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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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    References listed on IDEAS

    as
    1. Bernier, Maxence & Plouffe, Michael, 2019. "Financial innovation, economic growth, and the consequences of macroprudential policies," Research in Economics, Elsevier, vol. 73(2), pages 162-173.
    2. Nafis Alam & Lokesh Gupta & Abdolhossein Zameni, 2019. "Fintech and Islamic Finance," Springer Books, Springer, number 978-3-030-24666-2, December.
    3. Chen, Shengqi & Zhang, Hong, 2021. "Does digital finance promote manufacturing servitization: Micro evidence from China," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 856-869.
    4. Bollaert, Helen & Lopez-de-Silanes, Florencio & Schwienbacher, Armin, 2021. "Fintech and access to finance," Journal of Corporate Finance, Elsevier, vol. 68(C).
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Khalil, Fares Georges, 2024. "Socio-technical platforms for care transformation: An integrative synthesis and conceptualization," Technology in Society, Elsevier, vol. 77(C).

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    More about this item

    Keywords

    digital finance; artificial intelligence; machine learning; financial inclusion; fintech; access to finance; financial stability; economic growth; blockchain; central bank digital currency; CBDC; robotics; cryptocurrency.;
    All these keywords.

    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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