Inclusive Design for Financially Disadvantaged (IDF)

Abstract

Objective: This study explores methods of enhancing inclusion in financial design to benefit the financially disadvantaged.<BR>Background: Since the global financial crisis, ’Financial inclusion’ has emerged as economic and social inequality has required social responsibility of the financial industry. However, financial services for the poor are provided temporary. To overcome the limitations of these problems. This study has been implemented to financial service through inclusive design.<BR>Method: Through a preliminary study on universal design and creating shared value (CSV), inclusive design (ID) is redefined into eight principles that encompasses social and economic values. Furthermore, 27 inclusive design for financially disadvantaged (IDF) items were derived from the ID principles through financial service case analysis and expert interviews. To investigate the relationship between the importance and perception of ID according to IDF, a survey was conducted with three financially disadvantaged groups and one general group (305 participants in total).<BR>Results: ANOVA analysis, ’Safety’ was considered as the most important principle, whereas ’Value’ was considered as the least important. Although the mean values of the eight principles were similar between the groups, there were notable differences between the four groups regarding the importance of eight IDF items. Factor analysis, all groups assembled the eight ID principles into four concepts. Notably, all groups associated ’Inclusivity’ with ’Ease of Use’. However, there were differences between the groups in the concept perceived of the six principles.<BR>Conclusion: Through this study, it was found that the ID principles had the potential to help realize financial inclusion. Further in-depth financial design studies will be required to take into consideration a wider variety of users and financial circumstances. <BR>Application: Research regarding the inclusiveness of financial design aims to ensure the financially disadvantaged can access and use financial services without restrictions.