The eBook released by the Inclusion Foundation maps out the importance of digital innovations and technologies to support the financially excluded, through exploring the four pillars that enable financial inclusion to occur: technology, government, education, and inclusive communities.
The Inclusion Foundation’s latest eBook presents the view that digital inclusion is a prerequisite for financial inclusion – digitalisation is required to boost financial inclusion globally. During the COVID-19 pandemic, digital payments soared and 12% of UK adults downloaded banking apps for the first time. The Inclusion Foundation’s paper states that the rise of digital is accompanied by the revolution in retail finance being brought about by Open Banking and new payments models which will expand the reach of financial services to the underbanked and unbanked.
The Inclusion Foundation and The Payments Association explore four core pillars throughout the eBook, which they believe are the driving force of financial inclusion.
Firstly, technology can allow for reduced costs of providing financial services. Besides, through technologies such as Open Banking, businesses can gain a deeper understanding into their customers.
Secondly, government has a role in controlling credit availability and the need for tighter fraud prevention tools due to the growing number of complex financial offerings.
Thirdly, education is one of digital innovations essential in businesses to retain and upskill adults in work, with the seismic shift towards digital across all sectors.
Finally, inclusive communities are important in driving change.
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