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Banking the Unbanked: The Fintech Revolution

In: Intelligent Engineering and Management for Industry 4.0

Author

Listed:
  • Preeti Goyal

    (Great Lakes Institute of Management)

  • Ahindra Chakrabarti

    (Great Lakes Institute of Management)

Abstract

Globally, financial inclusion has been high on policymakers’ agenda. The large population in some of the developing countries makes the task increasingly difficult. The recent developments in financial technologies are likely to provide the much needed low cost, efficient, and effective financial services that have alluded the large unbanked population for many years. This chapter evaluates the relative performance of Indian states for a unique financial inclusion initiative by the government of India which utilizes no frill bank accounts, unique identity authentication and mobile technology. The results so far appear encouraging and efforts need to continue to reach the goal. The chapter concludes with the implications of the findings for government, policymakers, bankers, regulators, and mobile companies.

Suggested Citation

  • Preeti Goyal & Ahindra Chakrabarti, 2022. "Banking the Unbanked: The Fintech Revolution," Springer Books, in: Yong-Hong Kuo & Yelin Fu & Peng-Chu Chen & Calvin Ka-lun Or & George G. Huang & Junwei Wang (ed.), Intelligent Engineering and Management for Industry 4.0, pages 91-105, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-94683-8_9
    DOI: 10.1007/978-3-030-94683-8_9
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