Digital financial inclusion (DFI) is the access of financial technology (FinTech) services to the underserved population. And the digital tools shaping the financial industry that promotes a stronger financial and economic system are FinTech. The objective of the study is to illustrate the role of FinTech innovation as the frontrunner to promote digitalization and digitization, which contributes to increasing DFI. Critical gaps and how the complementary relationship of FinTech innovation and DFI can support the modern financial industry have been presented in the findings of this study to identify the interrelationship between FinTech, financial innovation, and DFI. The theoretical lens based on various literature review has been used to analyze the different degree of co-relationship that highlights the positive, negative and dual dimensions that exist between FinTech, financial innovation and, DFI. A conceptual framework has been proposed to depict the entire transition phase of the traditional financial ecosystem moving into the modern financial landscape with help of DFI. Hence, the future prospect outlined in this study exemplifies a likely scenario that FinTech is here to stay for good and create a significant value in this digital era of industry 4.0. Limitations and scope for further research have been presented at last.

Keywords : Innovation; Financial Technology; Digital Financial Inclusion; Digital Finance; Digital Transformation