IDEAS home Printed from https://ideas.repec.org/a/ris/jofipe/0091.html
   My bibliography  Save this article

Building consumer demand for digital financial services – the new regulatory frontier

Author

Listed:
  • Buckley, Ross P.

    (University of New South Wales)

  • Malady, Louise

    (University of New South Wales)

Abstract

Digital financial services (DFS) are held out as key financial solutions for improving financial inclusion. However, targeted end users often offer little in the way of obvious profitable opportunities and so market forces alone are not enough to ensure the supply of services and products that match end users’ means, needs or wants. As a result, DFS in emerging markets may suffer from limited uptake and usage, with little effect on financial inclusion. In emerging markets, financial regulators have been focusing on supporting the success of DFS largely through institutional and regulatory framework efforts. This article argues that financial regulators must first work to understand and build consumer demand for DFS rather than purely focusing on developing enabling regulatory frameworks. This requires a change in mindset for financial regulators, who are more familiar with promoting financial stability, safety and efficiency. In this article, we explore this changing role for financial regulators. We recommend that regulators particularly focus on building consumer demand through promoting partnerships in DFS as a means of promoting financial inclusion. We highlight that partnerships introduce collaboration risks and heighten consumer risks; requiring regulators to adjust regulatory frameworks to ensure such risks are identified and mitigated.

Suggested Citation

  • Buckley, Ross P. & Malady, Louise, 2015. "Building consumer demand for digital financial services – the new regulatory frontier," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(3), pages 122-137.
  • Handle: RePEc:ris:jofipe:0091
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Calderon,Cesar & Cantu,Catalina, 2021. "The Impact of Digital Infrastructure on African Development," Policy Research Working Paper Series 9853, The World Bank.
    2. Paola Argüello Kalpa & María Alexandra Ortiz Cabrera, 2020. "Colección Enrique Low Murtra. Tomo XIII, Derecho económico," Books, Universidad Externado de Colombia, Facultad de Derecho, number 1274, Diciembre.
    3. Muhammad Mohiuddin & Marian Matei & Samim Al-Azad & Zhan Su, 2022. "ICTs in Knowledge Sharing and Organization Culture: Case Study of a Center for Continuing Education," International Journal of Knowledge Management (IJKM), IGI Global, vol. 18(1), pages 1-19, January.
    4. Ozili, Peterson K, 2020. "Comparing digital finance in the UK, US, India and Nigeria," MPRA Paper 104498, University Library of Munich, Germany.
    5. Iheanachor, Nkemdilim & Umukoro, Immanuel, 2022. "Partnerships in digital financial services: An exploratory study of providers in an emerging market," Journal of Business Research, Elsevier, vol. 152(C), pages 425-435.
    6. Sarika Lohana & Deepankar Roy, 2023. "Impact of Demographic Factors on Consumer’s Usage of Digital Payments," FIIB Business Review, , vol. 12(4), pages 459-473, December.

    More about this item

    Keywords

    Digital financial services; regulations;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:jofipe:0091. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ms Alina Stefan (email available below). General contact details of provider: http://www.ey.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.