Increasing the availability of financial services as a factor in ensuring socio-economic stability in the region

Abstract

Sustainable regional development is an important issue for all countries. Still, its specifics strongly depend on regional features and many other factors, with close attention given to financial inclusion. This paper aims to determine the role of financial services in the socio-economic stability of Russian regions. We conducted a comprehensive assessment of financial inclusion by methodically supplementing the existing criteria with a banking index system for providing banking, microfinance, insurance, and investment services to the population and enterprises. The paper determines the coverage of banking services in Stavropol Krai. In this study, we developed a set of innovative mechanisms and digital tools for increasing the availability of financial services by expanding their coverage (particularly concerning people with special needs, the elderly population, and people in remote or sparsely populated areas)