Current Volume 9
Abstract
In underserved markets, the expansion of mobile banking services presents a transformative opportunity to advance financial inclusion. However, adoption remains uneven due to heterogeneity in user behaviors, preferences, and trust levels. This review paper explores the role of behavioral segmentation as a strategic framework for increasing mobile banking product uptake among financially underserved populations. Drawing on interdisciplinary insights from behavioral economics, data analytics, and digital finance, the paper categorizes key behavioral segments based on variables such as transaction frequency, digital literacy, risk aversion, and socio-cultural norms. It also examines successful case studies where segmentation-driven design has improved customer acquisition and retention in emerging economies. Further, the paper highlights ethical considerations, data privacy concerns, and infrastructural limitations that shape implementation outcomes. By synthesizing recent literature and practical applications, this review advocates for a context-sensitive, behaviorally informed approach to mobile banking innovation. It concludes with strategic recommendations for financial institutions, fintechs, and policymakers to deploy behavioral segmentation as a lever for equitable and sustainable digital financial inclusion.
Keywords
Behavioral Segmentation, Mobile Banking, Financial Inclusion, Underserved Markets, Consumer Behavior, Digital Financial Services.
Citations
IRE Journals:
Okeoghene Elebe , Chikaome Chimara Imediegwu
"Behavioral Segmentation for Improved Mobile Banking Product Uptake in Underserved Markets" Iconic Research And Engineering Journals Volume 3 Issue 9 2020 Page 383-398
IEEE:
Okeoghene Elebe , Chikaome Chimara Imediegwu
"Behavioral Segmentation for Improved Mobile Banking Product Uptake in Underserved Markets" Iconic Research And Engineering Journals, 3(9)
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