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Publication Information
Published by: Admin
Published: 5 days ago
View: 1
Pages: 27
ISBN: 1
Download PDF (EN)
Abstract
Coronavirus
disease 2019 (COVID-19) pandemic presented significant disruptions across
sectors, with the financial industry being no exception. In response, banks
accelerated digital transformation to maintain resilience and continuity. This
chapter explores the role of digital transformation in promoting inclusive
finance during the pandemic. Key innovations identified include mobile banking,
AI-powered chatbots, fully digital banks, and biometric authentication. The
chapter underscores that inclusive finance is anchored on core principles such
as affordability, usability, and financial literacy. The chapter highlights how
digital transformation has helped address inclusive finance barriers including
gender disparities, inadequate infrastructure, and low digital literacy.
However, despite its transformative potential, digital banking faces challenges
ranging from regulatory constraints and cybersecurity risks to outdated systems
necessitating innovation, FinTech collaboration, and comprehensive reform strategies.
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