Financial Inclusion as Enabler for Innovation in Banking
Using evidence from Spain, this study assesses the readiness of the banking sector of the EU 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 kn...
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| Format: | Article |
| Language: | English |
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National Research University Higher School of Economics
2022-09-01
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| Series: | Foresight and STI Governance |
| Subjects: | |
| Online Access: | https://foresight-journal.hse.ru/article/view/19199 |
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| author | Beatriz Fernández-Olit Gloria González-Sanz Óscar Sierra-Martín Elena Ortega-Diaz |
| author_facet | Beatriz Fernández-Olit Gloria González-Sanz Óscar Sierra-Martín Elena Ortega-Diaz |
| author_sort | Beatriz Fernández-Olit |
| collection | DOAJ |
| description |
Using evidence from Spain, this study assesses the readiness of the banking sector of the EU 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 banks’ own 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.
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| format | Article |
| id | doaj-art-a7dc3189f56d44528aec438f20b4ced8 |
| institution | OA Journals |
| issn | 2500-2597 |
| language | English |
| publishDate | 2022-09-01 |
| publisher | National Research University Higher School of Economics |
| record_format | Article |
| series | Foresight and STI Governance |
| spelling | doaj-art-a7dc3189f56d44528aec438f20b4ced82025-08-20T02:08:44ZengNational Research University Higher School of EconomicsForesight and STI Governance2500-25972022-09-0116310.17323/2500-2597.2022.3.95.105Financial Inclusion as Enabler for Innovation in BankingBeatriz Fernández-Olit0Gloria González-Sanz1Óscar Sierra-Martín2Elena Ortega-Diaz3University of Alcalá, Pza. Victoria, sn. 28802 Alcalá de Henares, Madrid, SpainEconomistas sin Fronteras Foundation, C/ Gaztambide, 50, 28015 Madrid, SpainEconomistas sin Fronteras Foundation, C/ Gaztambide, 50, 28015 Madrid, SpainEconomistas sin Fronteras Foundation, C/ Gaztambide, 50, 28015 Madrid, Spain Using evidence from Spain, this study assesses the readiness of the banking sector of the EU 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 banks’ own 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. https://foresight-journal.hse.ru/article/view/19199new technologiespublic policydigitalizationstrategiesfinancial inclusionknowledge-intensive services |
| spellingShingle | Beatriz Fernández-Olit Gloria González-Sanz Óscar Sierra-Martín Elena Ortega-Diaz Financial Inclusion as Enabler for Innovation in Banking Foresight and STI Governance new technologies public policy digitalization strategies financial inclusion knowledge-intensive services |
| title | Financial Inclusion as Enabler for Innovation in Banking |
| title_full | Financial Inclusion as Enabler for Innovation in Banking |
| title_fullStr | Financial Inclusion as Enabler for Innovation in Banking |
| title_full_unstemmed | Financial Inclusion as Enabler for Innovation in Banking |
| title_short | Financial Inclusion as Enabler for Innovation in Banking |
| title_sort | financial inclusion as enabler for innovation in banking |
| topic | new technologies public policy digitalization strategies financial inclusion knowledge-intensive services |
| url | https://foresight-journal.hse.ru/article/view/19199 |
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