Measuring scale for digital financial services, economic growth, performance, and environmental sustainability: evidence from EFA and CFA

The proliferation of digital technologies has brought about transformative changes in the financial landscape, revolutionizing the way individuals and organizations access, manage, and utilize financial services. This study aims to develop and validate a comprehensive measurement scale for assessing digital financial services, economic growth, organizational performance, and sustainability. The study collects data through surveys administered to a diverse sample of individuals and organizations. The survey items are designed based on an extensive literature review and expert consultation, covering various aspects of digital financial services adoption, economic growth, organizational performance, and sustainability. The collected data are then analyzed using EFA to explore underlying factor structures and CFA to validate the measurement scales’ reliability and validity. The findings reveal robust factor structures for each measurement scale, indicating high internal consistency and construct validity. The digital financial service adoption scale encompasses dimensions such as convenience, efficiency, and trust, while the economic growth scale includes factors related to job creation, innovation, and financial stability. Similarly, the organizational performance scale covers aspects like operational efficiency, financial status, and social impact, while the sustainability scale comprises indicators of environmental sustainability, social responsibility, and regulatory support. The validated measurement scales offer researchers, practitioners, and policymakers a standardized tool for assessing and monitoring the impact of digital financial services on economic development, organizational performance, and sustainability.