TY  - JOUR
TI  - Financial Inclusion as Enabler for Innovation in Banking
T2  - Foresight and STI Governance
IS  - Foresight and STI Governance
KW  - financial inclusion
KW  - knowledge-intensive services
KW  - public policy
KW  - new technologies
KW  - strategies
KW  - digitalization
AB  - Using evidence from Spain, this study assesses the readiness of the banking sector of the EU to introduce technological and social innovations to implement the European policy of financial inclusivity. Despite the evident benefits for banks in terms of enhancing legitimacy and improving consumer knowledge and loyalty, mostly banks at present merely comply with the formal aspects of financial inclusion regulation, but are not going further in terms of technical or social innovation, using compliance to avoid the "stick" of regulation. In contrast, a review of the banks’ own corporate social responsibility strategies shows a higher level of commitment and innovation in terms of financial inclusion. Based on the analysis of institutional factors that determine the involvement of banks in the inclusivity policy, recommendations are proposed for adjusting development strategies in order to combine the efforts of the public and private sectors in the provision of public services.
AU  - Beatriz Fernández-Olit
AU  - Gloria González-Sanz
AU  - Óscar Sierra-Martín
AU  - Elena Ortega-Diaz
UR  - https://foresight-journal.hse.ru/en/2022-16-3/722061656.html
PY  - 2022
SP  - 95-105
VL  - 16