Methodology for a multifactorial assessment of the financial accessibility indicator in the context of Russian economy

The problem of the study is related to the unevenness of financial accessibility in the regions of Russia, which hinders the development of financial inclusion and increases socio-economic imbalances. Multivariable estimate of financial accessibility is key to understanding the quality of life of the population and the state as a whole, as well as the level of digital transformation of society. The objective of the study is to develop a methodology for a multifactorial assessment of the financial accessibility index to identify the key factors influencing its development and analyze the spatiotemporal dynamics in Russian regions. The research methodology is based on the application of the principal component analysis (PCA), which ensures objective data aggregation. The study is based on 479 indicators covering infrastructure, demand and qualitative aspects of financial accessibility for the period of 2016–2022. The data source was official materials of the Central Bank of Russia. The results showed that the main drivers of financial accessibility are the development of the network of credit institutions, digitalization of financial services and improvement of the quality of service. Nevertheless, significant regional disparity remains, requiring targeted solutions and taking into account regional specifics to stimulate sustainable economic growth and improve the well-being of the population. The most significant of the 479 factors analyzed are the number of active credit institutions, the share of the adult population using at least one open personal account in a credit institution, and the number of complaints from consumers of financial services. The findings confirm the importance of a multifactorial approach to assessing financial accessibility. The results of the study can be used to develop government programs aimed at leveling regional differences and increasing financial inclusion.