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Digital finance research and developments around the world: a literature review

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  • Peterson K. Ozili

Abstract

This paper presents a concise review of digital finance research and developments around the world. It showed that the determinants of digital finance include the need for efficiency in financial services delivery, the need to achieve the United Nations sustainable development goals using existing digital technologies, the need to increase financial inclusion, and the need for efficient payments. The review shows that the Fintech and mobile money industries are the largest beneficiary of investments in digital finance. It showed that the future of digital finance is to create a digital environment that permits the offering of all kinds of financial product and services that can be customised and personalised to meet the unique needs of all users on a single digital platform and without requiring any form of human assistance or intermediary. Several areas for future research are suggested.

Suggested Citation

  • Peterson K. Ozili, 2023. "Digital finance research and developments around the world: a literature review," International Journal of Business Forecasting and Marketing Intelligence, Inderscience Enterprises Ltd, vol. 8(1), pages 35-51.
    • Handle: RePEc:ids:ijbfmi:v:8:y:2023:i:1:p:35-51
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    Cited by:

    1. Rabindra Kumar Jena, 2025. "Factors Influencing the Adoption of FinTech for the Enhancement of Financial Inclusion in Rural India Using a Mixed Methods Approach," JRFM, MDPI, vol. 18(3), pages 1-25, March.
    2. Sya In Chzhen, 2025. "What Drives the Global Diffusion of Digital Finance? Socioeconomic and Demographic Determinants," University of East Anglia School of Economics Working Paper Series 2025-03, School of Economics, University of East Anglia, Norwich, UK..
    3. Ullah, Saif & Liew, Chee Yoong & Nobanee, Haitham, 2025. "Digital transactions and financial development: The moderating role of global integration across income levels," International Review of Economics & Finance, Elsevier, vol. 98(C).
    4. Kandpal, Vinay & Ozili, Peterson K & Jeyanthi, Mary & Ranjan, Deepak & Chandra, Deep, 2025. "Digital finance and future of banks and financial services," MPRA Paper 124267, University Library of Munich, Germany.
    5. Jiang, Haohan & Zhao, Fang, 2025. "Impact of digital finance on the high-quality development with Chinese cultural industry," Finance Research Letters, Elsevier, vol. 80(C).
    6. Khalil, Fares Georges, 2024. "Socio-technical platforms for care transformation: An integrative synthesis and conceptualization," Technology in Society, Elsevier, vol. 77(C).
    7. Liu, Yibo & Dong, Caisheng, 2025. "Digital finance, social welfare investment, and urban–rural income inequality: Moderating role of regional economics and regional disparities," Finance Research Letters, Elsevier, vol. 77(C).

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    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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