EPA reports increasing demand for products supporting financial wellbeing

Thursday 23 September 2021 14:55 CET | News

The Emerging Payments Association has launched a report showing that minority communities are financially undeserved and mapping propositions that are making the retail banking industry more inclusive and equitable.

The EPA’s report finds that the UK, for example, may provide access to financial services but by not accounting for the unique needs of specific communities, it is not as financially inclusive as it should be if we are to have a truly financially inclusive society.

The paper also finds that there has been a surge in new B2C players focused on serving the financially overlooked communities in accordance with their specific needs, with the operational agility and a personalised product-offering. 

EPA, Mastercard, and Algbra are making 7 recommendations on the components that are driving an evolution towards lifestyle and banking solutions:

  • Consumers are willing to share more data to get the products and services that cater to their needs.

  • Advances in technology and data analytics are enabling organisations to execute on what customers are demanding through personalised financial products and services. 

  • There are segments of the global population who have been underserved by financial institutions, making this a financially rewarding endeavour for innovators that are still emerging.

  • Education is a core pillar of all of these platforms.

  • As new solutions emerge, a partnership driven approach must be adopted, working with existing players to enable the delivery of the products and services .

  • Inclusive design must be at the heart of product development and product thinking .

  • Supply chains must be aligned with the clients who are entering the market.

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Keywords: EPA, Mastercard, research, financial inclusion
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech

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