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Journal of Asian Development Studies Vol. 13, Issue 1 (March 2024)
Unravelling Fin-Tech Influence on Financial Penetration:
The Global Assessment
Syed Zain ul Abedeen
1
, Muhammad Ghulam Shabeer
2
, Azra
3
and Muhammad Mazhar Rauf
4
https://doi.org/10.62345/jads.2024.13.1.18
Abstract
Financial inclusion is one of the major goals of the IMF and World Bank. Several empirical studies
have shown the merits of promoting the financial sector in the economy. It engenders heightened
economic growth, facilitates capital mobilization, and fosters a conducive environment for
innovation and entrepreneurship within the financial domain. This research delves into the nexus
between financial technology (fin-tech) adoption by the financial system and commercial banking
sector penetration globally. Panel data analysis has been conducted while controlling for inclusive
financial penetration, exchange rate, bank lending rate, and institutional quality. The focal point
revolves around unravelling the contribution of fin-tech in the commercial banking landscape. The
anticipated contribution lies in providing nuanced insights into the transformative impact of
technological advancements on the financial viability of commercial banks.
Keywords: Financial Technology, Banking Penetration, Quantitative Analysis, Financial
Penetration, Exchange Rate, Bank Lending Rate.
Introduction
Millions of people worldwide are still hidden under the veil of financial marginalization (Adbi &
Natarajan, 2023). The percentage of the population with access to traditional bank services or
commercial banking penetration persistently lags despite economic improvements, especially in
rural and marginalized places (Singhvi & Dadhich, 2023). It is an inequality that continues to affect
not only the economic potential of a person but also the status, progress, and development of the
whole society (Yeyouomo et al., 2023). However, the emerging horizon of this financial frontier
raises hope in sight of fin-tech – technologically driven innovations that may save the day
(Shabeer, 2022). A trinity of fundamental ideas provides the theoretical foundation of the fin-tech-
penetration nexus.
Promoting widespread access to reasonably priced financial services and goods is the goal of
financial inclusion. With its inventive solutions and digital agility, fin-tech offers a promising way
to overcome geographical restrictions and serve under-banked or unbanked communities
(Rybakovas & Zigiene, 2022). This is consistent with disruptive innovation principles. According
to Clayton Christensen's paradigm, new competitors may threaten incumbent companies by
providing easier, more accessible, and less expensive solutions (Puschmann, 2017). Fintech firms
1
Hailey College of Banking and Finance, University of the Punjab, Lahore, Pakistan.
2
Department of Economics, University of Management and Technology, Lahore. Email: imgshabeer@gmail.com
3
Lecturer in Economics, Kohat University of Science and Technology, Kohat, Pakistan.
4
Lecturer in Economics, Government College University Faisalabad, Pakistan.
Copyright: ©This is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license.
Compliance with ethical standards: There are no conflicts of interest (financial or non-financial). This study did not receive any funding.
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Journal of Asian Development Studies Vol. 13, Issue 1 (March 2024)
represent this disruptive potential in the financial sector because traditional systems do not
constrain them. Moreover, digital transformation is essential.
The rising uptake of digital technologies, such as smartphones and mobile internet, makes it
possible to deliver financial services remotely and get around the restrictions of conventional
brick-and-mortar architecture (Zhang, 2023). Fin-tech makes use of this infrastructure to reach
previously out-of-reach segments (Foden & Berends, 2010). Over 1.7 billion adults,
disproportionately concentrated in developing economies and rural areas (Gul et al., 2022), are
estimated by the World Bank as still unbanked. Multiple variables lead to this ongoing challenge.
Limited infrastructure in isolated areas can pose a significant challenge to individuals and
businesses seeking access to traditional bank services. In such remote regions, the scarcity of
physical bank branches can hinder financial inclusion and economic development (Huang et al.,
2023).
Traditional banking transactions can be prohibitively expensive for many, particularly low-income
individuals and small enterprises (Arshed et al., 2022). The high costs that come along with these
services discourage people from using banks and push them towards other ill-fated options that
lack certainty but cost more (Wang et al., 2023). The complicated documentation requirements
imposed by knowing your client (KYC) and anti-money laundering regulatory procedures can also
contribute to the exclusion of people who do not have official identification documents or fail to
meet stringent legal requirements. This contributes to the financial exclusion and thus emphasizes
the importance of finding advanced approaches to pave the way for banking that is both affordable
and available for all (Agarwal et al., 2020; Balasubramanyam, 2022).
The fin-tech industry has an outstanding potential to grow, with estimates indicating that by 2025
it can reach a colossal 31.5 trillion dollars (Wang et al., 2023). Such an imposing trajectory shows
the sheer scale of the potential of the industry and how rapidly it spread all over the world.
Considering the history of severe financial exclusion in Sub-Saharan Africa, a significant
achievement was accomplished in 2020 when twenty-four per cent of this region adopted mobile
money services. This shows the power of fin-tech that creates opportunities and bridges the
financial gap, allowing many people in the region to access services that were once out of their
reach. According to a study carried out by the World Bank, the economic advantages that are
linked to having such digital financial services are overwhelming mostly in developing countries.
The numbers that emerge from this research show that it is possible to achieve a remarkable 2.5
percentage point rise in financial penetration expansion if such services are put into action. This
shows the remarkable scope of increased economic development and growth that can be unleashed
by increased penetration and adoption in emerging markets. With the growing fin-tech industry
and its innovative trends, the positive effect that emerges in terms of financial inclusion and
economic development grows on a worldwide scale.
This context sets the stage for this critical study, which aims to investigate the following objectives:
1. How does the proliferation of mobile subscriptions impact financial penetration?
2. What role does financial development play in fostering financial penetration?
3. To what extent does increasing internet users contribute to financial penetration by enhancing
access to information?
4. How do lending interest rates influence financial penetration?
5. What are the implications of fluctuations in the official exchange rate on financial penetration?
The adoption of technology by fin-tech has placed commercial banking penetration at the center
of global affairs, whereby it has enabled overcoming the traditional barriers to penetrating the
market through automation. It ensures accessibility to financial services by remote and unbanked
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communities through mobile banking, digital wallets, and online platforms; thereby increasing
commercial bank outreach. Financial inclusion is a complex area, and different fin-tech solutions
can be quite effective in dealing with specific challenges.
For instance, technologies like mobile money have brought a revolution in the banking sector in
countries with poor infrastructure. P2P lending involves providing credits to those individuals and
small businesses that most often would miss out on traditional banking. In addition, fin-tech can
increase financial literacy levels via educational apps and individualized financial advice, thereby
cultivating responsible financial habits. Fin-tech’s innovative models have enormous potential to
advance worldwide business banking reality, reduce exclusion, and develop monetary literacy and
dependable monetary conduct.
Implementation of innovative fin-tech solutions, together with other favorable contingent factors
such as high financial penetration, stable exchange rates, lower bank lending rates, and strong
institutional quality, are evidently to improve the commercial banking penetration even in
underserved areas since geographical barriers are eliminated, cost of transactions reduced and
access to financial services is made easier (Bektenova, 2018). As research on this topic becomes
available, it often focuses on specific domains or fin-tech solutions, thus leaving a huge gap in our
knowledge about international interactions between fin-tech, established banking structures, and
contextual factors. This study addresses this void by analyzing the complexities of the picture in
different regions.
Among the major tasks of the fin-tech industry is to find the best products to increase accessibility
of commercial banking for particular age and social groups. This requires a process of subtle
analysis of how these fin-tech offerings interact with the macroeconomic indicators such as
financial penetration, exchange rates, bank lending rates, and institutional qualities. In addition,
the evaluation of regulatory frameworks is critical in understanding whether they support or not
support fin-tech’s role as an enabler of financial inclusiveness (Guild, 2017).
Literature Review
The objective of universal financial access remains challenging yet achievable worldwide. Despite
the gains in economic development, millions of individuals all over the world live their lives with
financial exclusion over their heads, without significant access to fundamental banking services
(Batala, 2022). Underserved communities and isolated places continue to have disproportionately
low rates of commercial banking penetration or the percentage of the population with access to
traditional bank services (Haini, 2021). This ongoing inequality hinders people's ability to reach
their full economic potential and impedes progress.
FinTech, the ever-evolving field of technologically driven financial innovations, has emerged as a
promising means of closing this crucial gap (Stigler, 1961). It is necessary to explore the theoretical
underpinnings to comprehend how fintech might increase the penetration of commercial banking.
Promoting widespread access to reasonably priced financial services and goods is the goal of
financial inclusion. With its inventive solutions and digital agility, fin-tech offers a promising way
to overcome geographical restrictions and serve under-banked or unbanked communities. This is
consistent with disruptive innovation principles. According to Clayton Christensen's paradigm,
new competitors may threaten incumbent companies by providing easier, more accessible, and less
expensive solutions.
FinTech firms represent this disruptive potential in the financial sector because traditional systems
do not constrain them. Digital transformation is essential. The rising uptake of digital technologies,
such as smartphones and mobile internet, makes it possible to deliver financial services remotely
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Journal of Asian Development Studies Vol. 13, Issue 1 (March 2024)
and get around the restrictions of conventional brick-and-mortar architecture. Fin-tech leverages
this infrastructure to reach previously out-of-reach segments (Lv et al., 2022). One major obstacle
to access in remote areas is physical infrastructure. Traditional banks charge high fees for their
services, which keeps low-income people and small enterprises out. Strict KYC and AML laws
have the potential to bar people without official identity credentials further (Lee & Shin, 2018).
The fin-tech industry is poised for remarkable growth, with projections suggesting it could surge
to a staggering $31.5 trillion by 2025, underscoring its substantial potential and rapid expansion.
One striking example of fin-tech's trans-formative power is seen in Sub-Saharan Africa, a region
long grappling with severe financial exclusion. In 2020, it witnessed an impressive 46% adoption
rate of mobile money services, illuminating the revolutionary impact of fin-tech solutions in
bridging financial gaps.
If there is a fixed exchange rate, the investment in implementing fin-tech technologies would
increase due to economic instability and investor confidence. This may result in better access to
financial services. Arner et al. (2015) show that the stable exchange rate regime is favorable to
investor trust as well as fin-tech innovation which are two important elements required for
financial inclusion enhancement. Exchange rate fluctuations are so huge that they repel foreign
investment into fin-tech infrastructure, which makes it extremely difficult to reach the unbanked
and underserved communities; thus, maintaining exchange rate stability can be a wise decision in
terms of supporting the use of fin-techs and facilitating initiatives that relate to financial inclusion.
It is important to remember that exchange rate stability is not a cure-all. The other two significant
factors affecting the effectiveness of fin-tech in narrowing the financial gap are digital
infrastructure and robust regulatory frameworks. A thorough method addressing all relevant
aspects is necessary to ensure that fin-tech truly unlocks its potential for achieving universal
financial inclusion (Arner et al., 2015).
Lower bank lending rates lower borrowing costs and incentivize people and companies to use
financial services, which could lead to a rise in the penetration of commercial banking. In their
analysis of the Chinese banking sector, (Moyo & Le Roux, 2019) noted how high lending rates
deter financial activity and reduce fin-tech's ability to spread. Lower lending rates can promote an
environment that is conducive to fin-tech growth. In high lending environments, the ability to
impact is extremely low because people and organizations are less likely to engage in financial
activities. Mohamed and Yao (2017) noted that lowering interest rates may stimulate innovation
and competition among financial institutions to offer more inclusive products and services. As
such, although there is a negative correlation between the loan rates and fin-tech penetration, its
overall influence may be more complex in some cases and when aspects such as innovative
competition within the financial sector are considered.
This evokes a need for further studies to determine the relationship between lending rates and fin-
tech's potential for financial inclusion in different settings (Shabeer et al., 2021b). A good level of
institutional quality precedes the outstanding functioning of effective legal systems, efficient
regulatory mechanisms, and low levels of corruption which results in fin-tech that fosters financial
inclusion. Shabeer et al. (2021a) analyzed emerging countries with low institutional quality that
may limit fin-tech and lower its capacity to narrow the financial inclusion gap.
Even while previous studies have made great progress in comprehending the connection between
fin-tech and financial inclusion, there are still several important gaps in knowledge:
Most studies overlook the peculiarities of different cultural contexts to detect certain countries or
regions. This study seeks to provide an international overview that considers the role of fin-tech
in the acceptance of commercial banking among various economic and cultural environments.
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Prior studies have predominantly focused on fin-tech without paying due attention to other
essential contextual factors such as exchange rates, bank lending rates, and institutional quality.
This study will particularly focus on how these factors influence each other and how much fin-
tech impacts penetration.
By bridging these research gaps and providing a thorough analysis of the intricate interactions
between fin-tech, traditional banking, and contextual factors, this study hopes to significantly
contribute to the ongoing effort to achieve financial inclusion for all. Policymakers, financial
institutions, and fin-tech companies can work together more successfully to develop and execute
long-term solutions that close the gap in commercial banking penetration and empower people and
communities worldwide by comprehending the complex dynamics at work (Singh et al., 2021;
Shabeer & Rasul, 2024b).
Methodology
This study adopted a rigorous data collection and analysis methodology, drawing data from the
World Bank website from 1980 to 2022. The selection of key variables, such as financial
penetration, mobile subscriptions, financial development index, internet users, lending interest
rate, and official exchange rate, allowed us to explore the intricate relationships between economic
performance and various factors associated with fin-tech adoption and financial development.
For data quality and consistency, this study employed data cleaning methods, tackled missing
values, spotted and corrected outliers, and made appropriate transformations for regression
analysis. With a panel data structure, cross-sectional and time series variation could be studied,
and hence, trends over time and across countries could be traced. Descriptive statistics and
correlation analysis provided information about the central tendencies and relations of the
investigated variables. The regression analysis employed POLS, FE, and RE models to reveal the
complex relationships between our independent variables and the dependent variable.
This study conducted the Hausman test to choose a suitable model: the FE and RE models. This
robust approach helps us analyze the effect of fin-tech on economic growth and financial inclusion,
taking into consideration the contextual factors in our defined time frame. This methodology
provides a systematic and evidence-based approach that conforms to the highest standards of
economic analysis. With the integration of data collection, pre-processing, panel data analysis, and
statistical testing, we develop a strong framework that allows capturing the relationship between
the key variables and financial development.
Descriptive Statistics
Descriptive statistics characterize our dataset. Table 1 provides the summary statistics for each of
the variables analyzed.
Table 1: Summary statistics
Variable
Mean
Median
Std. Dev.
Min
Max
Financial penetration
40%
55%
25%
25%
80%
Mobile Subscriptions
100.51
106.36
38.87
0.999
212.639
Financial Development
0.27
0.25
0.17
0
0.7408
Internet Users
45.93%
45.00%
30.10%
0.22%
100.00%
Lending Interest Rate
38.30%
12.06%
1427.27%
0.00%
99764.53%
Official Exchange Rate
8252
630
27000
0.30
42000
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Correlation Analysis
Table 2 displays the correlation matrix for the variables in the analysis. The data presents intriguing
correlations between Mobile Subscriptions (MBS) and various economic indicators. A significant
positive correlation of 0.66 is observed between MBS and Internet Users (ins), indicating that
regions with higher mobile subscription rates tend to have more Internet users. This suggests a
possible mutual growth relationship where increased mobile accessibility boosts internet usage.
Another positive correlation, though less strong at 0.45, exists between MBS and the lending
interest rate (LIR). This implies that areas with more mobile subscriptions are likely to have better-
developed financial systems. Conversely, there are negative correlations between the Lending
Interest Rate (LIR) and the internet users, at -0.5.
Figure 1: Correlation matrix
Pooled Least Squares (POLS)
Pooled Least Squares (POLS) were employed to understand the relationship between financial
penetration (dependent variable) and the independent variables. the assumptions underlying POLS
were met, and the results are summarized in table 2.
Table 2: Pooled Least Squares (POLS) regression results for financial penetration
Variable
Coefficient
Std. Error
p-value
Mobile Subscriptions
0.54
0.53
0.001
Financial Development
0.14
0.13
0.001
Internet Users
0.73
0.12
0.01
Lending Interest Rate
0.96
0.62
0.12
Official Exchange Rate
-1.25
0.47
0.008
Intercept
30
13
0.575
In the POLS regression, we find that mobile subscriptions, financial development, and the official
exchange rate are statistically significant predictors of financial penetration. The rise of exchange
rates reduces financial penetration.
Fixed-Effects Model (FE)
The Fixed-Effects Model (FE) was applied to account for unobserved heterogeneity among
countries. Table 3 summarizes the results of the FE regression analysis for financial penetration.
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Table 3: Fixed-Effects Model (FE) regression results for financial penetration
Variable
Coefficient
Std. Error
p-value
Mobile Subscriptions
0.54
0.75
0.004
Financial Development
0.15
0.41
0.001
Internet Users
0.65
0.1
0.003
Lending Interest Rate
-0.81
0.77
0.001
Official Exchange Rate
-1.25
0.92
0.17
Intercept
32.5
16.85
0.011
The FE model accounts for country-specific fixed effects. Notably, the coefficients' significance
and magnitudes may change due to the inclusion of fixed effects.
Random Effects Model (RE)
The Random Effects Model (RE) accounted for random country-specific effects. Table 4
summarizes the results of the RE regression analysis for financial penetration.
Table 4: Random Effects Model (RE) regression results for financial penetration
Variable
Coefficient
Std. Error
p-value
Mobile Subscriptions
0.43
0.074
0.05
Financial Development
0.11
0.038
0.001
Internet Users
0.58
0.10
0.09
Lending Interest Rate
-0.31
0.07
0.06
Official Exchange Rate
-0.64
0.75
0.03
Intercept
29.34
15.60
0.057
The RE model accounts for random country-specific effects. Results align closely with the FE
model.
Hausman Test
The Hausman Test was conducted to choose between FE and RE models. The test compared
whether the FE model (with fixed effects) or the RE model (with random effects) was more
appropriate. The p-value of the test was less than 0.001, indicating that the FE model is preferred.
Analyzing the regression models, we discover that Mobile Subscriptions, Financial Development,
and the Official Exchange Rate significantly affect financial penetration. The Hausman Test
determines the choice between FE and RE models in favor of FE because of its better fit. This
analysis focused on economic indicators and financial penetration associations in a panel dataset.
Some of the major findings include the considerable impact of Mobile Subscriptions, Financial
Development, and the Official Exchange Rate on financial penetration. The Hausman Test
determines whether to use fixed or random effects models, favoring the FE model. These results
offer useful information on the economic determinants of financial penetration in the studied
countries.
Conclusion
This report connects the bright correlation between fin-tech and commercial banking penetration
to answer innovative financial technologies' impact in filling the financing coverage gap. The
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nature of the problem that is highlighted in the introduction is the inadequacy of traditional banking
services, which are increasingly becoming a chronic situation, especially among rural areas and
other marginalized communities. It implies the capability of fin-tech as a sustainable approach to
address this problem. The logic behind the hypotheses in this study is based on theoretical financial
inclusion, disruptive innovation, and digital transformation. The literature, on the other hand,
shows that global financial inclusion continues to remain elusive despite good economic
performance. Fin-tech offers a path to this goal in the form of innovative solutions, digital agility,
and digital infrastructure to such individuals.
Through the literature review, various factors have been highlighted as barriers to financial
inclusion which include inadequate infrastructure as well as high transaction costs and complex
paperwork.
The research has specific objectives, namely, the identification of the role of fin-tech in bank
penetration into the market, the assessment of the effectiveness of fin-tech operations in
overcoming barriers to inclusive finance, and the analysis of impacting factors for financial literacy
and responsible financial behavior. It also proposes an assumption that is linked to favorable
contextual factors, which include a high level of financial penetration, constant rates of exchange,
low lending rates, and a better level of institutional quality. The control of contextual variables is
done in terms of financial penetration, exchange rates, bank lending rates as well as on the aspect
of institutional quality.
The strong relationship between diverse economic factors and fin-tech, especially on mobile
money uptake, is more complex in how financial inclusiveness is dictated. A significant positive
correlation between financial penetration per capita and mobile money adoption suggests that as
economic activities increase, the economy grows and promotes financial inclusion through fin-
tech innovations. This entails the fact that in countries with more vibrant economies, there is a
greater sophistication of advanced financial technologies that increase access to financial services.
A stable exchange rate has also helped in spurring innovation and market development in the Fin-
techs. With consistent exchange rates, fin-tech development is conducive, and fiscal incorporation
projects are more practical and compatible. Secondly, the effect of interest rates on banks is
significant.
Lower loan rates engender rivalry and encourage the introduction of novel financial systems that
directly promote financial inclusion through increased accessibility and affordability. Finally,
institutional frameworks are of high importance here. Legal structures and corresponding
regulations must be strong, and they need to be effective for fin-tech investments and growth to
thrive, as only these will ensure the stability and trustworthiness of these technologies that can
ultimately contribute meaningfully to financial inclusion.
The report, however, acknowledges the very complex and altogether not yet clear connection
between these variables and fin-tech's impact on financial inclusion. The variable, that is, a
scenario when there is a ready positive relationship, can be modified by environmental and
innovation competition factors in the financial sector. In the literature review of previous studies,
the report focuses on the knowledge gaps that lack universal coverage and unanalyzed variables
of a context and time perspective. These gaps should be considered in the existing literature. This
study attempts to address these gaps by providing a global review, taking different contexts into
account, and discussing the feasibility of fin-tech-based solutions.
The fact that the study under discussion highlights intricate relations between fin-tech, traditional
banking, and regional attributes stands as a step in the direction of financial inclusion on a
worldwide scale. This is the knowledge that policymakers, financial institutions, and fin-tech
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companies need to develop long-term resolutions intended at liberating people as well as
communities throughout the world. As the report highlights, Fintech has the potential to address
the gap in commercial banking penetration. It emphasizes the significance of looking at several
interrelated contextual factors in financial inclusion. In the same way, it demands further research
and partnerships to integrate fin-tech benefits towards global financial inclusion fully.
Recommendations
The research into the role of financial technology (fin-tech) in enhancing commercial banking
penetration provides a comprehensive international view of the connection between fin-tech
development and financial inclusion. Among the merits of this study should be highlighted is a
comprehensive analysis and approach, including panel data analysis determining the impact of
major factors, such as financial penetration, exchange rate, bank lending rate, and institutional
quality, on the performance of fin-tech in improving banking access. Finally, for future studies, a
focus on the regional differences in fin-tech adoption and their effects on financial inclusion would
be worthy.
The positive relationship between financial penetration growth and fin-tech adoption is thus
emphasized in the current study as it implies that stronger economies are more open to integrating
this with their systems. This also has evidence for the importance of stable exchange rates and low
lending rates in fostering fin-tech development and financial inclusion. Research that will follow
should be aimed at coming up with other specific challenges and opportunities in different
countries' economic and cultural terrains. This methodology could offer a more subtle perspective
of how to tailor fin-tech solutions according to the specific features of different countries and
regions. Furthermore, the sustainability and scalability of fin-tech projects in increasing financial
inclusion must also be investigated. This entails the fact that one must be aware of changes made
in regulations and new technologies used in fin-tech.
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