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This paper aims to empirically examine the influence of macroeconomic and socioeconomic factors on improving financial inclusion in India, with a specific focus on two distinct indicators of financial inclusion.

This study has used a time-series data set covering the years 1996 to 2022, using a nonlinear autoregressive distributed lag methodology. This approach allows for the examination of both short- and long-run effects of key macroeconomic and socio-economic indicators, including GDP per capita growth, remittance inflows and the income share held by the lowest 20% of the population on the growth of two financial inclusion indicators: the number of commercial bank branches and ATMs per 100,000 adults.

Model-1 investigates how commercial bank branch growth affects financial inclusion. Positive remittance inflow growth and a rise in the income share of the bottom 20% both lead to increased financial inclusion in both the short and long term, with the effects being more pronounced in the long run. Conversely, negative effects of remittance inflow growth and a decline in GDP per capita growth lead to reduced financial inclusion, primarily affecting the long run. Focusing on ATM growth, Model-2 reveals that positive remittance inflow growth has the strongest impact on financial inclusion in the short term. While income share growth for the bottom 20% and GDP growth also positively influence financial inclusion, their effects become significant only in the long run. Conversely, a decline in GDP per capita growth hinders financial inclusion, primarily affecting the short run.

This study fills a gap in research on macroeconomic and socioeconomic factors influencing financial inclusion in India by examining the impact of GDP per capita growth, remittance inflows and the income share held by the lowest 20% of the population, an area relatively unexplored in the Indian context. Second, the study provides comprehensive distinct results for different financial inclusion indicators, offering valuable insights for policymakers. These findings are particularly relevant for policymakers working toward Sustainable Development Goal 8.10.1, as they can use the results to tailor policies that align with SDG objectives. Additionally, policymakers in other developing nations can benefit from this study’s findings to enhance financial inclusion in their respective countries.

There is an increasing shift toward cashless societies worldwide, with electronic payment networks at the forefront of facilitating this transition. The purpose of this research is to explore the critical role of domestic payment networks and to propose recommendations for the effective implementation of such networks.

This research paper uses a multiple-case study design, informed by global best practices in domestic payment systems. Using thematic and content analysis methodologies, this research rigorously analyzes secondary data sources to investigate the strategic importance of domestic payment networks to national economies and the motivations driving their developments.

This paper illuminates the role of domestic payment networks in advancing cost-effective transactions, enhancing financial inclusion and safeguarding national sovereignty. It highlights the growing trend among nations to prioritize the development of their own payment systems. The research further explores the strategic initiatives undertaken by governments to prefer domestic over multinational networks, thereby maintaining control over their financial systems and safeguarding economic interests. Additionally, the study addresses the challenges these networks face, providing a thorough analysis that serves as insight for policymakers and financial institutions aiming to develop and improve their domestic payment infrastructures amidst current and future challenges.

This study contributes to the existing literature on domestic payment networks by studying their significance within the global financial ecosystem, particularly highlighting their role in advancing financial inclusion and ensuring national financial sovereignty. This research paper uses competition state theory as a foundation for its arguments and provides policy and practical recommendations for policymakers and financial institutions. Through this synthesis, the research aims to facilitate the enhancement and strategic development of domestic payment infrastructures globally.

After completion of the case study, the students will be able to analyze the FinTech industry in emerging markets, distinguish the growth strategies for startups in the hyper-growth phase, using the Ansoff matrix, evaluate and select geographical markets for expansion (foreign country selection) and understand the liability of foreignness concept.

In 2015, Islam Shawky, Alain Al-Hajj and Mostafa Menessy founded Paymob in Egypt, a FinTech start-up providing technological and financial solutions to consumers and merchants in the country. The company had grown into one of Egypt’s most prominent digital payment providers by deploying infrastructure and technologies that empower the underserved with access to financial services. In 2021, Paymob had gained a lot of support from venture capital investors that ended with closing the largest in Egypt Series A fund of $18.5m led by Dubai-based venture capital firm Global Ventures. Although Paymob had already reached great success in Egypt, the founders’ vision was to become the regional leader of digital payments, focusing on small and medium-sized enterprises. So, they are considering regional markets similar to Egypt’s, such as the Kingdom of Saudi Arabia, a call with a lot of structure but a lot of competition, and Pakistan, a market with much less competition but relatively unstructured. The founders found themselves in early 2022 deciding between these two markets in preparation for the next round of Series B $50m funding.

This case study can be useful for courses in executive education.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.

This study attempts to recognize obstacles and barriers to financial inclusion in the agriculture sector, propose a framework based on the inter-contextual link between the barriers and understand the financial exclusion in the agriculture sector at the grassroots level. Previously published research articles were used to identify the barriers to financial inclusion, followed by informal interviews and collaborative discussions with the local farmers of the Sonipat district of Haryana and expert interviews using a structured questionnaire. TISM and MICMAC analysis are used to decern the nature of the relationship among the barriers discovered. The authors find that inadequate financial literacy, a shortage of financial awareness and the reluctance of various financial institutions are significant linkage barriers to strong driving and dependence power. High transaction costs and poor infrastructural support are the independent barriers. The paper identifies these new barriers to financial inclusion in the Indian agriculture sector and the framework depicting financial exclusion in India. This paper only gives a framework of barriers and does not quantify the effect of any relationship identified, but strongly emphasizes granting the Indian agriculture sector broad and simple financial access to advance and strengthen the nation's sustainable, inclusive economic growth.

This study aims to investigate the impact of FinTech on money laundering within the context of Nigeria. The motivation stems from observations suggesting that FinTech platforms might be used for illicit money transfers, particularly from developed to developing economies. While existing literature predominantly highlights the positive aspects of FinTech, there's a dearth of studies addressing its potential association with money laundering. Current understanding of this relationship relies heavily on anecdotal evidence derived from reported or convicted cases. Thus, the primary goal of this study is to analyze the influence of FinTech on money laundering while also considering the moderating effects of financial regulation and financial literacy as perceived by users. The research delves into regulatory perspectives concerning money laundering and FinTech.

To fulfill the study's objectives, a quantitative research design is used. A survey of 248 FinTech users in Nigeria is conducted using structured questionnaires. Data collected from the questionnaires is analyzed using partial least square structural equation modeling (PLS-SEM).

The quantitative analysis revealed a significant relationship between FinTech and money laundering and that financial regulation moderates the relationship between FinTech and money laundering in Nigeria, but such was not established with respect to financial literacy. The results of the quantitative approach that uses secondary data are consistent with the qualitative approach. FinTech the results indicate the presence of technology induced money laundering in Nigeria. Regulating technology-based anti-money laundering poses serious challenges for developing countries due to the absence of specific laws that mitigate the threats.

The paper focuses on Nigeria as a case study, which may limit the generalizability of the findings to other countries with different FinTech ecosystems, regulatory frameworks and financial literacy levels.

The finding is useful in developing guidelines and regulations by policymakers and strategies by practitioners in relation to FinTech, money laundering, financial regulation and financial literacy. On the basis of the above, the authors recommend regulation at the national and industry level to mitigate the adverse effect of technology on money laundering. Thus, multilateral partnerships can help in tackling tech-induced money laundering through strengthened cooperation.

Money laundering risks: The study highlights that FinTech, while beneficial, also poses significant risks for money laundering activities, especially in developing countries like Nigeria. Regulatory Importance: It emphasizes the critical role of financial regulations in mitigating the risks associated with FinTech and money laundering. Financial Literacy: The paper suggests that financial literacy does not significantly moderate the relationship between FinTech and money laundering, indicating the need for stronger regulatory measures rather than relying solely on financial literacy. Policy Formulation: The findings are crucial for policymakers to formulate strategies that balance the benefits of FinTech with the need to prevent money laundering and ensure financial system integrity.

This research presents a novel approach to methodology, specifically focusing on the qualitative research design, addressing population, sampling techniques and data collection methods. It emphasizes techniques aimed at ensuring measurement quality and achieving research objectives. Data collection used survey questionnaires, while analysis involved both statistical package for social science (SPSS) and PLS-SEM. SPSS facilitated descriptive and preliminary analyses, while PLS-SEM confirmed measurement quality and tested hypotheses. Ethical considerations were paramount throughout the research process, underscoring the commitment to maintaining originality in research endeavors.

This study aims to examine process improvement strategy (PIS) (proxied by remote work, workforce training, and technological innovation), and employee productivity amid the COVID-19 pandemic among bank employees.

The study employed cross-sectional and descriptive design by applying multistage sampling techniques using convenience sampling to select the study organization and stratified and simple random sampling to select 900 respondents for the study. Data were collected by using validated measures of the study variables designed into a questionnaire. Pearson’s correlation and simple regression analysis were employed to establish relationships and causal effects among variables respectively.

Results showed significant relationships between the PIS (work-from-home, workplace training, and technological innovation) and the outcome variable (employee productivity); and predictive capabilities between the PIS and the outcome variables (employee productivity). The study revealed that remote work accounted for the highest variability (R2 = 0.775) in employee productivity, followed by workplace training (R2 = 0.499), and finally investment in technological innovation (R2 = 0.486)] and as such PIS fosters employee productivity and may, therefore, be applied when faced with a similar pandemic in the future.

The study was recognized for its significance in examining how PIS supports enhancing employee productivity in banks and, by extension, other organizations during a pandemic. The research has proven to be crucial in providing insights into bank management in emerging economies and other organizations worldwide that have previously gone unnoticed during a pandemic. It has aided in the extension of existing literature on PIS and employee productivity by carefully developing a framework, thus covering practical knowledge gaps.

Future service interactions are anticipated to use humanoid robots in a society that is shifting to a digitalized era. Currently, it is evident that many businesses are replacing service interactions with self-service technologies (SSTs). This movement creates substantial societal changes that researchers have not paid sufficient attention to comprehend. In this setting, the purpose of this study is to examine the social drivers that influence customer mobility toward co-creating value via SSTs. The study also seeks to discover variations in customers' willingness and capacity to adopt SSTs.

To fulfill the research aims, a qualitative technique was adopted, with semistructured interviews conducted with 25 SST users from varied demographic backgrounds. To recruit individuals for the study, a nonprobabilistic purposeful sampling technique was adopted, with the goal of employing information-rich instances. The data were analyzed using thematic analysis.

The study identified eight social drivers that are important in the customer transition toward co-creating value with SSTs. According to the study, SSTs are characterized as a social trend in which adoption is accepted (social norm) and modifies social connections in a new direction. Using SSTs has evolved into a socializing tool that gives people social acknowledgment. Some people see SSTs as social pressure, putting them at a disadvantage if they do not adopt. People, on the other hand, acquire sufficient social support and independence to use SSTs. Customers were categorized into four groups depending on their willingness and ability to embrace SSTs: trendsetters, dreamers, old-fashioned and stragglers.

In practice, service providers can use this knowledge to successfully promote their SSTs and create enhanced client experiences through technological interfaces.

The study adds new knowledge by identifying social determinants in customer shifts toward SSTs, a phenomenon that has not been studied previously, and it adds to marketing theory by proposing a typology to group customers based on their ability and willingness to embrace SSTs.

This paper aims to provide insights into the potential of digital technologies-based innovations for more inclusive healthcare by alleviating the affordability, accessibility and availability barriers to utilization of healthcare services. Also, it aims to provide insights into the potential of digital technologies-based innovations for more inclusive services, broadly.

A conceptual framework is inductively developed by analyzing real-world examples of digital technologies-based innovations for more inclusive healthcare through the lenses of economics of information in digital form and certain characteristics of services.

Concurrent implementation of digital technologies-based healthcare innovations with innovations and/or modifications in service processes can enable greater inclusivity by alleviating the affordability, accessibility and availability barriers to utilization of healthcare services.

Issues relating to inequities in healthcare, as a social problem, are the focus of research at multiple levels (e.g. global, national, regional and local) in several academic disciplines. In relation to the scope of the problems and challenges pertaining to providing quality healthcare to the unserved and underserved segments of society, worldwide, the contribution of the proposed framework to practice is modest. However, by highlighting the promise and potential of digital technologies-based innovations as solutions for alleviating barriers to affordability, accessibility and availability of healthcare services during various stages (prevention, detection, diagnosis, treatment and post-treatment follow-up) with illustrative vignettes and developing a framework, the article offers insights for future research. For instance, in reference to mission-driven social enterprises that operate in the product-market space for inclusive innovations under resource constraints, a resourcefulness-based view of the social enterprise constitutes a potential avenue for theory development and research.

Given the conceptual nature of the article, the implications for practice are limited to cognitive implications. Action implications (instrumental implications or implications for practice) are outside of the scope of the article.

Innovations that are economically viable, environmentally sustainable and socially impactful is one of the important issues of our times.

The proposed framework provides insights into the potential of digital technologies-based innovations for more inclusive healthcare by alleviating the affordability, accessibility and availability barriers in the context of emerging and less developed country markets and base of the pyramid segments of society in these markets.

This article examines customer satisfaction in using banking services through Artificial Intelligence (AI) in India. It addresses two questions: first, will customers perceive AI technology as a reliable and efficient alternative to traditional banking practices; second, will AI save customers’ time.

The quantitative research method based on regression analysis models was adopted for hypothesis testing, with data collected from a survey of 189 banking customers from four banks, i.e., State Bank of India, Axis Bank, Punjab National Bank, and HDFC Bank in India.

AI improves banking customers’ experiences by making banking more accessible and enjoyable. Satisfied customers are quick to use cutting-edge AI tools. However, human service is more satisfying than digital service. AI has great potential but works alongside humans rather than replacing them. Even though AI’s novel architecture is helpful, human bank tellers are still needed in enhancing customer satisfaction.

AI’s integration in Indian banking, propelled by customer satisfaction, foresees a transformative landscape. This study uncovers AI’s role in saving time and improving customer satisfaction. While AI revolutionizes financial processes, its harmonious coexistence with human expertise emphasizes personalized and efficient services. This study provides insights for optimal AI utilization in shaping the future of banking.