The role of big data in financial technology toward financial inclusion

Research output: Contribution to journalReview articlepeer-review

Abstract

In the rapidly evolving landscape of financial technology (FinTech), big data stands as a cornerstone, driving significant transformations. This study delves into the pivotal role of big data in FinTech and its implications for financial inclusion. Employing a comprehensive literature review methodology, we analyze diverse sources including academic journals, industry reports, and online articles. Our findings illuminate how big data catalyzes the development of novel financial products and services, enhances risk management, and boosts operational efficiency, thereby fostering financial inclusion. Particularly, big data's capability to offer insightful customer behavior analytics is highlighted as a key driver for creating inclusive financial services. However, challenges such as data privacy and security, and the need for ethical algorithmic practices are also identified. This research contributes valuable insights for policymakers, regulators, and industry practitioners, suggesting a need for balanced regulatory frameworks to harness big data's potential ethically and responsibly. The outcomes of this study underscore the transformative power of big data in FinTech, indicating a pathway toward a more inclusive financial ecosystem.

Original languageEnglish
Article number1184444
JournalFrontiers in Big Data
Volume7
DOIs
Publication statusPublished - 2024
Externally publishedYes

Keywords

  • benefits
  • big data
  • financial inclusion
  • FinTech
  • sustainable development

ASJC Scopus subject areas

  • Computer Science (miscellaneous)
  • Information Systems
  • Artificial Intelligence

Fingerprint

Dive into the research topics of 'The role of big data in financial technology toward financial inclusion'. Together they form a unique fingerprint.

Cite this