Factors Influencing the Role of Fintech in Promoting Financial Inclusion in Developing Economies a Research on Bangladesh Perspective

Abstract: The objective of this study was to explore the key factors influencing the role of Fintech in promoting financial inclusion in Bangladesh with special focus on the barriers, drivers and opportunities offered by digital financial services. Based on the study findings, it is evident that Fintech has a huge potential to bridge the financial inclusion gap in Bangladesh, but certain challenges need to be overcome to achieve a widespread and comprehensive impact. Financial awareness, a fundamental component of economic growth and poverty reduction, remains a significant challenge in many developing countries, including Bangladesh. Fintech has emerged as an innovative tool to bridge the financial gap with innovative technologies and solutions. Taking into account Bangladesh's interesting socio-economic environment, this study explores the factors influencing the role of Fintech in promoting financial awareness in Bangladesh. Key factors examined include technology infrastructure, management systems, financial literacy, trust, transparency, and fairness. The study also highlights challenges facing fintech adoption, including limited internet access, cybersecurity concerns, and resistance to change. Using both subjective and quantitative methods, the study explores how fintech platforms, such as mobile financial services, digital payment systems, and microcredit platforms, can help increase access to financial services for the unbanked and underbanked. The findings suggest that fintech has made great strides in promoting financial inclusion in Bangladesh, but targeted interventions in planning, training, and infrastructure are essential to maximize its impact. The study provides key insights for policymakers, fintech providers, and development organizations to leverage fintech for inclusive financial development in Bangladesh.