Exploring Digital Banking and Financial Services Inclusivity: A Study of Social Media Interactions in an Online Community

Abstract

The study explores the role of digital banking and financial services (DBFS) in enhancing financial inclusivity through social media interactions within an online community. It highlights how innovations like mobile technology have significantly improved financial inclusion, particularly in the Philippines. The research focuses on a Facebook group discussing digital banking, aiming to understand user perceptions of accessibility, usability, trust, security, financial literacy, and inclusivity. Key findings reveal that user-friendly interfaces and accessibility features are crucial for adoption. At the same time, trust and security concerns are prevalent but mitigated through shared experiences and reassurances within the community. Financial literacy is enhanced through exchanging advice and user guides, and inclusivity is promoted by providing opportunities for previously unbanked individuals. The study also emphasizes the importance of continuous improvement in digital infrastructure and financial literacy to ensure equitable access to digital financial services. By analyzing social media content and conducting interviews, the research offers valuable insights into how online communities can foster digital inclusivity in banking. It underscores the need to address challenges such as the digital divide and data privacy concerns to maintain consumer trust and ensure that all individuals, regardless of socio-economic status, can benefit from digital banking and financial services advancements.