Mapping the Landscape of Fintech-Driven Financial Inclusion in Financial Services: A Bibliometric Study

Abstract

Fintech possesses significant strength in this era of financial evolution. Modern times are defined by the adaptation of innovative technologies, which have a substantial impact on customers who have acknowledged the raw drawbacks of the traditional banking system. This has led to the introduction of new technologies to address these shortcomings. This study aims to review the digital banking system, which not only supports online banking and new financial technology but also promotes financial inclusion. Innovations such as digital banking and electronic wallets are cost-effective and timesaving for customers, thereby enhancing their financial accessibility.

A literature review and bibliometric analysis were conducted using the Scopus database to identify trends in digital financing. The study's purpose was to identify relevant documents within this database by adhering to predetermined parameters, including document type, publication period, and English language. Initially, 947 articles were found that supported the research title using keywords from Scopus. After applying subject-related filters, 884 documents were received for further refinement. This number was limited to 550 articles, then refined to 509 final documents, with 498 comprising English-language publications from 2017 to 2024.

The analysis shows that the primary subjects in this domain are finance, financial services, financial inclusion, the financial system, and financial markets, confirming the sector's central focus. Financial inclusion has contributed significantly to customer accessibility. Banking and digital payments, which lead to electronic money, mobile payments, and electronic wallets, greatly facilitate customers. The introduction of innovative technology has been instrumental in transforming the financial industry, driving the adaptation of new technology and innovation. This transformation aligns with broader economic development, including economic growth, the eradication of poverty, and dynamic economic power.

The adaptation of FinTech is revolutionizing financial services, making transactions faster, more secure, and accessible to a broader audience. The current study found that the introduction and adaptation of technology in developing economies have established a new trend of self-service in digital finance. This leads to economic advancement in developed domains, as digital financing services are timesaving and cost-reduction strategies. Consequently, the trend of using digital financing is more pronounced in developed countries and is a driving force behind development in the modern world.