The role of financial technology in enhancing financial inclusion: an analytical study of the Iraqi banking sector for the period 2017-2022

Abstract

The current study aims to clarify the real role played by financial technology as one of the modern methods of banking in enhancing financial inclusion, by demonstrating its ability to help spread and access financial services to a wide segment of institutions and individuals in Iraqi society, by providing quality financial services. High and low cost, in addition to complete ease of access to the service. The study was conducted by applying it to a community composed of the Iraqi banking sector for the period extending from the year 2017 until the year 2022, as it is the actual period in which the real trend of financial and banking institutions began to adopt electronic financial services as a complementary method to traditional financial services. The study also relied on the descriptive and analytical approach in studying the aspects Different types of financial technology and financial inclusion across its sub-dimensions (ease of access, volume of benefit, and quality level of banking service) using ready-made software, including SPSS. The study reached a set of important results, perhaps the most important of which is that financial technology has a major and fundamental role in enhancing financial inclusion, specifically with regard to the extent of use of banking services, which should be the basis for designing the financial service. One of the most important recommendations presented by the study is the need for the Iraqi banking administration to adopt The use of modern digital technology is part of its future strategies, as it helps individuals easily and quickly obtain financial services and products, which greatly benefits it.