Financial Inclusion as Enabler for Innovation in Banking
Authors
Fernández Olit, Beatriz Rosa; Gonzalez-Sanz, Gloria; Sierra-Martin, Óscar; Ortega Díaz, ElenaIdentifiers
Permanent link (URI): http://hdl.handle.net/10017/60435DOI: 10.17323/2500-2597.2022.3.95.105
ISSN: 2312-9972
Date
2022Bibliographic citation
Foresight and STI Governance, 2022, v. 16, n. 3, p. 95-105
Keywords
Financial inclusion
Knowledge-intensive services
Public policy
Innovation
New technologies
Strategies
Digitalization
Document type
info:eu-repo/semantics/article
Version
info:eu-repo/semantics/publishedVersion
Rights
Attribution 4.0 International (CC BY 4.0)
Access rights
info:eu-repo/semantics/openAccess
Abstract
Using evidence from Spain, this study assesses the readiness of the banking sector of the EU to introduce technological and social innovations to implement the European policy of financial inclusivity. Despite the evident benefits for banks in terms of enhancing legitimacy and improving consumer knowledge and loyalty, mostly banks at present merely comply with the formal aspects of financial inclusion regulation, but are not going further in terms of technical or social innovation, using compliance to avoid the ?stick? of regulation. In contrast, a review of the banks? own corporate social responsibility strategies shows a higher level of commitment and innovation in terms of financial inclusion. Based on the analysis of institutional factors that determine the involvement of banks in the inclusivity policy, recommendations are proposed for adjusting development strategies in order to combine the efforts of the public and private sectors in the provision of public services.
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Financial_Fernández_FSG_2022.pdf | 249.4Kb |
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