July 30, 2018

The Key Drivers of Change in the Quest for Financial Inclusion

Financial Inclusion is one of the biggest themes underpinning the transformation of the global financial services landscape. Although the use of emerging technologies in the banking finds the most lucrative use cases in CX and process efficiency, its true power lies in the capability to elevate the infrastructural norms with a cognitive, data-driven approach, to extend the basic financial services to the unbanked population around the world. The World Bank’s Findex report suggests that there were more than 1.8 billion people globally in 2017 without access to an account with a traditional FI. While this represents a whopping 32.9% of the global adult population, this indeed is a massive improvement from the 49.4% of unbanked population levels in 2011. The decrease of 16.5% substantiates the impact of an ecosystem-wide collaborative effort between governments, regulators, banks, and FinTech innovators. These six years have seen a systemic shift in the approach of…

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