Fintech Innovations and Their Impact on Financial Inclusion in the U.S.: A Comprehensive Analysis of Digital Transformation in Financial Services

• Author(s): Oluwabanke Aminat Shodimu
• Paper ID: 1710140
• Page: 716-724
• Published Date: 31-10-2023
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 7 Issue 4 October-2023

Abstract

The financial technology (fintech) sector has emerged as a transformative force reshaping the American financial landscape, promising to bridge the financial inclusion gap that has historically excluded millions of Americans from traditional banking services. This study examines how fintech platforms, particularly peer-to-peer lending and mobile banking solutions, are improving financial inclusion in the United States, with specific focus on underserved populations. Through comprehensive analysis of market data, regulatory frameworks, and technological innovations spanning 2020-2023, this research evaluates both the opportunities and challenges presented by fintech's rapid growth. The findings reveal that while fintech adoption has reached 88% among U.S. consumers, significant disparities persist across demographic and geographic lines (Plaid, (2021). The study identifies key regulatory and technological challenges that must be addressed to fully realize fintech's potential for inclusive financial services. These findings have critical implications for policymakers, financial institutions, and fintech innovators working to create a more equitable financial ecosystem.

Keywords

Fintech, Financial Inclusion, Peer-to-Peer Lending, Mobile Banking, Digital Payments, Regulatory Compliance, Financial Technology

Citations

IRE Journals:
Oluwabanke Aminat Shodimu "Fintech Innovations and Their Impact on Financial Inclusion in the U.S.: A Comprehensive Analysis of Digital Transformation in Financial Services" Iconic Research And Engineering Journals Volume 7 Issue 4 2023 Page 716-724

IEEE:
Oluwabanke Aminat Shodimu "Fintech Innovations and Their Impact on Financial Inclusion in the U.S.: A Comprehensive Analysis of Digital Transformation in Financial Services" Iconic Research And Engineering Journals, 7(4)