ADOPTION OF DIGITAL FINANCIAL SERVICES AND ITS IMPACT ON FINANCIAL BEHAVIOR: A REVIEW OF LITERATURE
Keywords:
Digital Financial Services, Adoption Factors, Mobile Banking, Financial Behavior, Systematic Literature ReviewAbstract
The main purpose of the study is to identify factors influencing adoption of digital financial services. This paper systematically represents the existing amount of research papers, including the factors affecting adoption of digital financial services. The author identified factors that influence adoption of digital financial services, including compatibility, financial cost, quality of system, unwillingness to change, regulations and laws, and digital infrastructure. The second aim of this study is to discuss the objectives, research methodology, research design, variables tested, and findings of previous studies through a systematic literature review methodology. This paper highlights the adoption of digital financial services, including adoption of mobile banking, internet banking, digital payments, and payment cards, and also highlights the impact of adoption of digital financial services on financial behaviour through a systematic review methodology; therefore, it is found that money usage significantly affects consumer spending and finds a positive correlation between overspending behaviour and mobile payment use. In addition, the study finding implies that an increase in mobile banking services leads to an increase in savings management. At the end of the study paper, author identified the research gaps in this field.
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