A growing body of rigorous research shows that financial services innovations can have important positive impacts on wellbeing, but also that many do not. We first describe the latest evidence on what works in financial inclusion. Second, we summarize research on key financial market failures and on products and innovations that address specific mechanisms underlying them. We conclude by highlighting open areas for future work.
Pande, Rohini, Dean Karlan, Jake Kendall, Rebecca Mann, Tavneet Suri, and Jonathan Zinman. "Research and Impacts of Digital Financial Services." HKS Faculty Research Working Paper Series RWP16-037, September 2016.