Financial exclusion is a global problem affecting millions of people, through strategic design and implementation, could CBDCs be the solution?
The Center for Financial Inclusion at Accion (CFI) and the Institute of International Finance (IIF) in collaboration with the MetLife Foundation have released a report on financial inclusion; the report focuses on how partnerships between mainstream financial institutions and fintechs are expanding financial inclusion; findings are based on 24 in-depth interviews with firms and experts from around the world with emphasis on the emerging markets; the report is part of a two-year financial inclusion project from CFI, IIF and the MetLife Foundation called "Mainstreaming Financial Inclusion: Best Practices." Source
Fintechs have touted the importance of cashflow data in underwriting. This week, the CFPB published their evidence to support the approach.
According to CB Insights challenger banks are the fastest growing fintech segment in the world; U.S. based Chime has been...
Ning Tang, CreditEase CEO and founder, spoke on financial inclusion and global fintech cooperation at the APEC CEO Summit 2016; as a participant on the "Innovation Economy" panel, Mr. Tang discussed the need for collaboration between businesses and government in order to facilitate innovation and economic development. Source
The CCAF released a report showing the impact of COVID-19 on fintech. The verdict? Growth and the potential for increased financial inclusion.
The Center for Financial Inclusion (CFI) has released a report discussing financial inclusion partnerships between financial institutions and fintech companies; findings from the report were generated from 24 in-depth interviews with individuals leading financial inclusion in the industry and highlights 14 financial inclusion partnerships identified by CFI as best-case scenarios; the partnership case studies cover four financial inclusion challenges including: access to new market segments, new offerings for existing customers, data management, and deepening customer engagement and product usage. Source
Lisa Servon worked at a check cashing store to identify its benefits and whether or not the financial system should direct consumers to banking services which have previously been cited as less expensive and more efficient; in her experience at RiteCheck Cashing, Servon found three factors that influenced the use of check cashers by the underbanked; costs were lower in comparison to the fees and charges from using a bank; pricing transparency was more clearly provided for check cashing services; many customers also reported better service from check cashing tellers than bank representatives; Servon has published a book titled "The Unbanking of America: How the New Middle Class Survives" which provides full details on the benefits of using check cashing services. Source
In her latest Forbes column, the CEO of the Financial Health Network, Jennifer Tescher, takes note of the societal shift...
Early wage access startups like DailyPay and Earnin are seeing a big uptick in usage as workers look to gain...