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digital transaction records, or online behavioral data, to evaluate borrowers’
creditworthiness. This approach allows financial institutions to extend credit to individuals
and small enterprises that were previously excluded from formal financial systems. As
digital technologies continue to evolve, the integration of AI into financial services is
expected to further enhance financial accessibility, reduce information asymmetries, and
support more inclusive financial ecosystems.
2.3 Research gap
Despite the growing body of literature on digital finance and financial inclusion,
several important research gaps remain. First, many existing studies focus on global
trends or experiences from developed economies, while systematic analyses of digital
financial transformation in emerging markets remain relatively limited.
Although fintech and digital finance have been widely studied, the role of artificial
intelligence in shaping digital financial services and financial inclusion has not been
sufficiently examined in developing countries’ contexts. The interaction between financial
digitalization, AI-enabled financial services, and financial inclusion outcomes remains
underexplored in the literature.
Besides, although Vietnam has experienced rapid growth in digital financial services,
including mobile payments, digital banking, and fintech innovation, comprehensive
academic studies examining how financial digitalization contributes to financial inclusion
in the Vietnamese context remain limited.
This study addresses these gaps by providing an integrated analysis of financial
digitalization, institutional frameworks, and financial inclusion outcomes in Vietnam in the
era of artificial intelligence. By focusing on Vietnam as a representative emerging digital
economy, the study provides policy-oriented insights into how AI-driven financial
digitalization can support inclusive financial development.
2.4 Theoretical framework
The relationship between financial digitalization and financial inclusion can be
explained through several theoretical perspectives.
First, financial intermediation theory suggests that financial institutions play a
critical role in reducing information asymmetry and transaction costs between borrowers
and lenders. Digital technologies significantly enhance this function by enabling more
efficient data processing and risk assessment, thereby expanding access to financial
services.
Second, technology diffusion theory explains how the adoption of new technologies
gradually spreads across economic systems, transforming institutional structures and
economic behavior (Rogers, 2003). As digital infrastructure expands and users become
increasingly familiar with digital platforms, financial services become more accessible to
broader segments of the population.
In the context of the Fourth Industrial Revolution, artificial intelligence further
strengthens these processes by enabling data-driven financial decision-making,
automated credit assessment, and personalized financial services. These technological
capabilities help reduce traditional barriers to financial access and improve the efficiency
of financial service delivery.
Based on these theoretical perspectives, this study conceptualizes financial
digitalization and AI-enabled financial services as key mechanisms for expanding financial
inclusion, particularly in emerging digital economies.

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