in financial technology has posed unprecedented challenges for incumbent banks. This paper analyzes the implications of these challenges on bank competitveness, and explores the factors that could support digital advancement in banks. The analysis shows that the traditionally leading role of banks in advancing financial technology has diminished in recent years, and suggests that onoing efforts to catch up to the digital frontier could lead to a more concentrated banking industry, as smaller and less tech-savvy banks struggle to survive. Cross-country evidence has suggested that banks in high-income economies appear to have been the digital leaders, likely benefiting from a sound digital infrastructure, a strong legal and business environment, and healthy competition. Nonetheless, some digital leaders may fall behind in the coming years in adopting newer technologies due to entrenched consumer behavior favoring older technologies, less active fintech and bigtech companies, and weak bank balance sheets.