IMPACT OF FINTECH ON TRADITIONAL

BANKING: FINANCIAL INCLUSION AND

DIGITAL TRANSFORMATION IN THE
21ST CENTURY
MINOR PROJECT

Student Name: K.TAJ KUMAR RAO

Student ID: A9920123007715 (el)
Course Name: Masters in Business Administration
Opted Specialization- Specialization in Finance
Date: 5th January, 2025
 CONTENTS

SL NO. TOPIC PAGE NO.

1 ABSTRACT 2

2 INTRODUCTION OF THE STUDY 2

3 OBJECTIVES OF THE STUDY 3-4

4 LITERATURE REVIEW 4-5

5 RESEARCH METHODOLOGY 5-7

6 DATA ANALYSIS & INTERPRETATION 7-8

7 RESULTS & DISCUSSIONS 9-10

8 RECOMMENDATIONS & CONCLUSION 10

9 BIBLIOGRAPHY & REFERENCES 11

1|P a ge
1) ABSTRACT
The financial services industry is undergoing a profound transformation, driven largely by the
rise of Financial Technology (Fintech). Over the past decade, Fintech has significantly altered
how financial services are delivered, expanding access, improving efficiency, and reducing
costs for both consumers and financial institutions. While Fintech innovations, such as mobile
banking, blockchain technology, peer-to-peer lending, artificial intelligence (AI), and
cryptocurrencies, have democratized financial services, they have also presented challenges
to traditional banking models that have relied on physical branches, centralized systems, and
legacy technologies.

This project examines the impact of Fintech on the traditional banking sector, with a focus
on how it contributes to financial inclusion, digital transformation, and the broader
economic implications for both developed and developing economies. By utilizing secondary
research, including reports from industry leaders such as Accenture, Deloitte, and PwC,
along with academic literature, this study explores the shifting dynamics of the banking
industry in the context of the digital revolution. It also delves into how Fintech is driving
financial inclusion, particularly in emerging markets, where vast populations remain
unbanked or underbanked.

2) INTRODUCTION OF THE STUDY

The financial services industry has historically been characterized by centralized institutions,
face-to-face interactions, and manual processes. Banks, insurance companies, and other
financial intermediaries have traditionally served as the gatekeepers of financial services,
determining who has access to capital, credit, insurance, and other essential services. However,
the rapid rise of Financial Technology (Fintech) has dramatically reshaped this landscape,
introducing a wave of digital solutions that are challenging established business models,
regulatory frameworks, and customer expectations.

Fintech refers to the use of technology to improve or automate financial services, ranging from
digital payments and mobile banking to blockchain-based platforms and artificial intelligence
(AI) in credit scoring and fraud detection. These technological innovations have made financial
services more accessible, efficient, and cost-effective, especially for populations that were
traditionally underserved or excluded from the formal financial system. For example, in many
developing countries, Fintech solutions such as mobile money platforms and peer-to-peer
lending are helping to bridge the financial inclusion gap, providing access to essential services
to billions of people who were previously unbanked.

This disruption is occurring at a time when traditional banking is facing its own set of
challenges. Regulatory pressure, technological advancements, shifting customer
expectations, and the emergence of global competition from Fintech companies are forcing
traditional banks to rethink their operations and offerings. With the increasing adoption of
digital services by consumers and businesses alike, traditional financial institutions are now
under pressure to digitally transform or risk being left behind.

2|P a ge
 3) OBJECTIVES OF THE STUDY
The primary objective of this study is to analyse and understand the profound impact of
Financial Technology (Fintech) on the traditional banking sector, with a particular emphasis
on its contributions to financial inclusion and digital transformation. The specific objectives
of this study are as follows:
I. TO INVESTIGATE THE ROLE OF FINTECH IN PROMOTING FINANCIAL
INCLUSION
One of the central aims of this project is to explore how Fintech innovations contribute to
financial inclusion by providing access to financial services for underserved populations,
particularly in emerging markets. The study will examine how digital financial solutions—such
as mobile money platforms, digital wallets, peer-to-peer lending, and micro insurance—
have enabled individuals and businesses that were previously unbanked or underbanked to
participate in the formal financial system.
II. TO EXPLORE THE DIGITAL TRANSFORMATION OF TRADITIONAL
BANKING INSTITUTIONS
A key objective is to explore how traditional banks are adapting to the growing demand for
digital financial services. As Fintech continues to disrupt the banking sector, many established
financial institutions are embracing digital transformation by incorporating new technologies
like blockchain, artificial intelligence (AI), cloud computing, and big data. This part of the
study will analyse how banks are leveraging these technologies to streamline operations,
reduce costs, and enhance customer experiences.
III. TO EXAMINE THE REGULATORY AND SECURITY CHALLENGES IN
FINTECH ADOPTION
As Fintech innovations continue to grow, they bring forth a variety of regulatory and security
concerns. One of the key objectives of this study is to examine the challenges that regulatory
bodies and financial institutions face in regulating the new digital financial landscape. This
includes exploring how banks are dealing with issues such as data privacy, cybersecurity,
anti-money laundering (AML), and know-your-customer (KYC) requirements.
Additionally, the study will look into the regulatory discrepancies between Fintech start-ups
and traditional financial institutions, and how these gaps may affect the overall stability of
the financial system.
IV. TO EXPLORE THE OPPORTUNITIES AND THREATS FOR TRADITIONAL
BANKS IN THE FINTECH ERA
The study aims to provide a balanced view of both the opportunities and threats that Fintech
presents for traditional banks. On the opportunity side, the research will analyse how banks
can leverage Fintech to expand their market reach, enhance customer loyalty, and improve
operational efficiency. For instance, banks can collaborate with Fintech firms to offer digital
loans, investment advisory services, and automated wealth management solutions. On the
threat side, the research will examine how banks face growing competition from Fintech
disruptors and neo banks, which are often able to offer lower fees, faster service, and more
flexible products.

3|P a ge
V. TO INVESTIGATE THE GLOBAL AND LOCAL IMPACT OF FINTECH ON
FINANCIAL SERVICES
This study also aims to explore the global impact of Fintech in different regions and local
variations in the adoption of Fintech technologies. While Fintech has seen rapid growth in
regions like North America, Europe, and Asia, the level of adoption varies across countries
and even within regions. The research will investigate case studies from different countries,
including both developed economies (e.g., the United States, United Kingdom) and emerging
markets (e.g., Kenya, India), to understand the diverse ways in which Fintech has contributed
to financial inclusion and the transformation of the banking sector.

4) LITERATURE REVIEW
FINANCIAL INCLUSION THROUGH FINTECH
Financial inclusion refers to the access of individuals and businesses to useful and affordable
financial products and services that meet their needs. According to the World Bank (2021),
over 1.7 billion adults worldwide remain unbanked, with a significant portion of them residing
in emerging markets. For these individuals, access to savings accounts, credit, insurance, and
even the ability to transfer money across borders has often been a significant challenge due to
the high costs, geographic limitations, and the trust required to engage with traditional financial
institutions.
Fintech has played a transformative role in addressing these barriers, particularly in developing
countries. Through innovations such as mobile banking and digital wallets, Fintech firms
have enabled billions of people to access financial services through smartphones or computers.
For instance, M-Pesa, a mobile money platform in Kenya, has significantly expanded financial
inclusion by allowing users to transfer money, pay bills, and save via mobile phones. According
to GSMA (2020), M-Pesa has over 40 million active users, and it has helped lift millions out
of poverty by providing them with basic financial services.
In India, initiatives like PMGDISHA (Pradhan Mantri Gramin Digital Saksharta Abhiyan)
have played a crucial role in bringing financial services to rural populations. The Unified
Payments Interface (UPI), developed by National Payments Corporation of India (NPCI),
has enabled secure, instant mobile payments, contributing to the rapid growth of digital
banking.
DIGITAL TRANSFORMATION IN TRADITIONAL BANKS
The rise of Fintech has prompted traditional banks to reassess their role in the financial
ecosystem. Traditional banking institutions, long known for their reliance on physical
branches, manual processes, and regulatory structures, are now undergoing a digital
transformation. Digital transformation in banking refers to the process of integrating digital
technologies such as AI, blockchain, cloud computing, and big data into all aspects of a
bank's operations to improve customer experience, enhance operational efficiency, and reduce
costs.
BLOCKCHAIN AND CRYPTOCURRENCIES IN BANKING
Blockchain technology has gained widespread attention due to its ability to provide secure,
decentralized financial transactions. A blockchain is essentially a digital ledger that records

4|P a ge
 transactions in a secure, immutable way, without the need for intermediaries like banks. Block
chain’s applications in banking are vast, including its use for cross-border payments, smart
contracts, and digital currencies. By removing intermediaries, blockchain reduces transaction
costs, enhances transparency, and speeds up settlement times.
Many banks, including JPMorgan Chase and HSBC, are exploring blockchain to improve
their payment systems. JPMorgan has even launched its own blockchain network, JPM Coin,
to facilitate instantaneous and cost-efficient transactions between institutional clients.
Cryptocurrencies, particularly Bitcoin and Ethereum, are also challenging the traditional role
of banks in the financial system. While central banks and regulators have expressed concerns
about the volatility and regulatory challenges posed by cryptocurrencies, there is growing
interest in how they could reshape payment systems and even challenge the traditional currency
models used by central banks.
PEER-TO-PEER LENDING (P2P) AND DIGITAL LOANS
Peer-to-peer lending is another Fintech innovation that is challenging traditional banking
services. P2P lending platforms such as Lending Club, Prosper, and Funding Circle enable
individuals to lend money directly to borrowers, bypassing the need for traditional banks. These
platforms have democratized access to credit, particularly for borrowers who may not have
access to loans from traditional banks due to factors like lack of collateral or credit history.

5) RESEARCH METHODOLOGY
The research methodology outlines the approach and techniques that will be used to conduct
the study and address the research objectives related to the impact of Fintech on the traditional
banking sector. Given that this project focuses on secondary data and qualitative analysis, the
methodology is designed to ensure a comprehensive and systematic investigation into how
Fintech is disrupting the banking industry, promoting financial inclusion, and driving digital
transformation. Below is a detailed breakdown of the research methodology:
I. RESEARCH DESIGN
This study follows a descriptive research design, as it seeks to describe the current state of
Fintech adoption, its impact on traditional banks, and the broader implications for the
financial services industry. Descriptive research is appropriate for understanding the
phenomena, identifying patterns, and gaining insights into how Fintech has influenced various
aspects of banking, including financial inclusion, customer service, and business models.
II. SECONDARY RESEARCH
Academic Journals and Research Papers: Peer-reviewed papers and articles from academic
databases like Google Scholar, JSTOR, and Science Direct will provide theoretical
frameworks, existing research, and expert opinions on the intersection of Fintech and
traditional banking.
Industry Reports: Reports from prominent consultancy firms, such as McKinsey, Deloitte,
PwC, and Accenture, will be used to analyse trends in Fintech innovations, the evolving role
of banks, and the impact of emerging technologies such as blockchain, artificial intelligence,
and cloud computing on banking services.

5|P a ge
 Government and Regulatory Publications: Government reports and publications from
financial regulatory bodies like the Reserve Bank of India, European Central Bank, or
Federal Reserve will be consulted to understand regulatory developments, challenges, and
opportunities related to Fintech and banking.
Case Studies: Case studies from countries like Kenya (with M-Pesa), India (with Paytm and
UPI), and China (with Alipay and WeChat Pay) will be reviewed to understand how Fintech
is advancing financial inclusion and transforming banking practices globally.
Industry News and Magazines: Reliable business news outlets such as The Financial Times,
The Economist, Bloomberg, and TechCrunch will provide up-to-date developments and
trends in the Fintech space.
III. DATA COLLECTION METHODS
Review of Literature: A comprehensive review of academic papers, articles, and reports
related to Fintech and traditional banking will be conducted. This will provide a theoretical
foundation for understanding the evolution of Fintech, its regulatory environment, and its
impact on financial inclusion and banking models.
Analysis of Case Studies: Real-world examples and case studies will be examined to highlight
the successful integration of Fintech in different countries and markets. Case studies from both
developed and emerging economies will help illustrate the diverse applications of Fintech and
its implications for banks in varying contexts.
Exploration of Reports and Data from Regulatory Bodies: Data on the regulatory
landscape, emerging standards, and challenges faced by Fintech start-ups and traditional banks
will be sourced from regulatory institutions and government reports. This will offer insights
into the policy challenges and opportunities for banks operating in the digital space.
IV. DATA ANALYSIS
The collected data will be analysed using qualitative analysis techniques. The following
methods will be employed:
Thematic Analysis: Data will be analysed thematically to identify common themes, trends,
and patterns related to Fintech adoption, financial inclusion, and the transformation of
banking models. Thematic analysis will help categorize information into key areas such as
impact on customer experience, regulatory challenges, business model innovations, and
collaborative strategies between banks and Fintech companies.
Content Analysis: Content analysis will be used to evaluate the key findings from industry
reports, case studies, and academic papers. This will involve extracting relevant data points
related to financial products, technological innovations, digital banking services, and
collaborations between traditional banks and Fintech companies.
Comparative Analysis: Comparative analysis will be used to compare the global trends in
Fintech with specific examples from emerging markets (e.g., Kenya, India, China) and
developed economies (e.g., U.S., U.K., EU). This will allow for a deeper understanding of how
Fintech innovations are differently implemented across markets and the unique challenges each
region faces.

6|P a ge
 Synthesis of Findings: Once the data is analysed, the key insights will be synthesized to offer
a holistic view of the Fintech impact on traditional banking. The synthesis will help draw
conclusions about the potential opportunities and threats for traditional financial institutions.
V. ETHICAL CONSIDERATIONS
Given that this research is based on secondary data, ethical considerations are focused on
ensuring that all sources are properly cited and referenced. The study will strictly adhere to the
principles of academic integrity and ensure that no data is plagiarized or misrepresented.

6) DATA ANALYSIS & INTERPRETATION

1. FINANCIAL INCLUSION THROUGH FINTECH
One of the most significant outcomes of the rise of Fintech has been its ability to promote
financial inclusion in both developed and developing economies. According to the World
Bank (2021), approximately 1.7 billion adults globally remain unbanked, many of whom live
in regions with limited access to traditional banking infrastructure. Fintech solutions,
particularly mobile money platforms and digital wallets, have been crucial in reducing this
gap. For example, M-Pesa, a mobile money platform in Kenya, has enabled millions of people
without access to a physical bank to conduct transactions, save money, and access credit
through their mobile phones. This model has been replicated in countries like India with
Paytm and China with Alipay, where mobile apps are used to offer a wide range of financial
services, from payments to loans and insurance.
Financial Inclusion has been substantially enhanced in areas with inadequate banking
infrastructure, especially in Sub-Saharan Africa and South Asia. The proliferation of mobile
phones and the Internet has allowed people in remote areas to participate in the formal financial
system, leading to an improved quality of life, increased economic participation, and better
access to credit.
2. DIGITAL TRANSFORMATION OF TRADITIONAL BANKS
The impact of Fintech on traditional banking has been profound. As digital-only banks, or
Neobanks, gain traction, traditional financial institutions are increasingly investing in digital
transformation. For instance, HSBC has launched digital banking services in several regions,
and JPMorgan Chase has introduced innovative offerings such as Chase Pay to stay
competitive in the growing mobile payment sector. Traditional banks are also adopting
emerging technologies like blockchain and artificial intelligence (AI) to improve security,
enhance customer experience, and streamline operations.
Traditional banks have faced significant pressure to digitize their offerings in response to the
growing demand for faster, cheaper, and more convenient financial services. AI is being
used to personalize customer experiences through chatbots and recommendation systems,
while blockchain is being used to improve the transparency and security of financial
transactions.
3. BUSINESS MODEL INNOVATIONS AND DISRUPTION
Fintech has significantly disrupted the traditional banking business model. A major
transformation has been the rise of peer-to-peer (P2P) lending and crowdfunding platforms,

7|P a ge
which have challenged the traditional role of banks as intermediaries in lending. For example,
platforms like Lending Club in the U.S. and Funding Circle in the UK allow individuals and
businesses to borrow directly from others, bypassing traditional banks altogether. Similarly,
cryptocurrencies and blockchain have introduced decentralized finance (DeFi), enabling
users to conduct financial transactions without relying on a central authority.
Peer-to-peer lending and crowdfunding have democratized access to capital, offering better
terms for both lenders and borrowers. However, these platforms are often less regulated than
traditional banks, raising concerns about the security and transparency of transactions.
The emergence of cryptocurrencies and blockchain technologies has provided users with
alternative ways to store value and transfer funds across borders without the need for
intermediaries like banks. Bitcoin, Ethereum, and other cryptocurrencies have created a new
form of digital asset class that could eventually compete with traditional banking products,
such as savings accounts and money transfers.
4. REGULATORY AND SECURITY CHALLENGES
With the rapid growth of Fintech innovations, regulatory and security challenges have become
a significant concern for both Fintech companies and traditional banks. As digital platforms
become more integrated into the financial ecosystem, the risk of fraud, money laundering, and
other forms of cybercrime increases. Regulatory authorities are faced with the challenge of
creating frameworks that can balance the need for innovation and the requirement for
consumer protection.
While Fintech has introduced significant advantages in terms of cost efficiency, customer
experience, and financial accessibility, it has also raised concerns about data security and
privacy. Traditional banks are subject to stringent regulations that require them to safeguard
customer data and comply with Know Your Customer (KYC) and Anti-Money Laundering
(AML) rules. However, many Fintech startups, especially those operating in less regulated
regions, may not adhere to the same standards, posing a risk to consumer trust.
5. OPPORTUNITIES AND CHALLENGES FOR TRADITIONAL BANKS
Traditional banks face both opportunities and threats in the age of Fintech. On one hand,
banks can collaborate with Fintech companies to create innovative products, expand market
reach, and enhance customer loyalty. For example, Goldman Sachs has partnered with
Apple to offer the Apple Card, a product that combines traditional banking with a digital
experience. On the other hand, Fintech disruptors present serious competition, especially in
areas like lending, payments, and wealth management, where customers increasingly
demand digital-first solutions.
Interpretation:
Opportunities exist for traditional banks to embrace digital collaboration and tap into the
growing market of digital-native customers. By integrating new technologies such as AI,
machine learning, and blockchain, banks can offer more personalized and efficient services.
The threats posed by Fintech include disintermediation of traditional financial services,
such as lending and investment management, and the increasing popularity of neobanks that
offer low-cost and highly convenient alternatives to conventional banks. Traditional banks

8|P a ge
will need to innovate and collaborate with Fintech firms rather than compete head-to-head in
areas where they lack agility.

7) RESULTS & DISCUSSION

RESULTS
The analysis of secondary data indicates that Fintech has brought about transformative changes
in the traditional banking sector. Several key outcomes were identified across various areas,
including financial inclusion, digital transformation, business model disruption, and
regulatory concerns:
Financial Inclusion: Fintech has significantly improved access to financial services for
underserved populations. Platforms like M-Pesa, Paytm, and Alipay have enabled millions of
people without bank accounts to participate in the formal financial system. Mobile-based
payments, savings, and lending have become viable alternatives to traditional banking in many
developing countries.
Digital Transformation of Banks: Traditional banks are increasingly adopting Fintech
solutions to remain competitive. The integration of AI, blockchain, and cloud computing has
improved operational efficiency, customer experience, and data security. Digital banking and
mobile apps have allowed traditional banks to offer seamless, anytime-anywhere banking
services to their customers.
DISCUSSION
Financial Inclusion: The findings underscore the potential of Fintech to drive financial
inclusion. Mobile payment platforms have provided unbanked populations with essential
financial services like payments, savings, and loans. This represents a major shift in financial
accessibility, especially in developing countries where physical banking infrastructure is
limited. While M-Pesa in Kenya has been an exemplary success story, challenges such as
mobile literacy and limited internet penetration remain. Additionally, the reliance on
smartphones and internet connectivity in rural regions may hinder full-scale adoption.
Digital Transformation in Banks: The results show that traditional banks are responding to
Fintech innovations by digitizing their operations. Banks are leveraging AI, blockchain, and
cloud-based solutions to enhance customer service, streamline operations, and improve the
security of financial transactions. However, legacy systems continue to be a barrier for banks,
especially in older institutions with outdated infrastructure. Banks must overcome these
technological challenges to remain competitive. Additionally, the shift to digital brings
challenges such as cybersecurity risks, which are exacerbated by the increase in online
banking services.
IMPLICATIONS AND FUTURE TRENDS
The results suggest that Fintech is not merely a disruptor but a catalyst for innovation within
the banking industry. Banks that adapt to this transformation by embracing technological
advancements, collaborating with Fintech firms, and investing in digital solutions will be
better positioned to maintain a competitive edge. The key to success lies in finding the right
balance between innovation and regulation to ensure consumer trust and security.

9|P a ge
Looking ahead, the future of Fintech in banking will likely see more collaborations between
Fintech companies and traditional financial institutions. The regulatory landscape will also
evolve to create clearer guidelines for Fintech start-ups. Furthermore, emerging technologies
such as Artificial Intelligence, 5G, and Quantum Computing are likely to revolutionize
banking services in the coming years, offering even greater opportunities for innovation and
growth.

8) RECOMMENDATIONS & CONCLUSION

Strategic Collaborations: Traditional banks should look to collaborate with Fintech
companies rather than compete directly, leveraging the innovation and agility that Fintech
offers.
Invest in Emerging Technologies: Banks should continue to invest in technologies such as
blockchain, AI, and cloud computing to improve operational efficiency and customer
experience.
Focus on Financial Inclusion: Banks should focus on expanding their digital offerings to
underserved populations, particularly in emerging markets where access to traditional
banking remains limited.
Data Security and Trust: Maintaining customer trust is critical, so banks must prioritize data
security, privacy protection, and personalized customer service.

In conclusion, the rise of Fintech has brought about a profound transformation in the banking
industry, presenting both significant opportunities and challenges for traditional financial
institutions. Fintech innovations, particularly in mobile payments, lending, blockchain, and
AI, have enhanced financial inclusion, provided faster, cheaper, and more convenient
services to consumers, and driven the digital transformation of banking operations.

The future of banking will likely be characterized by increased collaboration between

traditional banks and Fintech firms, allowing for the creation of innovative, customer-centric
financial products. Regulatory frameworks will evolve to address the emerging risks and
challenges posed by Fintech innovations, ensuring a secure, inclusive, and transparent
financial ecosystem.

Ultimately, the integration of Fintech into the traditional banking ecosystem holds the potential
to create a more efficient, inclusive, and innovative financial services sector, benefiting
consumers, businesses, and economies worldwide.

10 | P a g e
9) BIBLIOGRAPHY & REFERENCES
 Books: Books like The Fintech Book by Chishti & Barberis (2016), and Blockchain and the
Future of Financial Services by Scott (2018) offer foundational knowledge and extensive
insights into Fintech and blockchain technologies.

 Journal Articles: Articles such as those from the Journal of Business Economics (Gomber
et al., 2017) and the Journal of Financial Regulation (Arner et al., 2017) offer rigorous
academic perspectives on the impact of Fintech on financial services and regulatory
frameworks.

 Reports and Online Sources: Industry reports from organizations like KPMG, PwC, and
World Bank provide up-to-date data, trends, and statistics on Fintech investments, challenges,
and opportunities in the financial industry.

 Data and Statistics: The World Bank and Global Findex Database offer invaluable data
on financial inclusion and Fintech’s role in reducing the unbanked population.
1. Arner, D. W., Barberis, J., & Buckley, R. P. (2017). Fintech and Regtech: Impact on
regulators and the future of financial services. Journal of Financial Regulation, 3(1), 1-11.
https://doi.org/10.1093/jfr/fex016
2. Chishti, S., & Barberis, J. (2016). The fintech book: The financial technology handbook for
investors, entrepreneurs, and visionaries. Wiley.
3. Gomber, P., Koch, J. A., & Siering, M. (2017). Digital finance and fintech: Current research
and future directions. Journal of Business Economics, 87(5), 537-580.
https://doi.org/10.1007/s11573-017-0854-1
4. Haddad, C., & Hornuf, L. (2019). The emergence of the fintech industry: What are the
different models of fintech? Springer. https://doi.org/10.1007/978-3-030-00756-6
5. KPMG. (2020). The Pulse of Fintech Q1 2020: Global analysis of investment in financial
technology. KPMG. Retrieved from:
https://home.kpmg/xx/en/home/insights/2020/04/the-pulse-of-fintech-q1-2020-global-
analysis-of-investment-in-financial-technology.html
6. PwC. (2020). Global fintech report 2020: An evolution in financial services.
PricewaterhouseCoopers. Retrieved from:
https://www.pwc.com/gx/en/industries/financial-services/publications/global-fintech-
report-2020.html
7. Schueffel, P. (2016). Taming the beast: A scientific definition of fintech. Journal of
Innovation Management, 4(4), 32-54. https://doi.org/10.3926/jom.2711
8. World Bank. (2020). Global Findex Database 2020: Measuring financial inclusion and the
fintech revolution. World Bank. Retrieved from: https://globalfindex.worldbank.org

11 | P a g e