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ICT and Ethical Finance: Fostering Social Innovation and Financial Inclusion

Author

Listed:
  • Gian-Luca GASPARINI

    (SEFEA Consulting, Padua, Italy)

  • Aurora PROSPERO

    (SEFEA Consulting, Padua, Italy)

Abstract

This paper describes the links between ethical and responsible finance and social innovation. The two have long been in a close relationship. Ethical and responsible finance has traditionally supported projects that face difficulties in the mainstream banking sector, fostering experimental approaches (to give but an example) to market failures of traditional welfare. Moreover, ethical and responsible finance is interested not only on the economic viability of a project to fund, but also its social and/or environmental impact.The additional dimension brought about by the impact of the activities of ethical and responsible finance is social innovation. This potentially encompass several disciplines, phenomena and social constructs, which makes it difficult to analyse. However, interest in social innovation is increasing, especially concerning digital social innovation. After the theoretical analysis, the focus shifts to the PROFIT platform, presented as a practical example of ICT response to the need for improving the financial knowledge and literacy of the citizens for better decision-making and social resilience. During the creation of the platform, its creators have taken the diversity of the potential beneficiaries into account, in order to be useful for as many social groups as possible. The paper concludes with an analysis of the digital social innovation potential of the PROFIT platform.

Suggested Citation

  • Gian-Luca GASPARINI & Aurora PROSPERO, 2019. "ICT and Ethical Finance: Fostering Social Innovation and Financial Inclusion," CIRIEC Working Papers 1911, CIRIEC - Université de Liège.
    • Handle: RePEc:crc:wpaper:1911
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    File URL: https://www.ciriec.uliege.be/repec/WP19-11.pdf
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    References listed on IDEAS

    as
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    3. Alex Nicholls, 2010. "The Institutionalization of Social Investment: The Interplay of Investment Logics and Investor Rationalities," Journal of Social Entrepreneurship, Taylor & Francis Journals, vol. 1(1), pages 70-100, March.
    4. Philippe Aghion & Steven Durlauf (ed.), 2005. "Handbook of Economic Growth," Handbook of Economic Growth, Elsevier, edition 1, volume 1, number 1.
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    More about this item

    Keywords

    ethical finance; responsible finance; social innovation; social impact; PROFIT; online platform; financial literacy;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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