Williom Koi

Global technology is increasing in recent years. As we can see that we have moved from television to the internet and now we’re gradually adopting Artificial Intelligence and implementing the potential of Machine learning.

Financial technology (FinTech) is widely recognised as important in addressing financial inclusion. However, limited research theorises how new entrants and incumbents work together in FinTech ecosystems to shape financial inclusion. We undertake a theory-generating case study with multilevel interacting organisations in Ghana, where, like many other African countries, the growth in FinTech has led to new opportunities for financial inclusion. We conceptualise three practices, as building blocks at the ecosystem level, through which incumbents and new entrants shape financial inclusion: (1) innovative and collaborative practices, (2) protectionist and equitable practices, and (3) legitimising and sustaining practices. We articulate a theoretical model that explains how the practices shape financial inclusion and propose three theoretical propositions of how financial inclusion in developing countries is being scaled and shaped in terms of actors, relationships, and practices.

The financial services ecosystem today seems to be changing dynamically – all thanks to the emerging disruptive technologies such as big data, machine learning, artificial intelligence, mobile technology, etc. In fact, it has been observed that businesses have already begun retrospecting about their technical setup whether the tools and tech they used to previously rely on are the right ones to use going forward or not?

With advancements in technology, the global financial technology market is predicted to evolve by around 8.6% of CAGR from 2021 to 2024. This growth that we are observing in the fintech market is entirely driven by the expansion in mobile banking applications, e-commerce, the increasing popularity of online payments, and the digital compulsion that occurred because of COVID-19. All these things make Fintech draw the attention of both startups and even cybercriminals.

With modern technologies coming into the market, businesses can easily get access to innovative software that helps them make their process very easy. This is why even small shops are now going global, thanks to an eCommerce platform, website, or internet payment processing software.

Fintech stands for financial technology. It is a combination of innovative methods and techniques for delivering various types of financial software solutions.