Digital Financial Services for Achieving Life Goals: Analysing Experiences of Rural Individuals in India

Abstract

A well-developed financial system facilitates the financial inclusion and development of people. Digital financial technologies have the potential to reach disadvantaged communities by providing secure, affordable, and stable financial services. The extant research on digital financial services concentrates mainly on the adoption of mobile money applications. Although investigating adoption provides an analytical lens to understand the individual’s intention to use technology, this line of investigation does not scrutinise the actual use of digital financial services and how they contribute to people’s goals in life. This empirical study examines the mechanisms by which individuals use digital financial services to achieve their diverse goals. This research adopts a qualitative approach to analyse experiences, views and feelings of rural individuals living in the villages of the Indian state of Uttar Pradesh. The preliminary findings from the ongoing fieldwork suggest that rural individuals use different digital financial services to meet their personal and professional objectives. While younger rural residents (i.e. 20-45 age group) believe that digital financial services can enhance their economic participation, senior rural community members perceive them as ‘messy’, ‘inconvenient’, and ‘tricky’. My presentation will include an overview of my research project, its significance, research methodology, analysis technique, preliminary findings, and pictures taken during my visits to the target villages.