Digital Financial Inclusion as a Pillar of Disaster Resilience

Introduction

The COVID-19 pandemic brought along important moments of crisis and fragility for everyone in terms of physical health and individual and national economies (Mishra, 2021). This situation had a significant impact on employment, particularly in the poorest economies, and widened the gap between the rich and the poor (Khera et al., 2022). According to Lusardi et al. (Lusardi et al., 2020), the COVID-19 pandemic revealed the insufficiency of savings and the limited financial education households have, which was reflected in their little resistance to this kind of crisis.

Families, governments, and companies confronting the situations generated by the pandemic find themselves managing challenging and unprecedented demands: establishing remote workforces, building needed capabilities, redeploying talent, propping up distressed supply chains, contributing to humanitarian efforts, choosing among firing, furloughing, retaining employees, and planning for reopening amid uncertainty (Mikulčić et al., 2021).

According with Worley y Jules (2020), the crisis has brought to light some implications related to sustainable organizations in VUCA Context (volatile, uncertain, complex, and ambiguous environments). Firstly, there is a lack of clarity in characterizing the COVID virus and our response to it; what is evident is that we were ill-prepared. On second place, despite the rhetoric, numerous organizations lacked the necessary capabilities to respond effectively. Merely claiming to be agile does not guarantee it. Finally, the COVID-19 pandemic has exposed the silence within our community concerning structural inequality. We have allowed unethical positions to persist, while taking shelter behind our supposedly neutral and positivistic values.

Nevertheless, said crisis has also been a great opportunity for a rapid and mandatory adoption of the digitalization of work, commerce, and, of course, the banking system (Arroyo, 2020). The digitalization has the power of transform various aspects of society, ushering in a new era characterized by technological advancements and heightened connectivity. From businesses to education and healthcare, integrating digital technologies aims to streamline processes, enhance efficiency, and foster innovation. In the corporate landscape, digitalization fosters agile and data-driven decision-making, optimizing operations and improving customer experiences. In education, the digital shift democratizes access to information, providing diverse learning opportunities and encouraging global collaboration (Valencia et al., 2021). Additionally, the healthcare sector witnesses the emergence of telemedicine and digital health solutions, revolutionizing patient care and healthcare delivery. As we navigate this digital frontier, critical considerations such as data privacy, cybersecurity, and digital literacy become paramount. The ongoing trend of digitalization not only reshapes the way we live and work but also presents new challenges and opportunities that necessitate thoughtful and adaptive approaches to ensure a digitally inclusive and secure future (Villa et al., 2020). However, during situations such as the pandemic, these processes of digitalization have unfolded in an “urgent” manner as corrective actions, rather than being planned for development or sustainable construction. This approach has maintained conditions of access gaps and inequities related to opportunity, access, and understanding of its use (Sepúlveda López & Ramírez Castañeda, 2018).