This post draws from a paper presented at the 2025 Allied Social Science Association Annual Meeting in the ACAES session on Digitalization in Asian Economies.
Co-Authors: Sushanta Mallick and Apra Sinha
Financial technology (fintech) is transforming household access to financial services. For households previously excluded from formal financial markets, fintech offers a pathway to financial stability, enabling consumption smoothing against income fluctuations and more effective responses to emergencies. However, use of fintech carries potential risks as well. Digital financial products may facilitate impulsive purchases leaving vulnerable households prone to overspending and compromising long-term financial stability.
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