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The Role of FinTech and Digital Marketing in Enhancing Financial
Inclusion and Sustainable Business Performance in the Tourism
Sector
Malek Kohli
1
,Ayoub Nefzi
2
Faculty of Economics Sciences and Management of Nabeul University of Carthage, Tunisia
ISC Paris Business School Action Learning Lab, Tunisia
DOI:
https://dx.doi.org/10.47772/IJRISS.2025.91200034
Received: 05 December 2025; Accepted: 12 December 2025; Published: 31 December 2025
ABSTRACT
The current study examines how Financial Technology (FinTech) and Digital Marketing (DM) affect Financial
Inclusion (FI) and Sustainable Business Performance (SBP) in the tourism industry. Accordingly, a structured
questionnaire was distributed among tourism enterprises working in emerging markets adopting a descriptive
analytical methodology. Structural Equation Modeling (SmartPLS) was applied to analyze relationships among
variables and test seven hypotheses.
Overall, results indicate that both FinTech and Digital Marketing positively impact Financial Inclusion and
Sustainable Business Performance. Moreover, financial inclusion also plays the role of the mediator in these
relations, thus reinforcing its key role in the creation of inclusive and sustainable digital ecosystems.
The research offers practical suggestions to tourism businesses and policymakers regarding ways of enhancing
sustainability and inclusiveness.
Keywords: FinTech, Digital Marketing, Financial Inclusion, Sustainable Business Performance, Tourism
INTRODUCTION
The accelerated pace of digital transformation, along with the substantially growing focus on sustainability,
have created a paradigm shift within the business practise of a wide range of industries. The combination of
these simultaneous forces is particularly strong in the tourism industry, where companies are facing a customer
base that is progressively sensitive to environmental issues, shifting regulatory environments, and heightened
competition brought about by technological change and innovation pressures.
Digital marketing, efforts to boost financial inclusion, and financial technologies (FinTech) have become key
drivers of this change that has transformed the way enterprises share information, raise funds, and create value
in both developed and developing economies. The latest FinTech technologies, such as mobile payment
systems, peer-to-peer lending systems, blockchain-based technologies, and digital wallets have upended
traditional banking models with faster, more convenient, and lower-cost financial services. At the same time,
advancements in online marketing, including social-media interaction approaches, search engine optimization
(SEO) methods and personalization based on data have allowed companies to connect with consumers in
diverse socioeconomic classes in a better and more inclusive way. These technological changes have
particularly relevant implications in the context of emerging markets, in which the majority of the population
is either unbanked or under served by the conventional banking institutions.
Financial inclusion, operationally understood as the capacity of individuals and small businesses to access high
quality and affordable financial services, has turned into a policy goal and has become a strategic necessity
among firms wishing to develop sustainably in the long run. With the combination of FinTech and digital
marketing potential, companies can reach previously underserved groups, find new market niches, and
improve their sustainable business performance (SBP), which is a multidimensional construct that comprises
1
2
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financial, social, and environmental performance. However, despite the growing use of digital tools, there is
still limited empirical research that jointly analyses the role of FinTech adoption and digital marketing towards
financial inclusion and sustainability. Most existing studies explore these domains separately: FinTech in the
context of financial innovation and inclusion (e.g., Chen et al., 2021) or digital marketing as a driver of
consumer engagement and performance (e.g., Chaffey & Ellis-Chadwick, 2019). However, little empirical
research has combined these two points of view to explain how digital solutions collectively facilitate
inclusion and sustainability, especially in the tourism industry of developing economies. Accordingly, several
gaps remain in the literature
1. Earlier research has mostly looked at FinTech or digital marketing separately; thus ignoring the
relationship between these fields in terms of their synergistic impact on financial inclusion and business
outcomes.
2. Financial inclusion serves as the mediating mechanism that links the uptake of digital technology with
sustainable performance results, but is not well theorized nor effectively empirically explored.
3. Third, empirical data on the emerging markets where digital tools have been increasingly used as a
necessity rather than an opportunity remains limited, even though these tools have a crucial influence
on sustainable development.
The aim of this paper is to fill these gaps by assessing three major objectives:
1. To examine the direct effects of FinTech adoption and digital marketing capabilities on financial
inclusion in the tourism industry;
2. To investigate whether financial inclusion mediates the relationship between digital technologies and
sustainable business performance;
3. To derive and empirically test a theoretical framework that helps to establish a linkage between digital
innovation, financial inclusion, and sustainability in emerging-market economies.
In theory, the research presents a new mediated framework in which financial inclusion serves as a
socioeconomic process by which digital technologies influence sustainable results. From a managerial
perspective, the research has practical implications to practitioners and policymakers, particularly in the
developing world economies, on how they can use digital finance and marketing to tap into the unexplored
market niches. In fact, the paper offers a framework for aligning digital investments with the objectives of
inclusive growth and sustainability, as inclusion-driven digital strategies not only promote corporate social
responsibility (CSR), but also make businesses more financially resilient and competitive. The remainder of
the paper is structured as follows: Section 2 reviews the relevant literature and develops the research
hypotheses. Section 3 presents the research methodology and data analysis procedures. Section 4 shows the
empirical results and explains their theoretical implications. The paper ends with Section 5, which outlines
managerial implications, limitations, and future research directions.
Review Of Literature and Hypotheses Development
1. Sustainable Business Performance (SBP)
Sustainable Business Performance (SBP) is a multidimensional construct that incorporates economic, social,
and environmental performance (Elkington, 1998). As a construct, it demonstrates the ability of an
organization to achieve long-term profitability as well as create beneficial value to both society and
environment. Companies with an adequate balance in these dimensions are in a stronger position to improve
the trust of stakeholders, efficiency of resources, and competitive advantage (Amini and Bienstock,
2014).Eventually, sustainability in the tourism industry is expressed in the form of environmentally-friendly
business practices, ethical management, and community empowerment (Garcia et al., 2021). The results of
empirical studies have shown that sustainability-driven activities can help increase customer loyalty, build
brand reputation, and make a corporation more viable over the long term (Font & McCabe, 2017). Accordingly
the research priority should be to determine the drivers of sustainable performance in tourism, especially
digital and financial innovations.
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2. Digital Marketing and Sustainable Business Performance
Digital marketing refers to the use of digital tools and online communication channels to market goods and
services, interact with consumers and build brand relations (Yamin, 2017; Batu et al., 2018). (Yamin, 2017;
Batu et al., 2018). As a field, it includes the scope of activity social media marketing, search engine
optimization (SEO), email marketing, mobile advertising, and data analytics (Laksana & Dharmayanti, 2018).
In the tourism industry, digital marketing has completely changed the way companies connect with travelers,
provide customized experiences and share sustainability plans.
For example, the digital platforms are used by hospitality enterprises and travel agencies to highlight
ecocertifications, promote community tourism, and appeal to environmentally-conscious travelers (Sigala,
2018). Empirically, it has been shown that companies with greater digital marketing experiences tend to
perform better, in terms of innovation, customer interactions, and profitability (Chaffey and Ellis-Chadwick,
2019; Kumar et al., 2022). Furthermore, digital marketing enables openness and consumer trust, key elements
in sustainable tourism (Dwivedi et al., 2021). In this respect, the following hypothesis is stated.
H1: Digital marketing capabilities have a positive effect on sustainable business performance.
3. Sustainable Business Performance and Financial Inclusion: Academic Discussion
The financial inclusion concept evolved in the 1990s and 2000s, when the global society strived to reduce
poverty and ensure inclusive development. It is widely described as the availability and use of affordable,
suitable, and timely financial services to all societal groups, such as low-income earners, small enterprises, and
rural population (Sarma, 2015; Ozili, 2020). The World Bank (2018) revealed that through financial inclusion,
individuals and businesses are able to save, invest and handle risks, thus helping to reduce poverty and
promote sustainable economic growth. Inclusive financial systems can be found to enhance social welfare,
minimize disparities and drive entrepreneurship in emerging markets (Ibor et al., 2017). In terms of
sustainability, financial inclusion is empowering communities, sustaining small businesses, and making
business performance socially and economically sustainable (Naceur et al., 2022). Availability of
microfinance, savings products and insurance facilities enables the small tourism operators and local
entrepreneurs to invest in eco-friendly and socially responsible ventures. Hence, the hypothesis below is
formulated:
H2: Financial inclusion has a positive effect on sustainable business performance.
4. FinTech and Financial Inclusion
FinTech refers to the application of digital innovation to financial services, which include mobile payments,
peer-to-peer lending, blockchain-based systems, and digital wallets (Gomber et al., 2018). FinTech increases
access, reduces transaction costs, and supports micro-transactions, thus enabling the underbanked and
unbanked groups to take part in the formal financial system (Ozili,  2022). Empirical evidence shows that
FinTech is a key enabler of financial inclusion (Sarma, 2019; Arner et al., 2020). In fact, FinTech solutions
enhance the involvement in the digital financial ecosystem by lowering entry barriers, enhancing service
efficiency, and building trust by means of transparency (Li et al., 2023). Moreover, FinTech supports green
finance and the circular economy, thus, matching financial inclusion with the objectives of sustainability
(Zhang and Kim, 2024).Accordingly, the following hypothesis is proposed:
H3: FinTech adoption has a positive effect on financial inclusion.
5. A Review of the Digital Marketing activities and their implications to Financial Inclusion
Digital marketing as a communication tool, is gaining recognition due to its ability to provide financial
inclusion. Through the use of digital platforms, such as social media, online advertisements, and mobile apps,
financial institutions and FinTech companies have the opportunity to offer services to the hitherto marginalized
groups, raise awareness about financial services, and build trust (Dwivedi et al., 2020). As an example, online
marketing has been used in developing economies to educate the unbanked population on mobile banking,
digital payments, and savings apps. This improves the adoption and gives confidence to consumers, which can
increase the inclusiveness of the financial ecosystem (Kshetri, 2021). It is therefore assumed that:
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H4: Digital marketing capabilities have a positive effect on financial inclusion.
6. FinTech, Digital marketing, and Sustainable Business Performance: Financial Inclusion as a mediator
The interplay of FinTech and digital marketing creates complementary effects that can improve sustainable
performance of a firm. FinTech provides highly available, transparent and efficient financial services, and
digital marketing allows penetration and awareness in different segments of the market. Together, these digital
functions can enhance the scope of financial inclusion, thus leading to economic and social sustainability
(Kraus et al., 2022). In turn, financial inclusion can be theorized as a mediating process by which digital
innovation affects sustainability. By using FinTech and digital marketing, firms have the potential to not only
increase access to finance, but also responsible consumption, social inclusion, and local development, which
are fundamental aspects of sustainable performance (Mhlanga, 2021). Accordingly, the following hypotheses
are formulated:
H5: FinTech adoption has a direct positive effect on sustainable business performance.
H6: Financial inclusion mediates the relationship between FinTech adoption and sustainable business
performance.
H7: Financial inclusion mediates the relationship between digital marketing capabilities and sustainable
business performance. Proposed model of the study is presented in Figure 1.
Figure 1. Proposed model of the study
METHODOLOGY
1. Research Design and Data Collection
This study adopts a quantitative approach to empirically test the relationships between FinTech adoption,
digital marketing capabilities, financial inclusion, and SBP in the tourism industry. Data collection was
performed through a standardized questionnaire be given between July and September 2025. The target
population consisted of those managers, entrepreneurs, and decision-makers working in tourism-related
businesses, such as hotels, travel agencies, and tour operators. There were 350 questionnaires that were sent
online (e-mail and social media) and offline (on-site at tourism fairs and workshops). Having eliminated
incomplete or inconsistently completed questionnaires, 327 valid responses were obtained to be analyzed,
which resulted in a response rate of 93.4%. Table 1 shows the sample demographics.
Table 1. Demographic characteristics of the study sample
Variable
Category
Frequency
Percentage (%)
Gender
Male
195
59.6
Female
132
40.4
Age
30 years or less
82
25.1
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31–40
118
36.1
41–50
91
27.8
Over 50
36
11.0
Education Level
Diploma or less
49
15.0
Bachelor
210
64.2
Master
56
17.1
PhD
12
3.7
Experience (years)
≤ 5
75
22.9
6–10
126
38.5
11–15
89
27.2
>15
37
11.4
Position
Manager
34
10.4
Department Head
47
14.4
Marketing Officer
121
37.0
Financial Officer
95
29.0
Customer Service
30
9.2
2. Measurement Instrument and Questionnaire Development
The questionnaire was developed and divided into different sections. The first section included items
measuring the four constructs which are FinTech adoption, digital marketing capabilities, financial inclusion,
and sustainable business performance. The second one is related to respondents’ demographic information. We
used the scale measurement of Iskandar (2020), Goswami et al. (2022) and Al-Slehat (2023) to measure fintech
construct (10 items).
Digital marketing construct was measured through 9 items adopted from the study of (Mobydeen, 2021;
AlSlehat, 2023). Besides, financial inclusion was measured through 8 items developed from Iskandar, 2020;
Kurniasari et al., 2021; Al-Slehat, 2023
Finally, sustainable business performance was assessed using five items that were borrowed from Hossain et
al. (2025), which presents a strong indicator of organizational sustainability that correlates with leadership
practices. All constructs were operationalized with validated measurement tools based on the previous
academic literature and then customized to tourism. All items were rated using a five-point Likert scale of 1
(Strongly disagree) to 5 (Strongly agree). To maintain methodological rigour and ensure the validity of
measurement, each construct was grounded in well-developed and peer-reviewed pieces of literature that are
very relevant to the contextual background of the study.
3. Empirical analysis and findings
Data were analyzed using PLS-SEM method following a two-step SEM approach (Anderson & Gerbing, 1988)
1. Exploratory Factor Analysis (EFA), to purify and validate the measurement items.
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2. Construct validity verification and evaluation of the measurement model were completed using
Confirmatory Factor Analysis (CFA).
3. The proposed mediation effects and relationships were tested using Structural Model Analysis.
Measurement validation and data analysis were performed on Structural Equation Modelling (SEM) through
Partial Least Squares (PLS) implementation in SmartPLS 4.0. Table 2 shows that the factor loadings of all
items exceeded the threshold value of 0.70, meaning that indicators are reliable. The values of the Average
Variance Extracted (AVE) were greater than 0.50, which supports acceptable convergent validity Cronbach’s
alpha and Composite Reliability (CR) coefficients were used to measure internal consistency. In line with the
standards identified by Hair et al. (2014), all constructs had values of more than 0.70, thus indicating high
reliability.
Table 2. Factor loadings, validity, and reliability of the questionnaire
Variables
Factor Loadings (>0.70)
AVE
Cronbach’s Alpha
CR
FinTech (FT)
0.702
0.558
0.941
0.924
0.855
0.710
0.794
0.782
0.769
0.743
0.737
0.805
0.793
Digital Marketing (DM)
0.816
0.687
0.899
0.927
0.753
0.821
0.754
0.755
0.710
0.731
0.868
0.763
Financial Inclusion (FI)
0.879
0.544
0.895
0.914
0.874
0.715
0.805
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0.874
0.785
0.717
0.774
Sustainable Business
Performance
(SBP)
0.771
0.671
0.928
0.940
0.812
0.824
0.780
0.815
4. Hypothesis Testing
CFA was performed to measure construct reliability, convergent and discriminant validity.
1. Composite Reliability (CR) values were between 0.82 and 0.93, which is higher than the 0.70
threshold, hence showing good internal consistency.
2. The value of Average Variance Extracted (AVE) ranged between 0.56 and 0.74 thus supporting the
validity of convergent variance.
3. Discriminant validity was determined, with AVE of each construct being higher than its Maximum
Shared Variance (MSV).
Each of the constructs satisfied the suggested requirements (Hair et al., 2019), providing sound internal
consistency and construct validity (Table 3). The indices were all within acceptable ranges, which validated the
sufficiency of the measurement model.
Table 3. Reliability and Validity Testing
Construct
Cronbach’s Alpha
CR
AVE
MSV
FinTech Adoption
0.88
0.89
0.61
0.41
Digital Marketing
0.91
0.92
0.64
0.47
Financial Inclusion
0.87
0.90
0.60
0.45
Sustainable Business Performance
0.90
0.93
0.68
0.49
Table 4. Model Fit Indices
Fit Index
Acceptable Threshold
Obtained Value
χ²/df
< 5.0
3.45
GFI
≥ 0.90
0.91
AGFI
≥ 0.80
0.86
NFI
≥ 0.90
0.92
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TLI
≥ 0.90
0.93
CFI
≥ 0.90
0.95
RMSEA
≤ 0.08
0.061
Structural model was tested using Structural Equation Modelling (SEM) to measure both direct and indirect
relationships among the latent constructs. Path coefficients, critical ratios (CR), and p-values of each
hypothesis were examined to determine the empirical substantiation of each hypothesis. The mediating role of
financial inclusion between (1) FinTech adoption and SBP, and (2) digital marketing capabilities and SBP was
analyzed using bootstrapping procedures. Preacher and Hayes (2004) emphasize that mediation can only be
acceptable when the indirect effect (a × b) is statistically significant and the null value is not within the 95%
confidence interval (Preacher and Hayes, 2004). . The hypotheses were analyzed through SEM analysis with
SmartPLS 4, and the resultant path coefficients, t-values, R², as well as the significance level of the direct
effects (H1-H5) are summarized in Table 5. The mediating effects (H6-H7) were then tested using the
bootstrapping method described by Preacher and Hayes (2008).
Table 5. Structural Model and Hypothesis Testing Results
H
Path
Estimate (β)
CR (t-value)
p-value
?
H1
Digital Marketing → SBP
0.36
5.42
<0.001
Yes
H2
Financial Inclusion → SBP
0.29
4.73
<0.001
Yes
H3
FinTech Adoption → Financial Inclusion
0.41
6.15
<0.001
Yes
H4
Digital Marketing → Financial Inclusion
0.33
5.02
<0.001
Yes
H5
FinTech Adoption → SBP
0.25
4.12
<0.001
Yes
H6
FinTech → Financial Inclusion → SBP (Mediation)
Indirect β =
0.12
Bootstrapped
CI (0.05–0.21)
<0.01
Yes
H7
Digital Marketing → Financial Inclusion → SBP
(Mediation)
Indirect β =
0.09
Bootstrapped
CI (0.03–0.18)
<0.05
Yes
DISCUSSION
Empirical data confirms that the impact of digital marketing capabilities on sustainable business performance
is significant, thus supporting Hypothesis 1 and adding to the current research base by conceptualising digital
marketing as a strategic contributor to triple-bottom-line sustainability rather than a promotional tool (Chaffey
and Ellis-Chadwick, 2019; Kumar et al., 2022). In fact, companies that have strong digital potential are found
to achieve better economic, social, and environmental results, which is consistent with the Service-Dominant
Logic, where digital platforms can support the co-creation of value among stakeholders (Vargo and Lusch,
2017). Hence, in the tourism industry, digital marketing has been proven to be the backbone of open
communication on sustainability, engaging stakeholders, and allowing differentiation in highly competitive
markets.
Moreover, the positive correlation between financial inclusion and sustainable performance (H2) supports the
views of institutional theory that relate inclusive financial systems to resilient and sustainable business
ecosystems (Ozili, 2020; Naceur et al., 2022). Consequently, financial inclusion in the tourism industry
expands the market, strengthens group involvement and reduces partners’ vulnerability thus making inclusive
finance a core performance parameter and not a marginal issue.
Besides, the implementation of FinTech has a direct positive impact on sustainable performance (H5), which
confirms the resource-based perspective that FinTech can improve operational efficiency, decision-making
process, and business model innovation (Barney, 1991; Kraus et al., 2022). Although the extent of this impact
is not as significant as that accredited to digital marketing, the influence of FinTech is still vast, which stresses
its strategic significance in the modern financial services industry.
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Additionally, the best identified empirical relationship is between FinTech adoption and financial inclusion
(H3), which validates that technological innovation is a key mechanism that democratises financial access
(Arner et al., 2020; Li et al., 2023 Fintech can be then used in the context of the emerging-market tourism to
interact with underbanked stakeholders and foster inclusive value chains.
Moreover, the substantial role of digital marketing in financial inclusion (H4) is also a new contribution,
indicating that digital marketing programmes speed up the adoption of financial services by reducing
informational asymmetries and developing trust. This observation concurs with not only the Diffusion of
Innovations theory (Rogers, 2003) but also the stakeholder theory (Freeman, 1984), further broadening the
conceptual base on the interdependence between marketing strategy and financial inclusion performance.
The mediation analyses show that the role of FinTech (H6) and digital marketing (H7) in affecting sustainable
performance is partially mediated by financial inclusion. These findings indicate that the outcomes of
sustainability are achieved through both direct operational benefits as well as indirect channels organised by
inclusion, and there is a need to develop digital strategies that intentionally enhance accessibility.
Altogether, the current study comprises the constructs of FinTech, digital marketing, financial inclusion, and
sustainability in a unified system, hence proving its ability to generate sustainable value creation in the tourism
industry through inclusive digital ecosystems, instead of depending on mere technological adoption.
CONCLUSION
This paper examines the interdependencies between FinTech adoption, digital marketing capabilities, financial
inclusion and sustainable business performance in the tourism sector of the emerging markets. Based on a
sample of 327 tourism enterprises, the study provides strong empirical data that supports a theoretical construct
in which digital competencies are a key determinant of sustainability, achieved through both indirect and direct
effects of the processes of inclusion.
Based on empirical evidence, digital marketing and FinTech have substantial positive impacts on financial
inclusion and sustainable performance, and financial inclusion acts as a central partial mediator. The results
expand the existing body of knowledge on marketing and sustainability by demonstrating that digital
capabilities serve as strategic facilitators of inclusive market evolution which challenges traditional models
focused on customer acquisition and efficiency optimization.
The research adds to the existing theoretical knowledge by consolidating the disjointed literature on digital
transformation, sustainability, and financial inclusion into a coherent model that can be applied to new
economies. Eventually, financial inclusion becomes a mediating variable between digital innovation and
organisational performance in the triple-bottom-line setting, which confirms the critical importance of
accessibility and technological sophistication in developing sustainable competitive advantage.
On the managerial side, the results reveal that tourism companies must implement combined digital
transformation strategies, which will ensure digital marketing and FinTech adoption align to inclusive growth
goals . Marketing managers should shift to an environmental approach that is more focused on ecosystem
development, whereas FinTech investments should be viewed as long-term projects that help not only increase
operational efficiency , but also expand market presence and enhance sustainability.
The policy implications highlight the need to have regulatory frameworks that will support FinTech innovation
and at the same time promote digital literacy and inclusion. Furthermore, the involvement of government and
private businesses in partnership can facilitate sustainable and inclusive development in the tourism industry.
Despite its contributions, the current study is still limited by the cross-sectional design, the limited analysis on
emerging markets, and excessive use of perceptual measures. It is therefore suggested that future research
ought to adopt longitudinal and mixed-methods designs, consider sectoral and firm-size differences, examine
moderating factors such as digital literacy and regulatory regimes, and the risks attendant to the occurrence of
digital exclusion.
Through the adoption of digital technologies into their business models and a strong focus on inclusiveness,
tourism enterprises maximise their chances of achieving long-term sustainability and gaining a competitive
edge in the increasingly digitised global economy.
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