Digital financial services (DFS) can expand the delivery of basic financial services to the poor through innovative technologies like mobile-phone-enabled solutions, electronic money models and digital payment platforms. By 2020, it is estimated that the mobile will have the potential to serve about 250 million people for financial services in India. Yet there remains a long way for India to go in digital finance. Realizing this, the objectives of the current research are to recognize various key challenges of DFS, to find contextual relationships between various challenges and to develop a hierarchy of challenges to promote DFS in India. The findings revealed 45 contextual relationships among the key challenges using experts’ inputs. Implementing interpretive structural modelling (ISM) indicated “Lack of literacy/digital literacy (C4)” and “Universal unavailability of Internet (C8)” as the key driving challenges coming on the way of using DFS.
Rana, Nripendra; Luthra, Sunil; and Rao, H. Raghav, "Developing a Framework using Interpretive Structural Modeling for the Challenges of Digital Financial Services in India" (2018). PACIS 2018 Proceedings. 53.