Analysis of the Role of Increasing Financial Inclusion Through Digital Transformation on the Stability of the Financial System in Indonesia
Eva Nur Kumalasari*
Putu Aditya Pratama
The increase in financial inclusion in a country can affect the stability of financial system because it can maintain the stability of banking operations and reduce inequality in financial access in society. The increase in financial access caused by the emergence of digital financial products, such as transaction systems using e-money and QRIS financial transactions, has succeeded in reducing inequality in access to financial services in society. The advantages provided by digital transactions have disadvantages, namely regarding the guarantee and security of digital financial transactions which do not yet have regulations from the government. Hence, it is imperative to conduct a more thorough examination of how the expansion of financial products via digital transactions impacts the stability of Indonesia's financial system. The approach utilised in this research is the Autoregressive Distributed Lag (ARDL) methodology utilising data from the years 2021 to 2023. The factors assessed in this study encompass e-money and QRIS, alongside supplementary variables such as online loans, credit cards, and debit cards. Furthermore, a key variable under consideration is the Non Performing Loan (NPL) which serves as a gauge for financial system stability. The study results revealed that debit cards do not greatly impact the stability of the financial system, whether in the short or long run. Conversely, credit cards have a notable positive influence on financial system stability in the short term but do not have a lasting impact. On the contrary, e-money is found to have a considerable detrimental impact on financial system stability, both in the short term and long term. Similarly, QRIS is shown to have a significant positive effect on financial system stability in the short term but lacks significance in the long run. Online loans, on the other hand, have a substantial negative impact on financial system stability in the short term but are not significant in the long run.
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