Role of Digital Financial Literacy for Mobile Banking Adoption in Digital Era

Western Odisha, like many other regions in the country, is currently experiencing significant growth in both financial services and smartphone ownership. This accelerate development highlights the increasing importance of digital financial literacy in influencing the adoption and utilization of mobile banking services. The purpose of this study is to investigate how digital financial literacy impacts the use of mobile banking in Western Odisha. To understand the complex relationship between digital financial literacy and mobile banking behavior, a multifaceted approach was taken, including in-depth interviews. A total of 400 samples were collected from four districts in Western Odisha (Bargarh, Bolangir, Boudh, Kalahandi). The findings of the study reveal the intricate connections between financial literacy, digital literacy, digital financial literacy, and mobile banking behavior. It is crucial to address issues such as the rising rate of cybercrimes, the needs of senior citizens, and urban-rural disparities in terms of network coverage and technical infrastructure to promote equal access to mobile banking services. By addressing these challenges, we can fully leverage the potential of digital financial technologies for economic empowerment.