Insights into Customer Financial Behavior: Exploring the Influence of Digital Financial Literacy

Over the last ten years, financial technology, often known as fintech, has significantly driven major transformations in worldwide financial processes, reshaping the banking, investing, and payment sectors. This study examines the relationship between the various dimensions of digital financial literacy and customers’ financial behavior. Moreover, gaining insight into individuals’ perspectives, comprehension, and interaction with digital financial services would enable regulators and financial institutions to enhance their knowledge of consumers’ financial behavior. The methodology used for this study is an extensive review of current literature about digital financial literacy, consumer financial behavior, and the intersection of these areas. The review offers an extensive understanding of the existing research, pinpoints any gaps in the literature, and amalgamates essential findings to guide the development of a conceptual framework. The results of this review will enhance the current knowledge base, providing valuable insights for researchers. Policymakers should integrate digital financial literacy programs into comprehensive financial education campaigns to enhance the public's understanding of digital financial instruments and their consequences.