According to the Financial Inclusion Commission, the UK has over a million individuals without a bank account. There is a larger section of the population which is underserved and a disproportionate amount are 16-24 or over 65. The experience of the unbanked and the underserved has been further aggravated in 2020 due to the COVID-19 pandemic and its subsequent lockdowns.
Other findings from 'All Aboard. The role of the Fintech industry in solving the problems of financial exclusion' include:
Basic bank account users have gradually moved up to having a regular current account and gained access to other financial products;
According to Pew Research Centre and the World Bank’s Financial Inclusion Database, out of the 1.8 billion plus Muslim population globally, 800 million are unbanked;
Fintechs can assist in providing financial education through gamification on money management;
A lack of digital and financial skills as well as poverty will create further negative consequences for the unbanked and underserved population.
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