Financial Inclusion as Enabler for Innovation in Banking

Beatriz Fernandez-Olit (), Gloria Gonzalez-Sanz (), Oscar Sierra-Martin () and Elena Ortega-Diaz ()
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Beatriz Fernandez-Olit: University of Alcala (Spain)
Gloria Gonzalez-Sanz: Economistas sin Fronteras Foundation (Spain)
Oscar Sierra-Martin: Economistas sin Fronteras Foundation (Spain)
Elena Ortega-Diaz: Economistas sin Fronteras Foundation (Spain)

Foresight and STI Governance (Foresight-Russia till No. 3/2015), 2022, vol. 16, issue 3, 95-105

Abstract: Using the evidence from Spain, this study assesses the readiness of the banking sector of the EU countries to introduce technological and social innovations to implement the European policy of financial inclusivity. Despite the evident benefits for banks in terms of enhancing legitimacy and improving consumer knowledge and loyalty, mostly banks at present merely comply with the formal aspects of financial inclusion regulation, but are not going further in terms of technical or social innovation, using compliance to avoid the «stick» of regulation. In contrast, a review of the own banks’ corporate social responsibility strategies shows a higher level of commitment and innovation in terms of financial inclusion. Based on the analysis of institutional factors that determine the involvement of banks in the inclusivity policy, recommendations are proposed for adjusting development strategies in order to combine the efforts of the public and private sectors in the provision of public services.

Keywords: financial inclusion; knowledge-intensive services; public policy; innovation; new technologies; strategies; digitalization (search for similar items in EconPapers)
JEL-codes: G23 G28 G41 O35 (search for similar items in EconPapers)
Date: 2022
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