Digital Finance and Financial Inclusion: An Empirical Analysis

Abstract

Financial inclusion is the act of ensuring that marginalized groups, such as those with lower financial standing and low incomes, have affordable access to financial services and enough credit when needed. Financial products and services, including bank accounts, insurance, financial counselling, remittance and payment services, etc., must be accessible for financial inclusion to take place. It enables people to set money aside for future financial security. A high level of bank deposits also enables investment, borrowing, and opportunities to increase savings. Today, financial inclusion is a key component of economic progress. These are all accomplished by supporting current financial technology. Many banks have entered the new "Digital finance" landscape for banking consumers, leveraging cutting-edge technologies. Customers may have more control over their own finances through digital finance. Financial inclusion is a win-win outcome made possible by digital finance. This study aims to examine the frequency of customers’ use of financial products and services, understand the problems faced by customers using digital financial services, and identify the impact of digital finance on financial inclusion.