A recent study by scientists from the Indian Institute of Madras and the University of Connecticut has found that financial integration significantly increases the chances of achieving sustainable development goals.
Scientists require the inclusion of Fintech and politicians of financial integration into development programs on the basis of their study. They suggested that politicians prefer education and integrate financial education to support the growth of Fintech and financial integration and help SDG.
Scientists, including Priya Choudhary and M. Thenmozhi, head of the Ministry of Management and Cams-Iitm Finals Innovation Lab at the Indian Institute of Madras and Chinmoy Ghosh, Department and Gladstein Professor, University of Connecticut 3,4, 9 and 9, from 86 data from 86, from 86, from 86, from 86, from 86.
Researchers, a unique attempt, used the indicators of approach and use of traditional financial services to develop a financial index.
Their research findings were published as an article “The impact of Fintech and financial integration on sustainable development objectives: evidence from the analysis of running countries” in the magazine Finance Research Letters.
Mrs. THENMOZHI said India has shown consistent growth in its financial integration index (FII) from 2011 to 2021, reflecting the impact of the main political initiatives and expanding digital infrastructure.
“Government programs such as Jan Dhan Yojana, Aadhaar and UPI have significantly increased account ownership and digital transactions. The Indian Fintech sector has spread rapidly and powered by increasing the use of smartphones, digital literacy and supporting regulatory environment,” she added.
However, rural areas, low -income groups and older populations still face obstacles to use, such as lack of trust, digital skills and financial awareness, she stressed.
India must strengthen digital literacy campaigns by focusing on radius and rural populations with localized and practical educational programs to build confidence and awareness of mobile banking and digital financing.
Finech banks and companies must be encouraged to develop intuitive, multilingual and accessible mobile applications for Low-Tech users. She called for reliable mobile and internet networks, especially in distant areas to support trouble -free digital transactions.
“Robust frames of cyber security and complaints of complaints to reducing digital fraud and building confidence in mobile banking systems are necessary,” said Mrs. Thenmozhi.
It proposes the development of financial products adapted to insufficient groups such as women, small farmers and informal workers – integration of credit, savings and insurance through mobile platforms.
The country must support the public and private sector partnerships to combine the reach of banks with innovations and dexterity of the companies, especially for the provision of loans and services to the last mile, she added.
Scientists used data on the Global Findex survey of 2011, 2014, 2017 and 2021 and examined the key SDG – 2 (zero hunger); 3 (good health); 4 (quality education); 8 (decent work); and 9 (industry, innovation).
Financial integration has increased savings, employment and investment in education affecting some SDG directly.
Access to financial services helps farmers to invest in technology, increases crop yields, smoothes health costs and alleviates health emergencies. Financial integration allows investment in quality education and supports business activities, which leads to economic growth. Such steps eventually significantly influenced the gross access to domestic product and the Internet, the scientists emphasized.
Published – 27th June 2025 12:38 PM
