Fintech as a Driver of Financial Inclusion: A Quantitative Study of Digital Demand and Impact in Colombia

Abstract

This study analyses the potential of fintech as an alternative for financial inclusion in Colombia on the basis of social perception and online search interest in digital financial services. It is postulated that these internet searches reflect an active exploration of alternatives to traditional financial channels, serving as a useful indicator of demand and the potential for adopting digital services. Methodologically, a quantitative explanatory-correlational approach is employed, specifying and estimating nine panel data models for 32 departments and Bogotá (2022--2023). The estimation was performed via the feasible generalized least squares (FGLS) technique, which allowed us to address the heteroscedasticity present in the data.