Abstract
Purpose: This research investigates the transformative impact of digital innovations within the financial services sector, particularly focusing on the evolution of digital banking and FinTech. The study aims to explore how digital banking products are being developed to enhance financial literacy and promote financial inclusion across diverse populations. Methodology: The research employs a comprehensive analysis of current trends and technologies, utilizing case studies and data-driven insights to assess the role of blockchain, artificial intelligence (AI), and machine learning in reshaping banking and financial services. The study examines the implications of these technologies on small business loans and wealth distribution. Findings: The findings reveal significant advancements in digital banking products, highlighting the increased accessibility and efficiency provided by these innovations. Emerging technologies have facilitated improved financial literacy and inclusion, particularly by enabling more accurate credit assessments and democratizing access to financial resources. The study underscores the pivotal role of AI in enhancing customer service through personalized experiences and predictive analytics. Unique Contribution to Theory, Policy, and Practice: This research makes a substantial contribution to academic theory by expanding the understanding of digital transformation in financial services. It provides critical insights for policymakers, emphasizing the importance of integrating technological advancements to foster financial inclusion and economic growth. Practically, the study offers strategic guidance for financial institutions seeking to implement innovative solutions, thereby improving service delivery and competitiveness in the evolving financial landscape. The research underscores the necessity for ongoing adaptation and investment in emerging technologies to meet the dynamic needs of consumers and businesses.
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