International Journal of Management (IJM)

Volume 13, Issue 6, June 2022, pp. 67-78, Article ID: IJM_13_06_007
Available online at https://iaeme.com/Home/issue/IJM?Volume=13&Issue=6
ISSN Print: 0976-6502 and ISSN Online: 0976-6510
DOI: https://doi.org/10.17605/OSF.IO/CUG

© IAEME Publication Scopus Indexed

A STUDY ON CONSUMER PERCEPTIONS

TOWARDS DIGITAL FINANCE AND ITS
IMPACT ON FINANCIAL INCLUSION – INDIAN
SCENARIO
R. Devi
Assistant Professor, Dr. B. R. Ambedkar Institute of Management and Technology,
Baghlingampally, Hyderabad, India

ABSTRACT
With today’s world progressing at a lightning pace, finance cannot afford to lag
behind. Finance must become inclusive, dynamic and buoyant. In other words, finance
must become digital. The genesis and rise of digital financial services is a remarkable
global phenomenon. There is little doubt that the financial services industry, today, is
one of the most digitized industries. This paper throws light on the adoption and
perceptions of the urban Indian consumers, in the context of digitized financial services.
The study focuses on the extent of acceptability, usage, beliefs, deterrents and incentive
patterns among the Indians. It suggests that although the popularity of financial services
provided digitally is growing in absolute terms in India, but the rate of growth is
painfully slow, considering the huge potential that the country possesses.
Key words: Digitization, Digital, Financial Services, Financial Inclusion, India
Cite this Article: R. Devi, A Study on Consumer Perceptions Towards Digital Finance
and its Impact on Financial Inclusion – Indian Scenario, International Journal of
Management (IJM), 13(6), 2022, pp. 67-78.
https://iaeme.com/Home/issue/IJM?Volume=13&Issue=6

1. INTRODUCTION
Digital finance, in its essence, is a notion that people and institutions can use various financial
services- be it savings, payments, insurance, investment or credit – over a digital infrastructure.
Digitization of financial services enables one to use mobile, desktop, cards and internet to have
access to finance, doing away with the need to enter into a brick and mortar branch. Rapid
technological advancements, penetration of digital devices, fast-changing consumer behavior
and the explosive growth of digital financial service providers- all have given a push to this
innovation. With the possibility of reaching out to millions of underserved customers, financial
institutions and intermediaries have begun to extend digital financial products, thereby enabling
them to move from cash-based transactions to formal financial transactions. What follows is
increased productivity, stability, convenience, and economic growth in the long run. For many,

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 A Study on Consumer Perceptions Towards Digital Finance and its Impact on Financial Inclusion
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it means saving and getting access to money for the first time in their lives. According to
McKinsey Global Institute, the engagement and involvement of majority of the residents of
emerging economies, in formal financial systems, is almost negligible. Cash transactions are
the most prevalent, with no secure or low-cost means of saving, investing or raising money,
except beyond the expensive informal sources. The few, who have the privilege of owning a
financial account, face a narrow choice of services and often encounter high fees for their
transactions. Economic growth and well-being is bound to suffer. In such a scenario, using
digital channels brings down costs as well as inefficiencies and widens access to finance up to
a great extent. Emerging economies, therefore, possess a huge potential to exploit mobile and
internet technologies to fuel their growth and development, saving them the need wait for their
incomes to improve. The aim of this study is to understand the perceptions of an urban Indian
consumer towardsthe digitization of financial services. The emphasis is on discerning the usage
rate, type, motivations, incentives, challenges faced and willingness of the respondents towards
the newage digital products.

1.1. Building Blocks of Digital Financial Services

Provision of financial services digitally cannot be achieved overnight. There are a number of
key variables that come into play when an institution, firm or country as a whole takes steps in
this direction. Broadly, the building blocks which act as the foundation to allow digital finance
to be erected and stay strong have been outlined below:
Digital Infrastructure: Innovation is not complete unless and until it can be adopted and can
benefit the common. For this, one needs to have a proper infrastructure in place, which consists
of strong network connectivity, ownership of a device such as mobile phones or desktops, as
well as affordable data plans.
Digital Payments System: A widespread and vigorous digital-payment infrastructureis vital to
provide various parties to a financial transaction, a secure, swift and low- method of making as
well as receiving payments- essentially allowing money to flow through hands in a seamless
manner.
Personal Identification System: To bring about confidence in the digital infrastructureand faith
on the payment systems, a mechanism is required to accurately identify and verify the person
undertaking a particular financial transaction. Needless to say, such a system should be fool-
proof with in-built chips or biometric data, providing a safeguard from identity theft. AADHAR
Card in India is one such example.
Regulatory Provisions: An industry, specially one that operates digitally and involves money,
also requires well thought-out regulations. Regulations provide a framework within which the
industry can operate- balancing the concerns of consumers regarding safety with the need of the
financial service providers regarding innovation. Some of the elements that are required to
trigger innovation are openness of the market, a level playing field for competitors, availability
of financial capital, and business friendly regulation. (McKinsey Global Institute, 2016)

1.2. The Indian Scenario

As per McKinsey and Company, India as a country loses around $2 billion per year due to the
time and effort put in by Indians in travelling to and from a bank, to avail financial services. If
properly exploited, the financial industry presents a number of opportunities, not just for saving
costs, but also for creating jobs, innovation and boosting the economy. With more than five
hundred FinTech start-ups attracting billions of funds across the face of India- from business
and personal lending, to credit scoring and wealth management- it is tough to question the
potential that the country holds. The components that have fuelled this tremendous growth rate

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are manifold. Although unbanked, but over 90% of the consumers now own a smartphone,
thereby enabling greater reach. A positive shift in consumer attitude towards everything online-
be it books, transportation or food- is paving the way for extension of the same towards financial
services. Added to this is the focus of start-ups and firms on the most sensitive concerns such as
lower cost, greater value, and effectiveness in service delivery. However, the story is not all
rosy. The Indian road is fraught with certain peculiar challenges. No matter how attractive the
innovations and digitally available financial services may seem, traditional financial institutions
with their brick and mortar branches are not going to fade away anytime soon, reason being the
faith build up by them over the years. Hence new age platforms would need to garner a lot of
credentials with their services before gaining a substantial market standing. At the same time,
data is not easily available, and if it is, one can’t be really sure of the source and quality. This
acts as a hurdle to provision of various services such as credit scoring and peer lending.
Regulatory environment also plays a major role in the rate of adoption by consumers, which is
currently at an infancy stage in India. The sudden explosion of e-commerce activities in India,
after 2010, saw the rise of the digitalfinancial services, thereby attracting regulatory intervention
in this industry. The lead was taken by Reserve Bank of India by publishing guidelines on
mobile banking, followed by a master circular on online wallets in the year 2014. The year 2017
saw the coming up of regulations on peer-to-peer lending, which gave these platforms, the status
of non-banking financial companies (NBFCs), and laid down the minimum capital
requirements. The biggest question that lingers in front of India is: Is the market ready for
change? If yes, then what can be done to ensure that around 344 million Indians can gain access
to financialservices for the very first time?

2. REVIEW OF LITERATURE
In 2007, Srivastava, while studying the perceptions and drivers of Indian consumers towards
internet banking using qualitative exploratory research, found that demographic factors such as
gender, income and education had a clear influence on the usage of online banking. The study
also pointed out the factors- awareness campaigns, user friendly interface, lower charges,
greater security – that were necessary to alter the customer perceptions in a positivemanner. As
per one study (Mckinsey & Company, 2014), managers of Asian financial institutions are
increasingly becoming aware about the potential of digitization to create or destroy a firm’s
value. Although service providers as well consumers are majorly conservative in their approach,
the stimulus for adoption will become stronger as the digital generation becomes wealthier,
wiser and older. The firms would soon follow the customer’s expectations with their innovations.
Weihuan, Arner and Buckley (2015) studied the digital financial services in the context of
China, on how the world’s largest e-commerce company, Alibaba Group, has become a pioneer
in developing various financial products, including Alipay (payment platform and wallet),
AliFinance, Yué Bao (online money market fund) and MYbank (loans to SMEs). Despite being
a late mover into the industry, China is now one of the world’s most active and advanced digital
financial services market. Regulation, hence, plays a big role in the rate of growth and
acceptability of digitization in a country. Cuesta, Ruesta, Tuesta, and Urbiola (2015) suggested
that as consumers have got more and more used to digital interactions in their daily lives, there
has been a surge in demand for financial services that are available digitally- anywhere and
anytime. This has, in turn, fueled the birth and growth of Fin-Tech firms, which have brought
about totally new business models such as crowd funding, peer-to-peer lending, virtual currency
and financial advisory. Not to forget the regulatory leniency faced by these online firms, which
further gives them an edge over traditional financial institutions. Ansari and Khan (2017)
examined the effect of technological advancements and IT revolution on the operation of Indian
banks by comparing the growth rates of credit cards, debit cards, NEFT and RTGS transactions
and ATMs in terms of their value as well as volume. During the study period of 2011 to 2016,

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 A Study on Consumer Perceptions Towards Digital Finance and its Impact on Financial Inclusion
– Indian Scenario

there was found to be a continuous increase in the value of online and electronic payments, with
mobile banking topping the list. Agrawal (2017) in her study points out that there is still a long
way to go before India can fully recognize the potential of digital. Investment in financial as
well as digital infrastructure, along with literacy programs and electronic trainings should be the
first step towards digital financial inclusion. At the same time, there should be no compromise
made on the security front. Yan Shen and Yiping Huang (2016), Introduction to the special
issue: Internet finance inChina Internet finance, which is often referred to as “digital finance”
and “Fintech”. Internet finance refers to the new business model of utilizing the Internet and
information communication technologies to accomplish a wide range of financial activities,
such as third-party payment, online lending, direct sales of funds, crowdfunding, online
insurance, and banking. The Internet can significantly lower transaction costs and reduce
information asymmetry, enhance the efficiency of risk-based pricing and risk management, and
expand sets of feasible transactions. Agufa Midika Michelle (2016), The Effect of Digital
Finance On Financial Inclusion in The Banking Industry in Kenya, The study concluded that
digital finance doesn’t have any correlation on financial inclusion in banking sector in Kenya
since banking institutions adopt digital financial services to lower operating cost associated
with opening and operating branches to improve their profitability and financial performance
and not to foster financial inclusion. Peterson K Ozili (2018), Impact of Digital Finance on
Financial Inclusion and Stability, this article provides a discussion on digital finance and its
implication for financial inclusion and financial stability. Digital finance through Fintech
providers has positive effects for financial inclusion in emerging and advanced economies, and
the convenience that digital finance provides to individuals with low and variable income is
often more valuable to them than the higher cost they will pay to obtain such services from
conventional regulated banks. Huma Haider (2018), Innovative financial technologies to
support livelihoods and economic outcomes, the study the examined the innovative financial
technologies support livelihoods of people. Access to digital technologies, in particular mobile
phones, internet connectivity and biometric authentication, allows for a wider range of financial
services, such as online banking, mobile phone banking, and digital credit for the unbanked.
Digital financial services can be more convenient and affordable than traditional banking
services, enabling low-income and poorpeople in developing countries to save and borrow in
the formal financial system, earn afinancial return and smooth their consumption.

3. OBJECTIVES
In this paper, we the researcher intends to identify the impact of digital finance in bringing
about financial inclusion among people. Digital finance includes Internet banking, Mobile
banking, Mobile Wallets (apps), Credit card and debit card. Financial inclusion is taken for the
study are Convenience, Adaptability, affordability, Security, User-friendly, Low Service
charge, Accurate timing, Online Monthly statement, Quick financial decision making, Easy
interbank account facility, Internet Connectivity, and Usability.

4. RESEARCH METHODOLOGY
Approach of the Study: The current study makes use of descriptive research on the basis of
primary data, which has been collected through a structured non-disguised questionnaire
Participants: The participants to this study belong to diverse backgrounds and demographics.
Sincere attempt has been made to cover respondents from various parts of India, as well as from
different age groups and occupations. The final sample represented about 58% females and 42%
males, with 60% of the sample below 30 years of age, and the rest 40% equal to or above that.
The occupational distribution has also been taken care, with 45% of the respondents being non-
working (Students unemployed, housewives and retirees), and 55% working in various

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capacities (salaried employees, professionals, and business). The monthly income ranges from
Nil to Rs. 40,000 for about 62% of the participants, whereas 38% of the participants earned a
monthly incomeof more than Rs. 40,000.
Data Collection Instrument: For collecting data, a structured questionnaire was employed.
The language of the questionnaire was English and the questionnaires were administered to
English medium respondents only to avoid any type of semantic error. A structured
questionnaire has been used to ensure uniformity in data collection and a total of 250
questionnaires were administered in both online and offline form. Out of the 250 questionnaires
distributed, 221 were returned, and 213 of them were usable, thereby representing an effective
response rate of 85.2%. The questionnaire was divided into three sections: The first one was to
solicit the demographic information from respondents; the second section focused on the
current users of digital financial services, while the third one was meant for non-users.
Procedure: For the offline survey, institutions and households were visited and the potential
respondents were explained the purpose of the study. The questionnaires were distributed to
those who showed their willingness to participate. For the online survey, participants were
reached out through social media as well as mails and the purpose of the study was explained well
through the same media. The analysis is undertaken statistically using graphs.

5. ANALYSIS & RESULTS

5.1. Users of Financial Services- digitally or Electronically
Out of all the respondents who took part in the study, about 88% claimed to use financials
services through digital means, as a part of their overall consumption of financial services.
This is indicative of its growing popularity among the urban Indian consumers, as depicted in
Figure 1.

5.2. Forms of Financial Services Consumed

For consumers who do use financial services digitally, the type and pattern varies. This variation
arises because consumers either don’t use certain financial services at all (such as credit scoring)
or consider certain services as more reliable and safe when consumed through offline sources.
Figure 2, thereby depicts that almost all the consumers use online payment systems for paying
bills, recharges, or booking tickets. The same has been substantiated by the sudden burst of
various payment banks and platforms such as Paytm, MobiKwick and the like. Also, the
consumers don’t shy away from using digital platforms for transferring funds as well as for
fulfilling their savings and investments needs. However, availing insurance, credit, wealth
management services as well credit scoring are the areas that still remain to be explored.

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 A Study on Consumer Perceptions Towards Digital Finance and its Impact on Financial Inclusion
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5.3. Frequency of Financial Transactions

Figure 3 throws light on the frequency with which consumers conduct financial transactions
through digital mode. It shows that a good 42% of the respondents use their digital devices for
this purpose, more than 4 times a month on an average. Of the rest, only 9% do not feel the
need, or are not comfortable relying on the digital platforms, and hence have a usage rate of less
than once a month.

5.4. Incentives for Usage

When questioned what motivated the consumers to go digital, the factors that echoed the most
were greater convenience along with time savings, followed by lower costs and better reach.
Although some consumers also believe that it reduces the risk of cash theft, but majority think
that such a risk reduction is offset by increased risk of identity theft (Figure 4). A few consumers
stated their opinions regarding the ease of record keeping (since financial transactions
conducted digitally leave a financial trail), and the fact that at certain areas they are given no
option but to make use of digital payments or transfers. The government and financial service
provides should, thus, bank upon these factors and try to convert them as potential sources for
competitive advantage.

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5.5. Challenges peculiar to India

Figure 5 depicts that most respondents who use digital financial services believe that the main
culprits that discourage non-users are low levels of literacy in India as well as the fear of sharing
personal details over the internet. A good 50% also believe that even if people want, they cannot
use these financial services over a network because of widespread problem of digital divide.
Consumers are also aware of the fact that the infrastructure required for such an industry is still
in a developing stage. With good planning though, these challenges can be overcome.

5.6. Steps for Improvement

As is clear from Figure 6, about 73% of the participants showed their willingness to consume
financial services digitally, with greater frequency and value, if the government or the service
providers could assure them of security of their transactions. 56% of them also agreed that
various offers by these providers, in the form of discounts and cash backs, would incentivize
them to substitute offline modes of consumption of these services to online modes. The other

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 A Study on Consumer Perceptions Towards Digital Finance and its Impact on Financial Inclusion
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fronts on which improvement can be made, consists of simplifying the online/electronic

mechanism and ensuring digital education/awareness. These steps are consistent with Figure 5
which outlines the challenges faced by this industry.

5.7. Reasons for not using Financial Services Digitally

Non-users, when questioned about their reasons for non-usage, were found to be divided intheir
opinions. A majority of the respondents feel that digital transactions are difficult to understand
and hence offline sources are more convenient. A certain group of respondents also feel that
such platforms are not safe, and they do not trust the digital service providers with their money.
Individual respondents, as shown in Figure 7, also claimed that either they don’t use the
financial services at all, or they don’t have the means (such as mobile phones or internet
connections) to have access to digital modes.

5.8. Increase in Willingness

Figure 8 gives a clear indication that 75% of the non-users were willing to try and use digitized
methods for conducting their financial transactions, if the obstacles they face are taken care of.

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This has important implications for the service providers, as far as their ability to cover more
and more people is concerned.

5.9. Access to Poor and Financially Excluded

One question that was asked from both, the users as well as the non-users, concerned their
perception about the ability of digital to increase access of financial services among the hitherto
underserved population, such as the poor and those living in remote areas. Figure 9 and 10 shows
that of the users, about 70% are of the view that the power of digital can actually increase
financial inclusion. A similar response has been captured from non-users to the extent of 61%.
Hence, users and non-users do not have a large deviation in their opinions regarding the ability
of digital provision of financial services in this context.

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 A Study on Consumer Perceptions Towards Digital Finance and its Impact on Financial Inclusion
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5.10. One-way ANOVA for significant difference among Digital Finance and FI
Table 1
Digital Finance
Financial Mobile
Internet Mobile
Inclusion wallets Creditcard Debitcard F value P value
banking banking
(Apps)
3.37a 4.05b 4.00b 3.94b
Convenience 3.24ab(1.091) 2.655 .037*
(1.165) (1.105) (.849) (1.056)
3.37 3.35 3.95 4.00 4.06
Adaptability 2.348 .060
(1.165) (.931) (1.050) (.843) (1.507)
3.47 3.59 4.05 4.00 3.94
Affordability 1.289 .280
(1.219) (.939) (.923) (.849) (1025)
3.37a 4.05ab 4.12ab 3.94b
Security 3.47ab(1.007) 2.384 .057
(1.165) (1.050) (.766) (1.026)
3.42a 3.41a 4.20ab 4.00ab 3.94b
User friendly 2.418 .054
(1.170) (1.121) (.894) (1.104) (1.056)
3.37a 3.29a 4.15ab 4.00ab 4.06b
Low Servicecharge 2.639 .039*
(1.165) (1.160) (1.040) (.849) (1.046)
3.07a 3.35ab 4.15ab 3.00b 4.21b
Accurate timing 2.652 .038*
(1.165) (1.169) (1.030) (.829) (.863)
Online Monthly 3.58 3.41 4.05 3.96 3.94
1.408 .237
statement (1.071) (1.121) (1.050) (.824) (1032)
Quick financial 3.58a 3.35ab 4.20ab 4.00ab 3.94b
2.407 .055
decision making (1.219) (1.057) (768) (.849) (1.058)
Easy inter bank 3.47a 3.35ab 4.25b 4.00b 3.94b
2.871 .027*
account facility (1.219) (.931) (.786) (.856) (1056)
Internet 3.47 3.35 4.05 4.00 3.94 1.599 1.81
connectivity (1.124) (1.007) (1.050) (.849) (1.056)
3.37a 3.24a 4.05b 4.12b 4.06b
Usability 3.385 .012**
(1.165) (1.091) (1.050) (.766) (1.056)
(Source: Primary data) ** Highly Significant *Significant

Inference **with DMRT (Duncan multiple range Test)

Since the p-value is less than 0.01 the null hypothesis is rejected at 1% level of significance
with regard to Usability. Based on Duncan multiple range Test (DMRT) the Internet banking,
Mobile banking is significantly different with the Mobile wallets (apps), Credit and debit card
at 5%. Hence, there is no significant difference between Internet banking, mobile banking,
Mobile wallets (apps), Credit card and debit card with regard to Usability. *with DMRT
(Duncan multiple range Test) Since the p-value is less than 0.05 the null hypothesis is rejected
at 5 % level with regard to Convenience, Low service charge, accurate timing, and easy
interbank account facility. Based on Duncan multiple Range tests, Internet banking, Mobile
wallets (apps), Credit card and debit card is significantly different at 5%. But the digital
finance of mobile banking is not different from any other group. In Low service charge,
Internet banking, Mobile banking is significantly different with the debit card at 5%. But the
digital finance of mobile wallet and credit card is not different with any other group. In Accurate
timing, Internet banking has significantly differed with the credit card and debit card at 5%

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 R. Devi

level. But the digital finance of Mobile banking and mobile wallets (apps) is not different from
any other group. In easy interbank account facility, Internet banking is significantly different
with Mobile wallets, credit card, and debit card at 5%. But the digital finance of Internet
banking and mobile banking is not different from any other group. There is no significant
difference among Digital finance (Internet banking, mobile banking, mobile wallets (APPS),
Credit card and Debit card with respect to Adaptability, Affordability, Security, User-friendly,
online monthly statement and quick financial decision making. Sincethe p-value is greater
than 0.05. Hence the null hypothesis is accepted at 5% level with regard to Adaptability,
Affordability, Security, User-friendly, online monthly statement, and quick financial decision
making.

6. LIMITATIONS
As with all research studies, the present study also has certain limitations. The sample size taken
for the study is quite small as compared to the population, and hence may not be fully
representative of the population. The Indian state is sub-divided into 29 states which are further
divided into cities and districts, all of which could not be covered uniformly. Also, since a
structured non-disguised questionnaire was used to solicit responses, they may have been
biased. A convenience sample was used for the study, whereas a random sample would have
given better results. Despite these limitations, the present study provides a starting point and
insights for future research in this area.

7. CONCLUSION
Digital finance has the ability to provide huge impetus to innovation, and this is one reason for
its rapid adoption in certain countries. It has become a vital tool for increasing productivity,
reach, financial inclusion as well as efficiency – not for individuals and corporates alone, but for
a country as a whole. With more than 348 million internet users, India ranks second in terms of
the size of the online market. The continuous decrease in data charges due to the cut throat
competition in the telecom sector, bundled with demonetization and Digital India initiative,
makes this country a fertile ground for seeding the growth of digital finance. The Indian
government has roped in a number of private players to develop digital payment initiatives such
as Unified Payment Interface (UPI) and AADHAR Enabled Payment System (AEPS). This
study points out, on a small scale, that an urban Indian consumer would adopt digital finance
only if it is viewed to be more convenient, reliable, secure, and less costly in terms of time and
money. In other words, these new age digital products should be able to offer a genuine benefit
to motivate people to use them. Major pain points such as privacy protection, infrastructural
inadequacies and digital awareness as well as literacy need to be tackled with proper policy
planning and execution. The first steps towards this change should be taken by well-established
and trusted institutions by offering affordable and easy to use services. Overall, it can be said
that India is on the right path when it comes to digital, but this path is long and still a lot of
ground remains to be covered. This paper provides a discussion on Digital finance and its
impact on financial inclusion. DigitalFinance plays a vital role in the day to day activities of the
people. The findings of the study found that Usability, Convenience, Accurate timing, and easy
interbank account facility has positive impacts on Mobile banking, Low service charge and
accurate timing has significant impacts on mobile wallets (apps) even Low service charge has
positively impacted on the credit card. Hence the study concludes that the digital finance
(Internet banking, mobile banking, mobile wallets (apps), credit card and debit card has a
significant impact on financial inclusion. Though digital fiancé has many negative on an issue
like affordability, security, adaptability etc. Every human being intends to avail the facility of
digital finance in their lives.

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