Fintech Innovations for Financial Inclusivity

A Trend Analysis and Critical Narrative Review

Penulis

  • William Ben Gunawan INTI International University, 71800 Nilai, Negeri Sembilan, Malaysia; Universitas Siber Asia, 12550 Pasar Minggu, Jakarta, Indonesia

DOI:

https://doi.org/10.46851/260

Abstrak

The rapid advancement of technology in financial services has given rise to financial technology, or fintech, transforming how financial products and services are delivered. This paper examines how fintech innovations contribute to financial inclusivity through three analytical pillars: cost-effectiveness, accessibility, and personalization. The study employs a mixed-method design that combines a qualitative critical narrative review with quantitative bibliometric mapping. A PRISMA 2020-informed screening of Scopus-indexed literature published between 2014 and 2026 yielded 18 studies for thematic synthesis, while VOSviewer-based co-word analysis of the wider corpus identified research trends, thematic clusters, and emerging topics. The findings show that fintech lowers transaction costs, extends access through mobile payments and peer-to-peer lending, and tailors financial products to underserved users via data-driven algorithms. These gains, however, are unevenly distributed. Hidden fees, data privacy risks, weak infrastructure, and low financial literacy constrain effectiveness in low- and middle-income economies, where financial inclusion may even widen rather than narrow income disparities. The bibliometric analysis indicates that scholarly attention has grown sharply since 2021, with regtech, Islamic fintech, and green finance emerging as underexplored frontiers. The study concludes that fintech's inclusive potential depends less on technological capability than on transparent fee structures, ethical data governance, and complementary investment in infrastructure and financial literacy. It recommends targeted regulatory frameworks and community-based literacy programs to ensure that fintech innovations advance, rather than reproduce, financial exclusion in developing economies.
Keywords: financial inclusion; fintech innovation; bibliometric analysis; narrative review; developing economies

JEL Classification: O16; O33; G53

Referensi

Abdulhamid, N. A. (2020). Disruptive Technology, Mobile Money, and Financial Mobilization in Africa: M-Pesa as Kenya’s Solution to Global Financial Exclusion?. Disruptive Technologies, Innovation and Development in Africa, 187-202. https://doi.org/10.1007/978-3-030-40647-9_9

Albuainain, A., & Ashby, S. (2025). Enablers and barriers in FinTech adoption: A systematic literature review of customer adoption and its impact on bank performance. FinTech, 4(3), 49. https://doi.org/10.3390/fintech4030049

An, Y. J., Choi, P. M. S., & Huang, S. H. (2021). Blockchain, Cryptocurrency, and Artificial Intelligence in Finance. In Fintech with Artificial Intelligence, Big Data, and Blockchain (pp. 1-34). Singapore: Springer Singapore. https://doi.org/10.1007/978-981-33-6137-9_1

Apostu, S. A., Panait, M., Vasile, V., Sharma, G. D., & Vasile, R. (2023). FinTechs and financial inclusion—Balkan experience: Digital perspectives on financial markets. The Electronic Journal of Information Systems in Developing Countries, 89(2), e12257. https://doi.org/10.1002/isd2.12257

Asif, M., Khan, M. N., Tiwari, S., Wani, S. K., & Alam, F. (2023). The impact of fintech and digital financial services on financial inclusion in India. Journal of Risk and Financial Management, 16(2), 122. https://doi.org/10.3390/jrfm16020122

Awotunde, J. B., Adeniyi, E. A., Ogundokun, R. O., & Ayo, F. E. (2021). Application of big data with fintech in financial services. In Fintech with Artificial Intelligence, Big Data, and Blockchain (pp. 107-132). Singapore: Springer Singapore. https://doi.org/10.1007/978-981-33-6137-9_3

Barroso, M., & Laborda, J. (2022). Digital transformation and the emergence of the Fintech sector: Systematic literature review. Digital Business, 2(2), 100028. https://doi.org/10.1016/j.digbus.2022.100028

Bayero, M. A. (2015). Effects of cashless economy policy on financial inclusion in Nigeria: An exploratory study. Procedia-Social and Behavioral Sciences, 172, 49-56. https://doi.org/10.1016/j.sbspro.2015.01.334

Benami, E., & Carter, M. R. (2021). Can digital technologies reshape rural microfinance? Implications for savings, credit, & insurance. Applied Economic Perspectives and Policy, 43(4), 1196-1220. https://doi.org/10.1002/aepp.13151

Berg, G., Guadamillas, M., Natarajan, H., & Sarkar, A. (2020). Fintech in Europe and Central Asia: Maximizing Benefits and Managing Risks, World Bank. Available at: https://doi.org/10.1596/33591 (Accessed: 12 June 2024).

Cao, L., Yang, Q., & Yu, P. S. (2021). Data science and AI in FinTech: An overview. International Journal of Data Science and Analytics, 12(2), 81-99. https://doi.org/10.1007/s41060-021-00278-w

Corrado, G., & Corrado, L. (2017). Inclusive finance for inclusive growth and development. Current Opinion in Environmental Sustainability, 24, 19-23. https://doi.org/10.1016/j.cosust.2017.01.013

Casselman, R. M., Sama, L. M., & Stefanidis, A. (2026). A perfect storm: ethical challenges for consumer fintech in developing economies. Critical Perspectives on International Business, 1-20. https://doi.org/10.1108/cpoib-09-2025-0210

Dai, R. M. (2020). Fintech as a catalyst for growth of micro, small and medium enterprises in Indonesia. Academy of Strategic Management Journal, 19(5), 1-12.

Danladi, S., Prasad, M. S. V., Modibbo, U. M., Ahmadi, S. A., & Ghasemi, P. (2023). Attaining sustainable development goals through financial inclusion: exploring collaborative approaches to Fintech adoption in developing economies. Sustainability, 15(17), 13039. https://doi.org/10.3390/su151713039

Demir, A., Pesqué-Cela, V., Altunbas, Y., & Murinde, V. (2022). Fintech, financial inclusion and income inequality: a quantile regression approach. The European Journal of Finance, 28(1), 86-107. https://doi.org/10.1080/1351847X.2020.1772335

Ebirim, G. U., & Odonkor, B. (2024). Enhancing global economic inclusion with Fintech innovations and accessibility. Finance & Accounting Research Journal, 6(4), 648-673.

Ediagbonya, V., & Tioluwani, C. (2023). The role of fintech in driving financial inclusion in developing and emerging markets: issues, challenges and prospects. Technological Sustainability, 2(1), 100-119. https://doi.org/10.1108/TECHS-10-2021-0017

Feghali, K., Mora, N., & Nassif, P. (2021). Financial inclusion, bank market structure, and financial stability: International evidence. The Quarterly Review of Economics and Finance, 80, 236-257. https://doi.org/10.1016/j.qref.2021.01.007

Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87, 537-580. https://doi.org/10.1007/s11573-017-0852-x

Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220-265. https://doi.org/10.1080/07421222.2018.1440766

Jarvis, R., & Han, H. (2021). FinTech innovation: Review and future research directions. International Journal of Banking, Finance and Insurance Technologies, 1(1), 79-102.

Kara, A., Zhou, H., & Zhou, Y. (2021). Achieving the United Nations' sustainable development goals through financial inclusion: A systematic literature review of access to finance across the globe. International Review of Financial Analysis, 77, 101833. https://doi.org/10.1016/j.irfa.2021.101833

Kim, J. H. (2016). A study on the effect of financial inclusion on the relationship between income inequality and economic growth. Emerging Markets Finance and Trade, 52(2), 498-512. https://doi.org/10.1080/1540496X.2016.1110467

Lasak, P., & Gancarczyk, M. (2021). Systemizing the impact of fintechs on the efficiency and inclusive growth of banks' services: A literature review. The Digitalization of Financial Markets, 123-142.

Mamonov, S. (2020). The role of information technology in FinTech innovation: insights from the New York City ecosystem. In Responsible Design, Implementation and Use of Information and Communication Technology: 19th IFIP WG 6.11 Conference on e-Business, e-Services, and e-Society, I3E 2020, Skukuza, South Africa, April 6–8, 2020, Proceedings, Part I 19 (pp. 313-324). Springer International Publishing. https://doi.org/10.1007/978-3-030-44999-5_26

Mhlanga, D. (2024). The role of big data in financial technology toward financial inclusion. Frontiers in Big Data, 7, 1184444. https://doi.org/10.3389/fdata.2024.1184444

Morgan, P. J. (2022). Fintech and financial inclusion in Southeast Asia and India. Asian Economic Policy Review, 17(2), 183-208. https://doi.org/10.1111/aepr.12379

Mpofu, O., & Sibindi, A. B. (2022). Informal finance: a boon or bane for African SMEs?. Journal of Risk and Financial Management, 15(6), 270. https://doi.org/10.3390/jrfm15060270

Nandru, P., Chendragiri, M., & Velayutham, A. (2021). Examining the influence of financial inclusion on financial well-being of marginalized street vendors: an empirical evidence from India. International Journal of Social Economics, 48(8), 1139-1158. https://doi.org/10.1108/IJSE-10-2020-0711

Nangin, M. A., Barus, I. R. G., & Wahyoedi, S. (2020). The effects of perceived ease of use, security, and promotion on trust and its implications on fintech adoption. Journal of Consumer Sciences, 5(2), 124-138. https://doi.org/10.29244/jcs.5.2.124-138

Sharma, A., Adekunle, B. I., Ogeawuchi, J. C., Abayomi, A. A., & Onifade, O. (2021). Governance challenges in cross-border fintech operations: Policy, compliance, and cyber risk management in the digital age. IRE Journals, 4(9), 1-8.

Singh, R., Malik, G., & Jain, V. (2021). FinTech effect: measuring impact of FinTech adoption on banks' profitability. International Journal of Management Practice, 14(4), 411-427. https://doi.org/10.1504/IJMP.2021.116587

Sujee, S., Solanki, R., & Dalwai, T. (2022, March). Technology innovations for business growth–impact of AI and blockchain on financial services. In International Conference on Business and Technology (pp. 1283-1292). Cham: Springer International Publishing. https://doi.org/10.1007/978-3-031-08954-1_111

Suryono, R. R., Budi, I., & Purwandari, B. (2020). Challenges and trends of financial technology (Fintech): a systematic literature review. Information, 11(12), 590. https://doi.org/10.3390/info11120590

Tay, L. Y., Tai, H. T., & Tan, G. S. (2022). Digital financial inclusion: A gateway to sustainable development. Heliyon, 8(6). https://doi.org/10.1016/j.heliyon.2022.e09766

Thomas, H., & Hedrick-Wong, Y. (2019). How digital finance and fintech can improve financial inclusion. In Inclusive Growth: The Global Challenges of Social Inequality and Financial Inclusion (pp. 27-41). Emerald Publishing Limited. https://doi.org/10.1108/978-1-78973-779-020191004

Wang, M., Cho, S., & Denton, T. (2017). The impact of personalization and compatibility with past experience on e-banking usage. International Journal of Bank Marketing, 35(1), 45-55. https://doi.org/10.1108/IJBM-04-2015-0046

World Bank (2018) Financial Inclusion. Available at: https://www.worldbank.org/en/topic/financialinclusion/overview (Accessed: 12 June 2024).

Zhang, W., Siyal, S., Riaz, S., Ahmad, R., Hilmi, M. F., & Li, Z. (2023). Data security, customer trust and intention for adoption of Fintech services: an empirical analysis from commercial bank users in Pakistan. Sage Open, 13(3), 21582440231181388. https://doi.org/10.1177/21582440231181388

Zhang, C., & Zheng, X. (2021). Customization strategies between online and offline retailers. Omega, 100, 102230. https://doi.org/10.1016/j.omega.2020.102230

Unduhan

Diterbitkan

2026-06-30

Terbitan

Vol 8 No 1 (2026): Journal of Business and Political Economy: Biannual Review of The Indonesian Economy Review

Bagian

Articles

Lisensi

Hak Cipta (c) 2026 Journal of Business and Political Economy : Biannual Review of The Indonesian Economy

Creative Commons License

Artikel ini berlisensi Creative Commons Attribution 4.0 International License.

This work is licensed under a  Creative Commons Attribution 4.0 International License.