An analysis of rural consumers’ financial behavior in the context of financial inclusion through fin tech

“Empowering women through financial inclusion and FinTech is not just a step towards gender equality but a cornerstone for rural prosperity and sustainable economic growth.”

Better access to financial products & services is very essential for people in economically underdeveloped areas to manage their finances effectively. FinTech and mobile money services have grown quickly in emerging nations, especially after demonetization and digitization initiatives. This study identifies critical success criteria for the adoption of disruptive financial technologies for financial inclusion in rural areas. The study uses empirical methodologies to evaluate the influence of technology on inclusion in undeveloped regions in order to forecast future FinTech uptake in rural areas. Data on financial behaviour, digital financial literacy, and financial inclusion were gathered using a standardized online questionnaire. To assess how FinTech apps contribute to financial inclusion in rural areas, a qualitative study of 257 questions was carried out.

The results show that a major obstacle to the adoption of mobile-based transactions in rural regions is a lack of financial and digital literacy. The adoption of FinTech solutions is influenced by elements like system accessibility and usability. Even though financial services are now more accessible and economic empowerment is being promoted, issues including insufficient digital infrastructure and regulatory barriers still exist. It provides information to help investors, regulators, and lawmakers create best practices and optimize the social and financial advantages of FinTech. The study also offers ways for financial institutions to handle cross-border transactions for low-income groups and tactics for mobile service providers to offer affordable services.