Recently, as the possibility of fintech becoming a reality has increased in the financial market, the need for research on the impact of such technological innovations has been raised. However, despite the need for such research, the AI era has not yet been fully introduced into the real economy and society, and discussions about its impact are generally not based on actual evidence. Accordingly, this study examines the impact of the spread of digital finance, such as fintech, which is a recent hot topic in the financial market, especially the concept of digital financial exclusion, and analyzes the effect of the spread of digital finance through country panel and survey data. As a result of the analysis, the effect of the introduction and spread of digital finance using the national panel appears to be both light and dark. On the positive side, the spread of digital finance expands financial inclusion, which has a positive effect of increasing the growth rate or reducing the poverty rate. In addition, on the negative side, it appears that this effect may be reduced due to the digital divide, but the effect was not found to be statistically significant. In order to analyze the phenomenon of digital financial exclusion that has not yet occurred and is not defined, we defined and analyzed a proxy variable for the concept of digital financial exclusion using survey data. As a result, the possibility of such digital financial exclusion is determined by factors such as age and gender. It was confirmed that it can vary depending on not only socio-demographic variables but also the services provided by financial institutions. In other words, it was confirmed that digital financial exclusion can be caused not only by the financially excluded person's own demographic and economic factors but also by the financial company that causes exclusion. Results like this are mainly due to the fact that when various types of financial exclusion phenomenon have occurred, not only in terms of the financially excluded person's own problems such as age, gender, income, education level, and occupation, but also in terms of the service itself provided by financial companies. This suggests that digital financial exclusion may also occur. Therefore, in order to reduce digital financial exclusion in the future, this study emphasizes that it is necessary not only to provide support such as digital finance-related education to the affected people, but also to make efforts at the service provider level to actively eliminate this at financial companies.