Financial Innovation, Inclusion and Socio-Economic Development: An Experience from Cross Country Analysis

Simontini Das (), Trisha Bhattacharya and Rilina Banerjee
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Simontini Das: Jadavpur University, Department of Economics
Trisha Bhattacharya: Government of West Bengal, Department of School Education

Chapter 3 in Financial Inclusion for Viksit Bharat, 2026, pp 91-119 from Springer

Abstract: Abstract The present paper undertakes an in-depth study of process based financial innovation and its socio economic perspectives through financial inclusion. The multi-country analysis confirms that process based innovation have positive impacts on macroeconomic performances of an economy. Per capita income, human developmental status and unemployment status measure the country-level socio-economic performance. Secondary data exploration delineates that the dissemination rate is quite satisfactory for ICT backed process innovation across the countries. Simultaneous equation model estimation demonstrates that in the last decade, financial process innovation has significant affirmative impacts on per capita income of the economies through financial inclusion irrespective of their existing development status. The process innovation significantly reduces percentage of unemployment and improvises the status of human development only in the developing countries, inferring that the innovative financial process fails to create additional job opportunities after reaching a threshold level of development.

Keywords: Financial process innovation; Financial inclusion; Macroeconomic performance; G1; G2; O33; O1 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-92-0807-4_3

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DOI: 10.1007/978-981-92-0807-4_3

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