Socially Responsible Fintech Using Open Social Innovation

Recognizing that a large portion of society endures financial exclusion, this paper examines macromarketing issues regarding ensuring financial inclusion to achieve higher levels of consumer well-being and improved quality of life. Socially responsible marketing (SRM) requires efforts toward social sustainability as some segments of society are vulnerable, and often financially excluded and subject to exploitation. Fintech services have the capability of increasing financial inclusion, which provides many benefits to society. An important approach to achieving socially responsible fintech is by using open social innovation, which utilizes both inbound and outbound open innovation strategies. However, open innovation strategies present significant ethical challenges regarding fairness, trust, knowledge sharing, etc. We examine how the five elements of the Integrative Justice Model (IJM) can be applied to the six stages of the Open Social Innovation (OSI) framework to provide guidelines to achieve socially responsible fintech. Ensuring processes to protect the interests of all fintech stakeholders will increase the chance of obtaining systemic change, the ultimate goal of social innovation.