Unraveling the dynamics of digital financial services adoption and digital divide: A systematic literature review and future research agenda

The rapid proliferation of digital financial services (DFSs) has the potential to promote financial inclusion (FI), as well as socioeconomic and human development. However, the digital divide (DD) poses a significant barrier to the equitable adoption and use of DFSs. This systematic literature review (SLR) aimed to comprehensively analyze the current state of research on DFS adoption in the context of DD. Employing the “Scientific Procedures and Rationales for Systematic Literature Reviews” (SPAR-4-SLR) protocol in combination with the theories, contexts, and methods (TCM) and antecedents, decisions, and outcomes (ADO) frameworks, this study identified prominent contributors, trends, key factors, and research gaps in the literature. The review revealed that personal, psychological, motivational, technological, socio-cultural, and socio-demographic factors influence DFS adoption across the three levels of DD: digital access, capability, and innovativeness divides. This study proposes a conceptual model integrating these factors and highlights the need for future research to develop standardized measurement scales, conduct multi-country studies, and investigate the impact of DFSs on various developmental outcomes. The findings provide valuable insights for policymakers, practitioners, and researchers in the field of information technology for development, emphasizing the importance of addressing DD to promote inclusive growth and socioeconomic progress of humans through DFSs.