Social goals versus business necessity : the nature and determinants of innovation in financial inclusion

Vik, PM; McEachern, M; Curtis, JM; Kane, KJ; Dayson, KT

Abstract

Purpose:
This study aims to explore the extent to which social innovation is prioritised among a sample of organisations promoting financial inclusion through the provision of affordable credit, advice and financial education. Additionally, we seek to understand the nature of the adopted innovation process and how this is perceived as influencing social change (if at all).
Methodology:
This exploratory study uses a combination of qualitative, semi-structured, face-to-face interviews with 35 managers in 29 different organisations and three focus groups with 16 practitioners and stakeholders.
Findings:
Innovation processes are in the main, largely incremental as opposed to radical with organisations focusing on process-led innovations. More notably, most organisations found that they often lacked the required social capital capacity, economic and technological resources and the necessary skills to develop, implement and capitalise on innovations, thus limiting the more radical forms of innovations.
Implications:
To enhance the capacity of smaller organisations promoting financial inclusion, there is significant potential to engage in more open, co-creational projects/partnerships to deliver greater social impact to vulnerable populations.
Contribution:
We contribute to the under-researched literature on social innovation by highlighting the extent to which social innovation is given precedence within the sector promoting financial inclusion. Given the contextual and organisational diversity of the sector, highlighting these behavioural practices and circumstances, enable researchers to theoretically advance social innovation theory further and provide more practice-based guidance for organisations to successfully shape social change.

Citation

Vik, P., McEachern, M., Curtis, J., Kane, K., & Dayson, K. (in press). Social goals versus business necessity : the nature and determinants of innovation in financial inclusion. Social Business, https://doi.org/10.1362/204440821X16206324311132

• Journal Article Type: Article
• Acceptance Date: Aug 7, 2020
• Online Publication Date: Nov 5, 2021
• Deposit Date: Aug 13, 2020
• Publicly Available Date: May 5, 2023
• Journal: Social Business
• Print ISSN: 2044-4087
• Electronic ISSN: 2044-9860
• Publisher: Westburn Publishers
• DOI: https://doi.org/10.1362/204440821X16206324311132
• Publisher URL: https://doi.org/10.1362/204440821X16206324311132
• Related Public URLs: http://www.westburn-publishers.com/social-business/social-business.html
• Additional Information: Access Information : Author Posting © Westburn Publishers Ltd, 2021 This is a post-peer-review, pre-copy-edit version of an article which has been published in its definitive form in the journal Social Business, and has been posted by permission of Westburn Publishers Ltd for personal use, not for redistribution. The article was published in Social Business, 2021, doi: 10.1362/204440821X16206324311132 http://dx.doi.org/10.1362/204440821X16206324311132