Fintech Adoption and Financial Inclusion

The rise of financial technology (fintech) has reshaped how individuals and businesses interact with money, offering new pathways to access, manage, and grow finances. In the Philippines, where traditional banking has long struggled to penetrate rural areas and reach marginalized populations, fintech emerged as a game-changer. With over 44% of the bankable population still unbanked or underbanked, the country witnessed a surge in digital banking, e-wallet services, and online lending platforms that redefined financial inclusion. These innovations empowered everyday Filipinos—especially those outside major urban centers—to join the formal financial system, make digital transactions, and access credit in ways that were previously out of reach.

However, the promise of fintech inclusion remains uneven. Many Filipinos still face barriers such as limited digital literacy, unstable internet connectivity, and high transaction costs. Despite the growth of user-friendly apps and government-backed digital banking initiatives, uptake among the lowest-income households and geographically isolated communities remains slow. To unlock the full potential of fintech, it is essential to explore the nuances of adoption: what drives it, what deters it, and how solutions can be designed with equity at their core.

Who Can Use These Topics?

This topic is ideal for students and researchers in the following college programs and Senior High School (SHS) strands:

College Programs:

• BS in Financial Technology

• BS in Economics

• BS in Business Administration (Major in Financial Management)

• BS in Accountancy

• BS in Information Technology

• BS in Development Studies

• BA in Sociology

Senior High School Strands:

• ABM (Accountancy, Business and Management)

• STEM (for IT and tech-focused fintech tools)

• HUMSS (for socio-economic impact and policy evaluation)

Why This Topic Needs Research

Fintech is evolving quickly, but research has not always kept pace. Several critical knowledge gaps remain:

• Technological readiness and user preference linkages were underexplored: Past studies measured the level of fintech adoption but lacked analysis on how readiness in terms of internet access or smartphone usage impacted adoption patterns, especially in rural provinces (Magtibay et al., 2024).

• Regulatory gaps in lending platforms revealed borrower vulnerability: While online lending apps have enabled quick credit access, many operated outside regulatory oversight. This duality—access versus exploitation—has yet to be sufficiently investigated in the Philippine setting (Villarino & Villarino, 2024).

• Regional digital infrastructure disparities were overlooked: Though fintech was found to benefit urban dwellers, prior work did not comprehensively evaluate how poor connectivity and low financial literacy impeded rural adoption, particularly in Mindanao and the Cordilleras (Celestino et al., 2024).

• User trust and long-term engagement lacked detailed inquiry: Existing research in areas like Sorsogon highlighted fintech's early successes but did not assess how trust in technology and app usability influence sustained usage among rural Filipinos (Ervas, 2025).

• Findings from non-Philippine contexts lacked relevance: Many studies were based in Western or African contexts, offering limited applicability to the socio-economic realities of the Philippines, particularly regarding the role of financial literacy in shaping fintech outcomes (Abdullahi et al., 2025).

• Fintech’s role in debt, not just inclusion, was underanalyzed: Emerging economies like Argentina show that fintech can deepen short-term debt cycles even among the already banked. The Philippines may face similar risks, but localized research remains scarce (Altaytas, 2025).

• Impact on income inequality was insufficiently isolated: In Europe, fintech and broader financial access reduced income gaps, but it is unclear whether fintech alone—not integration policies—drives equity. The Philippine context needs distinct investigation (Horobet et al., 2025).

Feasibility & Challenges by Target Group

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References

ABDULLAHI, A. S., LADAN, A., YUSUF, A., & SALISU, M. (2025). Financial technology and financial inclusion: The role of financial literacy. International Journal of Financial Research and Business Development.

Altaytas, K. M. (2025). From financial inclusion to indebtedness: How FinTech transforms credit access and household financial practices in Buenos Aires, Argentina. Finance and Society, 1-20.

Celestino, A., Vigonte, F., & Abante, M. V. (2024). The Role of Fintech in the Monetary Policy Transmission and Financial Inclusion in the Philippines. Available at SSRN.

Ervas, D. F. (2025) The Extent of Utilization of Mobile Banking in Rural Community: Basis for Adoption to Strengthen Financial Inclusion.

Horobet, A., Dalu, M. A., Marinescu, I., Belascu, L., Dumitrescu, S. A., & Kostakis, I. (2025). Financial Inclusion, Technology, and Income Inequality in Europe. Amfiteatru Economic, 27(68), 93-110.

Magtibay, A. S., Camposano, K. L., & Melendres, J. M. (2024). Utilization of Fintech in Selected Tourism Establishment in Bongabong, Oriental Mindoro. Journal of Economics, Business, and Commerce, 1(2), 6-12.

Villarino, R. T., & Villarino, M. L. (2024). Financial Inclusion or Exploitation? An Integrative Review of Online Lending Applications (OLAs) in the Philippines: Analyzing User Experiences, Regulatory Challenges, and Implications for Consumer Protection. OSF Preprints, (nr456_v1).