Seybold Report ISSN: 1533-9211
Vasantha P1 Vijayalakshmi P2
Vol 17, No 12 ( 2022 ) | Licensing: CC 4.0 | Pg no: 3278-3285 | Published on: 24-12-2022
Abstract
Financial Inclusion guarantees that all individuals have access to fundamental and effective financial goods and services. That is, they must have a bank account, make credit card payments, request a loan, and obtain guidance. It is consequently a vital instrument for eradicating poverty and combating inequality. Financial Inclusion guarantees that all individuals have access to fundamental and effective financial goods and services. That is, they must have a bank account, make credit card payments, request a loan, and obtain guidance. It is consequently a vital instrument for eradicating poverty and combating inequality. The greatest obstacle for the entities and institutions is to reach developing nations who do not have access to these services, such as some regions of Africa and Asia. In such circumstances, it is conceivable that the people of some locations on these continents live so far from the main population that they are unable to go to the locations of the bank branches. In addition, technological advancement has altered the access to and utilisation of financial services. Almost everything functions through cell phones today. There are banking applications that require an account to function. Those who lack access to these items risk being excluded from the sector of the digital economy.
Consequently, individuals are able to create savings, make investments, and acquire loans. High bank deposits would also facilitate a stable deposit base. Financial inclusion is at the centre of today's inclusive growth. All of these are enabled by contemporary financial technologies. Several banks have emerged with novel banking technology in the new era of banking customers known as "Digital finance." Thus, the financial industry has a new appearance due to digital currency. Customers have greater control over their funds, can make choices quicker, and can send and receive payments with digital currency. Financial inclusion may be achieved through digital finance in a win-win situation.
Keywords:
Financial Inclusion, Economic Growth, Correlation Analysis, Chi square test