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    Key challenges to digital financial services in emerging economies: the Indian context

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    Rana_Information_Technology_&_People (824.3Kb)
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    Publication date
    2019
    Author
    Rana, Nripendra P.
    Luthra, S.
    Rao, H.R.
    Keyword
    E-inclusion/exclusion
    Information society
    E-commerce
    Wireless technology
    Digital divide
    IS professionals
    Digital intrervention
    E-marketing
    Mobile system
    Electronic mediated environment
    Rights
    © 2019, Emerald Publishing Limited. This article is © Emerald Group Publishing and permission has been granted for this version to appear here: https://bradscholars.brad.ac.uk. Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited.
    Peer-Reviewed
    Yes
    
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    Abstract
    Purpose: Digital Financial Services (DFS) have substantial prospect to offer a number of reasonable, appropriate and secure banking services to the underprivileged in developing countries through pioneering technologies such as mobile phone based solutions, digital platforms and electronic money models. DFS allow unbanked people to obtain access to financial services through digital technologies. However, DFS face tough challenges of adoption. Realising this, the aim of this paper is to identify such challenges and develop a framework. Design/Methodology/Approach: We develop a framework of challenges by utilising Interpretive Structural Modelling (ISM) and Fuzzy MICMAC approach. We explored eighteen such unique set of challenges culled from the literature and further gathered data from two sets of expert professionals. In the first phase, we gathered data from twenty-nine professionals followed by eighteen professionals in the second phase. All were pursuing Executive MBA programme from a metropolitan city in South India. The implementation of ISM and fuzzy MICMAC provided a precise set of driving, linkage and dependent variables that were used to derive a framework. Findings: ISM model is split in eight different levels. The bottom level consists of a key driving challenge V11 (i.e. high cost and low return related problem) whereas the topmost level consists of two highly dependent challenges namely V1 (i.e. risk of using digital services) and V14 (i.e. lack of trust). The prescribed ISM model shows the involvement of ‘high cost and low return related problem (V11)’, which triggers further challenges of DFS. Originality/value: None of the existing research has explored key challenges to DFS in detail nor formulated a framework for such challenges. To the best of our knowledge, this is the first paper on DFS that attempts to collate its challenges and incorporate them in a hierarchical model using ISM and further divide them into four categories of factors using fuzzy MICMAC analysis.
    URI
    http://hdl.handle.net/10454/17475
    Version
    Accepted manuscript
    Citation
    Rana NP, Luthra S, Rao HR (2019) Key challenges to digital financial services in emerging economies: the Indian context. Information Technology & People. 33(1): 198-229.
    Link to publisher’s version
    https://doi.org/10.1108/ITP-05-2018-0243
    Type
    Article
    Collections
    Management and Law Publications

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