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Social goals versus business necessity: The nature and determinants of innovation in nancial inclusion
Vik, Pål McEachern, Morven Curtis, Joanna Kane, Kevin Dayson, Karl
Vik, Pål
McEachern, Morven
Curtis, Joanna
Kane, Kevin
Dayson, Karl
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EPub Date
Publication Date
2021-11-05
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Abstract
PURPOSE: This study aims to explore the extent to which social innovation is prioritised among a sample of organisations promoting nancial inclusion through the provision of a ordable credit, advice and nancial education. Additionally, we seek to understand the nature of the adopted innovation process and how this is perceived as in uencing social change (if at all). METHODOLOGY: This exploratory study uses a combination of qualitative, semistructured, face-to-face interviews with 35 managers in 29 di erent 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 nancial 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 nancial 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. G., Curtis, J., Kane, K., & Dayson, K. (2023). Social goals versus business necessity: The nature and determinants of innovation in financial inclusion. Social Business, 11, 1-21. https://doi.org/10.1362/204440821X16206324311132
Publisher
Westburn Publishers
Journal
Social Business
Research Unit
DOI
10.1362/204440821x16206324311132
PubMed ID
PubMed Central ID
Type
Article
Language
en
Description
This is the post-review version of content which has been published in its definitive form in the Social Business. [Vik, P., McEachern, M. G., Curtis, J., Kane, K., & Dayson, K. (2023). Social goals versus business necessity: The nature and determinants of innovation in financial inclusion. Social Business, 11, 1-21. https://doi.org/10.1362/204440821X16206324311132]
Series/Report no.
ISSN
2044-4087
EISSN
2044-9860
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Unfunded