Technology is changing the face of Financial Services and providing a financial infrastructure and various access points to previously underserved or financially excluded groups. On the quest to seek greater financial inclusion (and as our Financial Inclusion series has uncovered), FinTechs, banks, MNOs and governments have started making headway across the savings, borrowing, payments and SME spaces.
The Financial Inclusion Framework
There are various factors that drive the pace of change across the globe, in both developing and developed nations. The key components shown in our Financial Inclusion Framework below are driving the agenda towards a more financially inclusive future.
A financially inclusive future is certainly within grasp and providers that focus on developing affordable, accessible and streamlined services are sure to benefit from this symbolic business model. Devised and implemented correctly, financially inclusive solutions provide a triple win situation; a win for the provider (e.g. financial and reputational), a win for the consumer (e.g. accessibility and financial empowerment) and a win for society at large (e.g. through improved financial health).
As the constructs of money in today’s world are set to change with the rise of digital currencies, alongside increasingly pro-FinTech regulation being developed in many nations and ever-demanding consumer expectations, we don’t expect to see a slowdown in the number of FinTechs hitting the headlines with financially inclusive solutions. The question is; who will be the main winners in the FinTech world and how can incumbents remain relevant as the pace of change continues to skyrocket? Time will tell!
If you would like to find out more about the KAE Financial Inclusion series, please contact us at [email protected]