A systematic literature review attempts ‘to identify, appraise and summarise all the empirical evidence. Evidence must meet pre-specified eligibility criteria to answer a given research question. A systematic review of literature helps to develop the study that allows identification, quality, limitations and potential. Most importantly any significant study must be followed by a comprehensive review of the existing literature based on both qualitative and quantitative data.
The systematic review follows the transparent and rigorous approach. The process must ensure minimum bias and potential replicability as systematic review paves the way for reduced implicit researcher bias.
Steps of conducting a systematic literature review
Example: Impact evaluation of Pradhan Mantri Jan Dhan Yojna (PMJDY) on Financial Inclusion in India
In India, the majority of the population is not a part of the inclusive growth. Therefore, financial inclusion is a major challenge. The purpose is to provide the banking services to all the households. Pradhan Mantri Jan Dhan Yojana is a scheme launched in India. It aims at providing banking services and financial independence to unbanked in India.
Clearly define the research questions
The first step to conducting a systematic literature review is to formulate a clear and well-defined research question. It is very important to find the existing literature on the topic because your study should not duplicate the efforts of previous reviews. Research questions must be based on PICO analysis:
- Person: who does this relate to?
- Interventions: what is the probable cause or intervention?
- Comparison: Is the cause being comparable to something?
- Outcome: What is your expected outcome or outcome you are interested in?
In the example taken above the research question is, “What is an impact of PMJDY on the financial inclusion in India?”
Frame the protocol for review
Second, in order to select various studies for the research, the researcher must stick to certain protocols. Protocols inhibit the inclusion and the exclusion criteria for the selection of relevant studies because this helps in determining whether to include the study in the research for review or not. Search strategy on basis of finding the words or the set of words must be followed.
For the purpose of the above example, the inclusion and exclusion criteria have been summarized as below:
Conduct a literature review
Thirdly, start the search in the database that you identify as relevant to your topic. Work on the search strategy across the variety of database. The researcher can probably identify the relevant papers by screening the title and the abstract, at last, the researcher reject those which are not fulfilling the inclusion criteria. 90 research studies are part of the present research for the systematic review of the literature.
Select specific studies
Fourth, move ahead along with the protocols. According to the inclusion and exclusion criteria, the researcher will be able to select specific studies relevant to the topic. Then, start with the screening of title and probably go till the abstract to evaluate a particular study. Furthermore, multiple screening must take place for the review. 15 studies out of 90 searches studies are part of the present research.
The following figure is the flowchart of studies for systematic review:
Extract data or qualitative information from selected studies
Fifth, MS-Excel spreadsheet can be of use to extract data from the existing literature. Besides that, systematic review tool can be of use. Then, analysing the data for the purpose of addressing the research questions takes place. In our case the time series data on the number of bank accounts, the number of non-frill accounts and cash balance in banks is part of the data for the purpose of analysis. The results will be able to address the research objective of evaluating the impact of PMJDY scheme in financial inclusion in India. Qualitative data inheriting the characteristics of the scheme is also a part of the study.
Assess the quality of the study
Sixth, the quality of the selected studies must be part of the assessment. It can assess the following parameters:
- Appropriateness of the study
- Risk of bias
- Quality of issue and intervention
Summarise the evidence or data
Summarising the data involves the tabulation of the study details, characteristics, quality and effects. The table must include the identified factors. The table includes the relationship with the concerned variable. In the present topic, 15 studies were systematically taken, the table includes the author details and the publishing dates of the studies. Apart from this, the table has the identified factors from each study. Following are the factors of the present study:
- Total paper transactions
- Digital transaction amount
- Zero-balance accounts
- The total balance in an account
- Number of debit cards
- A share of digital services
Discuss the findings and conclude
Finally, present your finding in a well-defined manner with a detailed methodology. Also, provide the recommendations for practice.
The PMJDY scheme has proven to be beneficiary to India thus, an unbanked proportion significantly decreased. Zero balance accounts were falling as people were depositing their money into the banks. Almost all the money deposits in the bank translate in capital formation when channelises as savings and investment, therefore it leads to economic as well as inclusive growth.