{"id":36318,"date":"2019-08-04T09:30:51","date_gmt":"2019-08-04T09:30:51","guid":{"rendered":"https:\/\/content.centerforfinancialinclusion.org\/?p=36318"},"modified":"2019-09-26T12:19:58","modified_gmt":"2019-09-26T16:19:58","slug":"building-innovation-apis-fintechs-financial-institutions","status":"publish","type":"post","link":"https:\/\/cfi.accion-staging.flywheelsites.com\/building-innovation-apis-fintechs-financial-institutions\/","title":{"rendered":"Building Innovation: APIs, Fintechs and Financial Institutions"},"content":{"rendered":"
Fifty million years ago, in the Cambrian Era, the diversity of life on earth exploded, thanks to a perfect storm of microbial enablers and geologic conditions. Today, some observers think the world is witnessing a digital \u201cCambrian Moment<\/a>\u201d because of a combination of highly connected people and easily accessible building blocks for digital services. The financial inclusion sector is poised to share in this Cambrian Moment, thanks to widespread mobile phones, mobile money adoption and other enablers of innovations that promote access for the underserved.<\/p>\n In this post, we look at one of those building blocks \u2013 a potential enabler for financial inclusion: application programming interfaces (APIs). We also discuss the different types of APIs and how financial institutions should think about their API strategies.<\/p>\n","protected":false},"excerpt":{"rendered":" Fifty million years ago, in the Cambrian Era, the diversity of life on earth exploded, thanks to a perfect storm of microbial enablers and geologic conditions. Today, some observers think the world is witnessing a digital \u201cCambrian Moment\u201d because of a combination of highly connected people and easily accessible building blocks for digital services. The […]<\/p>\n","protected":false},"author":75,"featured_media":36321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"regions":[],"series":[3510],"types":[3123],"client":[],"topics":[49,3251,40,3146,3477],"personas":[],"institutional_partnerships":[],"clients":[],"program_teams":[3224],"acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"Don\u2019t know much about APIs? CFI Research Fellow Dan Kleinbaum describes them\u2014including their main delivery types\u2014and their potential for helping institutions reach the underserved. "},"post_default":{"description":""}},"authors":[{"ID":33961,"post_author":"66","post_date":"2019-01-07 20:24:45","post_date_gmt":"2019-01-07 20:24:45","post_content":"","post_title":"Dan Kleinbaum","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"dan-kleinbaum","to_ping":"","pinged":"","post_modified":"2019-01-08 02:33:13","post_modified_gmt":"2019-01-08 02:33:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=33961","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2019\/01\/dan-kleinbaum-headshot.jpg","acf":{"person_name":{"first_name":"Dan","last_name":"Kleinbaum"},"title":"Entrepreneur in Residence, DFS Lab","position":"fellow","social_media_links":{"email":"","linkedin":"","twitter":""},"body":" Dan Kleinbaum is a 2019 CFI Research Fellow investigating how fintechs and financial institutions are using APIs to reach underserved customers.<\/p>\n Dan is the Entrepreneur in Residence at DFS Lab<\/a>, where he is supporting the next wave of fintech companies and helping build out the global fintech ecosystem. Prior to joining DFS Lab, Dan co-founded and served as the Chief Operating Officer at Beyonic, a payment aggregator offering streamlined APIs and other tools for businesses to connect to mobile money networks throughout sub-Saharan Africa.<\/p>\n","header":{"header_type":"people_aligned","people_aligned":{"description":""}},"blocks":[{"acf_fc_layout":"text_block","heading":"CFI Research Fellowship Description","quick_links":false,"heading_label":"API-Enabled Partnerships Between Fintech and Financial Institutions","subheader":"How do financial institutions use APIs and bespoke partnerships to partner effectively with fintechs to reach the underserved?","body":" Financial institutions of all sizes are finding that fintech partnerships can help them reach underserved customer segments. These partnerships frequently involve the use of APIs to create the necessary connections and data sharing between fintech and financial institution. However, it may be especially challenging for smaller financial institutions to benefit from such connections. For these providers in particular, knowledge of the landscape of APIs, including their costs and benefits, is critical to their ability to remain competitive. Dan\u2019s research will help financial service providers and investors better understand APIs\u2014their types, costs, and benefits\u2014knowledge they need to thrive in a competitive marketplace.<\/p>\n"}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"is_author":true},"url":"dan-kleinbaum"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":[{"acf_fc_layout":"text_block","heading":"What are APIs?","quick_links":false,"heading_label":"","subheader":"","body":" Application program interfaces (APIs) are a set of defined methods and functions that allow one computer program to \u201ctalk\u201d to another program to consume data, perform actions, or both. APIs generally reduce the complexity of accessing technology systems and automate the interaction between systems and apps in ways that are seamless and unseen to the consumer.<\/p>\n APIs are a set of defined methods and functions that allow one computer program to \u201ctalk\u201d to another program to consume data, perform actions, or both.<\/p><\/blockquote>\n Greg Walker of 18F explains APIs by analogy to grocery stores<\/a>, which easily connect thousands of shoppers to thousands of food producers. \u201cYou [know to] go to the produce section for bananas, not the dairy aisle. You don\u2019t have to know how to grow bananas, how to harvest them, or how to ship them; you only need to know that you want them. The store \u2018hides\u2019 the how so you can focus on what matters to you \u2013 getting some food.\u201d<\/p>\n APIs act as a catalyst for a variety of services, including some examples that promote financial inclusion. For example, Teller<\/a>, a DFS Lab portfolio company uses APIs to connect cost-effectively with customers. Teller offers AI-powered financial literacy training, customer onboarding, and customer support for digital financial service providers. Teller is behind some of the largest deployments of chatbots in emerging markets<\/a>. A key enabler for their multi-platform chatbot are APIs that enable Teller to access messaging services like SMS and WhatsApp and voice via IVR to reach customers. APIs to these services are provided by companies like Twilio and Turn<\/a>.<\/p>\n"},{"acf_fc_layout":"text_block","heading":"API Delivery Models","quick_links":false,"heading_label":"","subheader":"","body":" Generally speaking, financial institutions offering APIs utilize one of three methods:<\/p>\n Open APIs are designed for general, repeatable use and openly accessible to third parties.<\/p>\n Twilio and Turn are open APIs for communication. Open APIs offer access to functional systems and, ideally can be accessed purely online, with no human interaction. To encourage uptake of open APIs, providers often offer free sandbox testing or freemium pricing allowing developers to start using the service free to get a sense of how the APIs function and whether they work with the developers\u2019 products. Readily available documentation, standardized onboarding and KYC documentation processes, sandboxes and other aspects of the delivery in open APIs are designed for repeatability.<\/p>\n Open APIs are designed for general, repeatable use and openly accessible to third parties.<\/p><\/blockquote>\n A financial institution planning to offer open APIs embarks on a journey<\/a> that can require significant upfront investment of time and resources and may come with some risk<\/a>. This is especially true when converting from complex legacy IT and core banking systems which were not initially designed to be accessed via API. Moreover, there are often significant security requirements and regulatory hurdles that must be considered.<\/p>\n Despite these barriers, more and more financial service providers are opening APIs. MTN Uganda invested $400,000 to open their mobile money API<\/a>. Equity Bank in Kenya has invested upwards of $10 million in Finserve<\/a> \u2013 a subsidiary to offer a suite of open transactional, KYC and account APIs \u2013 and NedBank in South Africa invested over $138 million to incorporate APIs<\/a> as part of a massive technology overhaul across the bank. Justifying the investment, long run benefits can include higher deposits, transaction volumes and revenue, resulting from an ecosystem of partners who also benefit from lower costs of integration and better service delivery through open infrastructure.<\/p>\n Private APIs are created to grant access to a specific party or parties.<\/p>\n Private APIs are designed to enable financial institutions to allow specific internal or external, pre-authorized parties access to certain functionality, based on predetermined requirements. Often, a discreet business or use case dictates the development of a private API and, consequently, the major distinguishing feature of private APIs is a lack of repeatability.<\/p>\n Private APIs are created to grant access to a specific party or parties.<\/p><\/blockquote>\n An example comes from Xendit<\/a>, a payment processor in Indonesia, which was founded to build the \u201cVenmo for Indonesia<\/a>.\u201d After succeeding with peer-to-peer payments, Xendit saw demand for customer-to-bank transfers. Xendit collaborated with a mid-sized bank which, as a regulated financial institution, can process payments to any other bank in Indonesia. The bank partner developed a transactional API for Xendit that enables the service to make instant transfers to any bank in Indonesia from an escrow account held by Xendit at the bank. On that foundation, Xendit built an expanded set of products, including payroll payments and invoices, has successfully onboarded a large number of customers, and built a viable business. For the partner bank, the Xendit relationship has significantly increased its total deposits.<\/p>\n API marketplaces are offered by third parties to other third parties.<\/p>\n API marketplaces are also operated by third parties, and offer APIs on behalf of any number financial institutions. API marketplaces aggregate documentation, KYC, and onboarding processes and try to get a critical mass of fintech innovators actively looking to develop solutions with participating financial institutions. By spreading the costs of constructing APIs among a larger number of participating FIs, marketplaces can lower the costs for participants. Examples of API marketplaces include FinConecta<\/a>, a global API marketplace, and the APIX exchange<\/a> launched in the ASEAN region.<\/p>\n API marketplaces offered by third parties to other third parties.<\/p><\/blockquote>\n The resources available and business goals tend to determine the delivery model chosen by a financial institution. Internally-owned, open APIs offer financial institutions the greatest flexibility to build a suite of API-based products that can enable a successful innovation ecosystem, but they require significant investments in technology and people to sell and support. In some cases, there may not be a need, or resources available, to open APIs, and a private API will suffice to work with a partner. Private APIs still requires technical development and internal capacity to build and sell.<\/p>\n API marketplaces, on the other hand, reduce the need to redo internal business structures and add internal capacity. However, initial interviews for my research indicate that given the lack of ownership over success metrics, in addition to regulatory barriers, more effort may be required to make these successful. I will investigate this in more detail as my research proceeds.<\/p>\n"},{"acf_fc_layout":"testimonial","quote":"\u201cSuccessful APIs, whether they are external products or internal glue, require strong product management.\u201d ","attribution":"-Matthew Reinbold, Director, Platform Services Center, Capital One","image":false,"size":"small"},{"acf_fc_layout":"text_block","heading":"More Than Technology: A Product","quick_links":false,"heading_label":"","subheader":"","body":" Regardless of how a particular financial institution implements APIs, technology alone will never be enough to successfully build partnerships using APIs. Thinking of APIs as products inevitably leads to considering complementary business units, which can be the difference between success or failure. The gold standard comes from Amazon Web Services, Twilio and Stripe \u2013 three companies that have been extraordinarily successful in building and selling APIs. They have separate departments for a set of services to adequately deliver APIs as a product: sales and marketing, technology, documentation, customer onboarding, and customer support. Successful API implementations need to think through each of these aspects, and having KPIs<\/a> attached to each function can lead to measurable results.<\/p>\n Financial institutions have regulatory approvals and core banking capabilities that are highly valuable in the market, while fintech innovators often have greater ability to iterate rapidly and develop new products for underserved or unproven customer segments. Creating partnerships between these two types of organizations offers multiple opportunities<\/a> for bringing innovations to market. Increasingly, these partnerships are based on financial institutions productizing APIs and offering infrastructure for new products and services.<\/p>\n"},{"acf_fc_layout":"text_block","heading":"Coming Next: Use Cases... and Financial Inclusion?","quick_links":false,"heading_label":"","subheader":"","body":" In the next blog post, we will share a few detailed case studies that highlight the various API models. The hope is that these real world examples and lessons learned will help financial institutions to better navigate APIs. Also, as more case studies emerge, they will begin to form an answer to a larger question: do APIs help promote financial inclusion? We\u2019ll see.<\/p>\n All comments and suggestions are welcome! Keep a lookout in the coming weeks for my next blog post, which will preview my research report. Learn more about my research topic on my bio page<\/a>. (Credit: Investaura Ltd<\/a>.)<\/em><\/p>\r\nHowever, diffusion theory seems to apply to more than just technological adoption. In fact, to me, it\u2019s also an explanation of how change happens in society: for example, how certain songs become popular, public health practices are adopted, and languages evolve.\r\n Dan Kleinbaum is a 2019 CFI Research Fellow investigating how fintechs and financial institutions are using APIs to reach underserved customers.<\/p>\n1) Open APIs<\/h2>\n
2) Private APIs<\/h2>\n
3) API Marketplaces<\/h2>\n
\n<\/em><\/p>\n"}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"related_content":{"cards":[{"ID":43996,"post_author":"87","post_date":"2022-03-21 15:00:06","post_date_gmt":"2022-03-21 19:00:06","post_content":"Two years into the COVID-19 pandemic, the role of digital financial services in providing access to essential services is undeniable. Digital financial services have enabled governments and nonprofits to deliver timely social protection payments and aided families and friends of those in need to quickly share financial resources. The rise of platforms and small business fintechs allowed for new forms of commerce that have kept people employed and grown gig work opportunities, which helped customers in small villages and large cities alike to purchase goods needed for their households.\r\nWe need data, metrics, and measurement standards to better understand and move the needle on measuring resilience.<\/blockquote>\r\nThe role fintechs have played over the last two years is clear. We have data about the growth of fintechs during the pandemic, on how much capital they have attracted from investors, and many anecdotal stories about how individuals and firms using fintechs have experienced direct benefits from moving to digital solutions. But while there are many stories of the positive relationships between fintechs and their customers during the pandemic, we need data, metrics, and measurement standards to better understand and move the needle on measuring resilience.\r\n\r\nWith the support of Jersey Overseas Aid and Comic Relief<\/a>, CFI conducted research to better understand fintechs, their resilience, and the impact they have on the livelihoods of low-income customers. CFI\u2019s research on fintech resilience is the first attempt to set forth a framework and call to action to understand the interconnectedness between progress at the provider level and the implications for users. Through our research, we found that, by and large, fintechs are operationally resilient, although many early-stage fintechs did have to resort to layoffs and salary cuts, or to slowing growth plans. However, measuring resilience \u2014 whether at the level of financial institutions or customers, as well as how they influence each other \u2014 is at an early stage of research.\r\n
PACT measures resilience as a combination of abilities and access to resources across four dimensions: Preparedness, Access, Capability, and Ties (Networks).<\/blockquote>\r\nTo support our work in understanding how to measure and quantify fintech\u2019s resilience and impact, CFI developed the PACT framework. This helps us analyze the resilience of both fintechs and low-income customers, and see where and how there are direct connections between the two. PACT measures resilience as a combination of abilities and access to resources across four dimensions: Preparedness, Access, Capability, and Ties (Networks). This framework can inform investors and donors who are looking to support low-income customers.","post_title":"A PACT to Promote Resilience","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"a-pact-to-promote-resilience","to_ping":"","pinged":"","post_modified":"2022-03-21 15:00:06","post_modified_gmt":"2022-03-21 19:00:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=43996","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2022\/02\/iStock-589580906-1-e1646057151784.jpg","acf":{"types":{"term_id":28,"name":"Report","slug":"report","term_group":0,"term_taxonomy_id":28,"taxonomy":"types","description":"","parent":0,"count":128,"filter":"raw","term_order":"0"},"header":{"header_type":"post_cover","post_cover":{"description":"Using a Framework to Understand How Fintechs and their Customers Cope, Survive, and Thrive"},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":26638,"post_author":"1","post_date":"2018-08-20 15:28:56","post_date_gmt":"2018-08-20 15:28:56","post_content":"","post_title":"Jayshree Venkatesan","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jayshree-venkatesan","to_ping":"","pinged":"","post_modified":"2021-11-16 11:38:17","post_modified_gmt":"2021-11-16 15:38:17","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/jayshree-venkatesan\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":26640,"post_author":"1","post_date":"2018-08-20 15:28:56","post_date_gmt":"2018-08-20 15:28:56","post_content":"","post_title":"Evelyn Stark","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"evelyn-stark","to_ping":"","pinged":"","post_modified":"2021-12-13 16:37:56","post_modified_gmt":"2021-12-13 20:37:56","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/evelyn-stark\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":true,"cta_button_text":"DOWNLOAD PUBLICATION","cta_media":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2022\/02\/A-PACT-to-Promote-Resilience-1.pdf","cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"a-pact-to-promote-resilience"},{"ID":43849,"post_author":"87","post_date":"2022-01-19 17:09:48","post_date_gmt":"2022-01-19 21:09:48","post_content":"Financial capability is the capacity to make and execute financial decisions that support one\u2019s wellbeing and that fit within one\u2019s lifestyle and environmental circumstances. Yet, how can financial service providers (FSPs) help their customers build financial capability, and how can they measure customers\u2019 progress? CFI, in partnership with MetLife Foundation, launched a project in February 2018 to enhance financial customer engagement by building their capabilities. The project aims to develop and promote digital tools that FSPs can use to diagnose clients\u2019 financial health, identify gaps, and develop actionable plans to improve financial well-being. To date, the project has partnered with two FSPs \u2013 Grassland Finance Limited<\/a> and FINCA Kosovo<\/a> \u2013 to design and deploy a minimum viable product (MVP) web application aimed to build financial capability using a customer-centric and behavioral-driven approach. This post shares initial learnings from the pilots.\r\n
Background<\/strong><\/h2>\r\n
Why Focus on Financial Capability? <\/strong><\/h3>\r\nFinancial capability building<\/a> equips people with the knowledge, skills, attitudes, and behaviors (KSABs) necessary to achieve their desired financial and personal outcomes. Knowledge is a person\u2019s understanding of a subject, skills are the proficiencies a person has to apply to specific situations, attitudes are a person\u2019s general perceptions of a subject, and behaviors are the actions that a person demonstrates.\r\n\r\nBuilding customers\u2019 financial capability is good for both the customer and the FSP. While the link between earnings and a non-financial service, such as financial capability building, might not be immediately obvious, evidence exists<\/a> that financially capable customers make for a financially sound portfolio<\/a>, barring macroeconomic volatility. Financially capable borrowers are more likely to repay their loan, thus boosting FSPs\u2019 profitability by lowering the problem loan ratio. Additionally, financially capable customers are more likely to be eligible for loan renewals, and retaining customers costs less<\/a> than acquiring new ones.\r\n
Why Develop an App? <\/strong><\/h3>\r\nWhile many FSPs continue to focus on digital transformation, limitations in technology infrastructure and financial resources pose key barriers to digitalization. With these challenges in mind, CFI and MetLife created FinVenture, a mobile-compatible, browser-based web app. FinVenture aims to build customers\u2019 financial capability by presenting users with a series of relevant activities to complete in return for rewards.\r\n\r\nThe MVP app was designed with the following goals:\r\n
\r\n \t
Lessons Learned<\/strong><\/h2>\r\nThe following three key takeaways have come out of our pilots with Grassland Finance Limited and FINCA Kosovo. These pilots are expected to run until June 2022. After that, an analysis of user engagement and feedback will be instrumental in determining the future of the FinVenture platform and our partners\u2019 financial capability-building activities.\r\n
Lesson 1: Build Activities Around \u201cKSABs\u201d <\/strong><\/h3>\r\nIf financial literacy interventions have taught us anything, it is that focusing solely on improving knowledge and skills, which traditionally relies on rote memorization and lecture-based learning, is not sufficient for improving financial outcomes. With this in mind, CFI used the four financial capability components -- the knowledge, skills, attitudes, and behaviors (KSABs) -- as the launching point to design a diverse set of activity types.\r\n\r\nFollowing extensive user research, we determined a core set of activity types that offer variety while also prioritizing the need for simplicity and functionality. The table below illustrates how each activity type -- namely, quizzes based on articles and case studies, financial tracking tools, and surveys -- is expected to enhance a financial capability component.\r\n\r\n\r\n\r\n\r\n
Lesson 2: Structure the App Content to Allow for Personalization<\/strong><\/h3>\r\nTo make the content as relevant as possible for each user, the FinVenture app encourages users to begin by completing an introductory activity to measure their baseline level of financial capability. The introductory activity primes users to reflect on their financial goals and create a personalized experience based on those goals. Users are then prompted to select up to three activities to complete at a time. This structure allows FSPs to leverage user engagement data to inform the design of products and services that can best help customers achieve their financial goals.\r\n\r\nFor many customers, the breadth of financial information available can be a deterrent from thinking meaningfully about their finances. Creating an organizing structure that is based on financial goals is one way to help overcome potential information overload. We identified core financial goals \u2013 namely money management, planning, resilience, and use of financial services \u2013 to shape the FinVenture modules.\r\n
<\/h3>\r\n
<\/h3>\r\n
Lesson 3: Build Incentives to Keep Users Engaged<\/strong><\/h3>\r\nTo incentivize user engagement, FinVenture\u2019s point system (FINWALLET) contributes to internal motivation while also providing institutions the option to offer material rewards. By allowing partners the ability to choose what rewards to give, the app can be customized to encourage user engagement. One of our pilot partners, Grassland, chose to integrate FinVenture into their client education platform<\/a> and set up a rewards system in which clients can exchange FinVenture points for a variety of rewards, ranging from tangible gifts such as a reusable grocery bag to lump-sum discounts that can be applied to their loan installment payments.\r\n
Considerations for Future App-Based Financial Capability Interventions <\/strong><\/h2>\r\nAlthough the following features didn\u2019t make the FinVenture MVP development due to resource and time constraints, they are worth mentioning for FSPs that are considering developing a financial capability-building app. These features draw from our user research, behavioral science best practices, and pilot partner suggestions.\r\n
Peer Exchange<\/strong><\/h3>\r\nOne way to strengthen an app\u2019s effectiveness in shifting attitudes would be to incorporate a peer exchange functionality \u2013 for example, users could share financial milestones achieved or personal finance hacks that have worked for them. Using social media<\/a> and storytelling<\/a> has proven to be effective for influencing attitudes and changing behaviors.\r\n
Soliciting Customer Feedback to Inform Content<\/strong><\/h3>\r\nAnother way to increase user engagement would be to have customers identify where they need help. If an app provided initial recommendations of topics, these could be further refined based on users\u2019 activity engagement and performance. In addition, the FSP can leverage its established feedback channels such as social media, focus groups, or email to take requests from customers. This added feature would allow customers to better chart their own course to improve their financial capability.\r\n
Group Activities <\/strong><\/h3>\r\nFSPs can leverage peer and social relationships to encourage financial capability-building behaviors by presenting users with a series of tasks as part of a team in return for rewards. This is worth exploring for users who share financial responsibility with other household members.\r\n
Conclusion<\/h2>\r\nThis project has begun to shed light on how FSPs can use a customer-centric and behaviorally-informed app to begin building customers\u2019 financial capability. In addition to the financial benefits for FSPs that result from having financially capable clients, investing in the financial success of customers strengthens customer relationships and has the potential to further financial inclusion.","post_title":"Improving Customer Financial Capability Through a Digital App: Lessons Learned from Pilots with Two FSPs","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"improving-customer-financial-capability-through-a-digital-app-lessons-learned-from-pilots-with-two-fsps","to_ping":"","pinged":"","post_modified":"2022-01-19 17:09:48","post_modified_gmt":"2022-01-19 21:09:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=43849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2022\/01\/iStock-1160989277.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":26376,"post_author":"1","post_date":"2018-08-20 13:50:32","post_date_gmt":"2018-08-20 13:50:32","post_content":"","post_title":"Jacqueline Foelster","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jacqueline-foelster","to_ping":"","pinged":"","post_modified":"2022-02-11 16:29:37","post_modified_gmt":"2022-02-11 20:29:37","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/jacqueline-foelster\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":38905,"post_author":"62","post_date":"2020-06-11 12:44:06","post_date_gmt":"2020-06-11 16:44:06","post_content":"","post_title":"Henry Bruce","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"henry-bruce","to_ping":"","pinged":"","post_modified":"2022-01-11 12:49:00","post_modified_gmt":"2022-01-11 16:49:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=38905","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"improving-customer-financial-capability-through-a-digital-app-lessons-learned-from-pilots-with-two-fsps"},{"ID":43782,"post_author":"87","post_date":"2021-12-21 17:56:25","post_date_gmt":"2021-12-21 21:56:25","post_content":"Consumers all over the world may not know it, but many decisions about and for them are increasingly made by algorithms. Eighty percent of viewing activity on Netflix is driven by recommendations from algorithms; a doctor might recommend a course of treatment based on an algorithm that uses patient DNA; social protection programs<\/a> might determine eligibility for an assistance payment using an algorithm that crunches your mobile phone transactions; and financial providers can determine your creditworthiness or insurability based on algorithms that leverage alternative data.\r\n\r\nA persistent challenge in reaching low-income and vulnerable populations with financial services has been a limited availability of data. In recent years the growth of consumer data trails in emerging markets, largely generated by mobile phones, has helped change the equation alongside powerful new analytical tools. But what data goes into consequential algorithms, how it is used, and whether it leads to inclusion \u2014 or bias and exclusion \u2014 is largely a black box to consumers, as well as governments. While the expansion in consumer data and companies leveraging artificial intelligence (AI) technology can advance financial inclusion, these technologies introduce new risks and may reinforce historical patterns of bias and exclusion, with potentially harmful consequences for consumers.\r\n
These technologies introduce new risks and may reinforce historical patterns of bias and exclusion, with potentially harmful consequences for consumers.<\/blockquote>\r\nCentral banks and policymakers have long faced the challenge of balancing financial innovation, market growth, and inclusion alongside competition, stability, and consumer safety. That balancing act has been made more difficult by the speed and scope of financial innovation, technology, and algorithms of increasing sophistication. In emerging markets and developing countries in particular, the increased use of mobile phone data for consequential decisions has raised the profile and potential risks of these tools.\r\n\r\nThere is a growing recognition that governments\u00a0require\u00a0ways\u00a0to\u00a0assess consumer risks and opportunities\u00a0in the deployment of these algorithms and AI systems, as well as methods\u00a0to amplify\u00a0the\u00a0opportunities\u00a0and mitigate risks\u00a0\u2014\u00a0all without quashing innovation. But, how?\r\n\r\nEarlier this month, H.M. Queen M\u00e1xima of the Netherlands, the United Nations Secretary-General\u2019s Special Advocate for Inclusive Finance for Development (UNSGSA), co-hosted a virtual workshop<\/a> with the Center for Financial Inclusion (CFI) to raise awareness and address algorithm biases for financial inclusion. Queen M\u00e1xima and CFI Managing Director Mayada El-Zoghbi co-chaired the meeting, which convened leadership from select central banks and other subject matter experts. The workshop examined how to identify and assess these emerging risks, discussed existing risk mitigation tools, and identified opportunities for further research.\r\n\r\nThe challenge of bias in financial services is not new and many countries already have financial sector\u202fanti-discrimination laws that hold financial institutions to fair lending practices, including just under half of emerging markets. The Equal Credit Opportunity Act in the United States, which was passed in 1974, for instance, makes credit discrimination based on protected classes illegal. But it runs into limits in the face of algorithmic lending as it also restricts lenders<\/a> from collecting demographic information on borrowers. Given the current methods for testing algorithms, this missing demographic data makes disparate impact testing much harder. While the Equal Credit Opportunity Act and similar antidiscrimination laws could be used to hold companies accountable, they will grapple with understandable privacy concerns.\r\n\r\nA second potential avenue for accountability could be through data protection\u202flaws, the\u202fmost well-known\u202fbeing the European Union\u2019s General Data Protection Regulation (GDPR).\u202f\u202fWhile GDPR requires that processors assess any high-risk data system, like a new credit scoring algorithm, it does not amount to an audit. GDPR and the laws it has inspired also enumerate individual rights for consumers including the right to an explanation of an automated decision and the right to have your data rectified by a provider if it is incorrect. But we worry, how likely is it that low-income consumers (or consumers writ-large, really) will be aware enough to be empowered by these rights?\u202f If consumers are not aware of\u202fhow their data is being used<\/a>,\u202fthey are less likely to exercise their rights, raise their collective voice, and seek accountability for algorithmic decisions.\r\n
If consumers are not aware of\u202fhow their data is being used, they are less likely to exercise their rights, raise their collective voice, and seek accountability for algorithmic decisions.<\/blockquote>\r\nIn recognition of the limits of existing approaches, some countries have drafted national AI policies or frameworks. These policies work to establish the level of risk for discrete AI systems and how to assign levels of supervision. For instance, the EU introduced a draft law that would require Algorithmic Impact Assessments<\/a> for high-risk systems, such as automated credit decisions. Such proposed auditing would require technical expertise within governments and some degree of disclosure of the source code and data. We foresee challenges in implementing such audits in many markets due to gaps in government resources and staffing, as well as challenges in creating standards for auditing that balance supervision with innovation and the proprietary nature of the codes.\r\n\r\nOne of the ways that governments are engaging is through test and learn partnerships with fintechs. For instance, in the US the Consumer Financial Protection Bureau (CFPB) has granted a no action letter<\/a> to Upstart Networks, an online lender that uses alternative data. The letter essentially immunizes Upstart from regulatory action and in exchange, Upstart provides information about its loan applications, methodology for decision-making, and whether its loans expand financial inclusion. Other governments have also conducted test and learn engagements with fintechs, as well as create fora for enhanced private-public engagement such as the AI Forum in the Netherlands and Project Veritas in Singapore. Other emerging approaches include working across regulators, such as the Digital Markets Taskforce in the UK.\r\n\r\nWhile there are some strong examples and initial work that could be shared, clearly, there is also still much to learn. What enhancements to existing legal frameworks are necessary to address the new or shifting risks in the use of AI in digital financial services? What digital public goods can help mitigate attendant risks? How can supervisors and regulators build capacity to understand data inputs and use cases, and develop principles and assessment methodologies that are regularly evaluated? These questions would best be answered through research and dialogue among and across regulators, as well as the private sector. Only through a concerted effort will the enormous potential of algorithms and AI extend the reach of financial services in a manner that is inclusive, safe, and fair for customers.","post_title":"Accountability for Algorithms: A Balancing Act for Governments","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"accountability-for-algorithms-a-balancing-act-for-governments","to_ping":"","pinged":"","post_modified":"2021-12-21 20:11:37","post_modified_gmt":"2021-12-22 00:11:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=43782","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2021\/12\/iStock-1280731333.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":26330,"post_author":"1","post_date":"2018-08-20 13:50:31","post_date_gmt":"2018-08-20 13:50:31","post_content":"","post_title":"Alexandra (Alex) Rizzi","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alexandra-alex-rizzi","to_ping":"","pinged":"","post_modified":"2021-03-02 17:16:39","post_modified_gmt":"2021-03-02 21:16:39","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/alexandra-rizzi\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":43793,"post_author":"75","post_date":"2021-12-21 12:56:04","post_date_gmt":"2021-12-21 16:56:04","post_content":"","post_title":"Pia Roman Tayag","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"pia-roman-tayag","to_ping":"","pinged":"","post_modified":"2021-12-21 18:29:02","post_modified_gmt":"2021-12-21 22:29:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=43793","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"accountability-for-algorithms-a-balancing-act-for-governments"},{"ID":43763,"post_author":"87","post_date":"2021-12-20 18:33:12","post_date_gmt":"2021-12-20 22:33:12","post_content":"The past year was one of building on what became our new reality in 2020.\r\n\r\nWhile the full impact of the pandemic remains unknown, we know that financial services play a crucial role in mitigating the continued effects on livelihoods. We know that financial services are important for changing norms to achieve women\u2019s economic empowerment. We also know that understanding data risks is needed for protecting low-income consumers against fraud and other hazards. And we know that financial services are needed for underserved customers so they can be resilient in the face of a changing climate.\r\n\r\nSo how have we advanced our learning on these key lines of inquiry in 2021?\r\n\r\nThe list below \u2013 10 pieces of selected research, analysis, and recommendations from the year \u2013 is not exhaustive: CFI published 15 publications and nearly 30 blog posts this year. But it offers a cross-section of how CFI is thinking about the biggest challenges in our sector.\r\n\r\nWe look forward to furthering our learning in 2022 and\u00a0continuing to advance inclusive financial services. We wish everyone a healthy new year with shared prosperity for all.\r\n
The Stories Algorithms Tell<\/a><\/h3>\r\nBy Alexandra Rizzi, Alex Kessler, and Jacobo Menajovsky<\/em>\r\n\r\nThis flagship publication grounds universal challenges on the use of algorithms, automated decisions, alternative data, and bias in the context of inclusive financial services to present the current state of play among inclusive finance actors. The report is based on desk research and interviews from a sample of fintechs, regulators, and other experts.\r\n
Normative Constraints to Women\u2019s Financial Inclusion: What We Know and What We Need to Know<\/a><\/h3>\r\nBy Julia Arnold, Mayada El-Zoghbi, and Alex Kessler<\/em>\r\n\r\nFinancial services design and delivery play a part in ensuring women retain control over resources. But norms are increasingly recognized as a key constraint to women\u2019s financial inclusion. This report reviews evidence on social and gender norms and financial inclusion and identifies areas for further improvement to understand and address the norms that influence women\u2019s participation in the economy and the financial system.\r\n
Green Inclusive Finance<\/a><\/h3>\r\nBy Howard Miller<\/em>\r\n\r\nThe role of financial services in helping low-income consumers respond to climate change is increasingly gaining acceptance in the inclusive finance realm as a key component of the global response to the great crisis of our time. This video and blog post map out CFI\u2019s framework for green inclusive finance and provide four distinct but interrelated pathways for understanding how inclusive finance can help low-income populations prepare for and respond to climate change while improving green outcomes.\r\n
Promoting Prosperity in an Era of Uncertainty<\/a><\/h3>\r\nBy Mayada El-Zoghbi<\/em>\r\n\r\nIn her welcome letter to Financial Inclusion Week<\/a>, CFI\u2019s Managing Director discusses the biggest trends in and challenges facing inclusive finance amid a pandemic that already has pushed an estimated 97 million more people into poverty. She provides a bird\u2019s-eye view of the measures taken to avert the crisis, noting the bright spots \u2013 rapid mobile money adoption, impressive investments in inclusive fintechs, the flowering of the platform and gig economies \u2013 while striking a cautious tone regarding the challenges ahead.\r\n
The Precarious State of MSMEs: Understanding the Impact of COVID-19 and Opportunities to Support their Recovery<\/a><\/h3>\r\nBy Shradha Modi, Katia Huayta Zapata, Lauren Braniff, and Aeriel Emig<\/em>\r\n\r\nThis brief shares how COVID-19 has impacted MSMEs over the last year and a half in four emerging markets: Colombia, India, Indonesia, and Nigeria. Backed by six waves of survey data<\/a> collected from owners and operators of micro, small and medium enterprises (MSMEs), this brief offers four areas to focus on to navigate today\u2019s challenges and build resilience for tomorrow.\r\n
Weathering the Storm II: Tales of Survival from Microfinance Crises Past<\/a><\/h3>\r\nBy Daniel Rozas<\/em>\r\n\r\nA follow up to the original report<\/a> and case studies, published in 2011 in the aftermath of the 2007-09 financial crisis, Weathering the Storm II looks at the decade that followed the original paper and shares what became of the organizations profiled within it and how they\u2019re facing the COVID-19 crisis. Nearly every type of financial institution \u2013 from NGO to bank \u2013 is included in this report that synthesizes experiences and lessons from 16 institutions in 14 countries on four continents over 15 years (including five new case studies from Azerbaijan, Bosnia and Herzegovina, India, Nicaragua, and Palestine).\r\n
Yes, COVID is the Big Bang of Digital Payments<\/a><\/h3>\r\nBy Loretta Michaels<\/em>\r\n\r\nWith over 300 million monthly active users in 2020 (up 17 percent year-over-year), mobile money has seen explosive growth. Not only is it an extremely useful tool for businesses and individuals, but mobile money has also been integral for rapid government-to-person (G2P) transfers in many countries in the first months of the pandemic. But there\u2019s still untapped potential for mobile money in a post-pandemic world, especially for governments seeking universal access to financial services.\r\n
Trust of Data Usage, Sources, and Decisioning: Perspectives from Rwandan Mobile Money Users<\/a><\/h3>\r\nBy Alex Rizzi and Tanwi Kumari<\/em>\r\n\r\nWho is fairer: loan officers or digital lenders? The publication shares highlights of a qualitative study of 30 mobile money users in Rwanda that aims to answer this question. The survey focuses on user perceptions of and opinions on consumer data in underwriting and the evolving data ecosystem.\r\n
Leveraging Digital Financial Capability to Drive Women\u2019s Financial Inclusion<\/a><\/h3>\r\nBy Julia Arnold and Marina Dimova<\/em>\r\n\r\nFinancial capability must evolve to include digital financial capability. While digital tools offer promise, there is a risk of excluding women, oral communities, and others from the formal financial system, if focus is not given to helping people gain the knowledge and skills to effectively use digital financial services. This post provides a framework for developing effective digital financial capability programs and action steps to guide the way.\r\n
Reducing Bias in Algorithmic Decisions Cannot Rely on \u201cBlind\u201d Approaches<\/a><\/h3>\r\nBy Alex Kessler and Jacobo Menajovsky<\/em>\r\n\r\nWhat happens when gender-blind credit scoring is applied to financial products and services? We see products like the infamous Apple Card, which gave women consistently lower lines of credit in what researchers call \u201cfairness through unawareness,\u201d an approach that intentionally excludes data on sensitive attributes like race, ethnicity, or sex to reduce discriminatory outcomes. This post addresses the need for a better understanding of algorithms transforming the financial sector to mitigate against discriminatory outcomes while respecting limitations of data gathering needed to protect privacy.","post_title":"Top 10 of 2021: CFI Research that Furthered Our Thinking in a Pivotal Year","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"top-10-of-2021-cfi-research-that-furthered-our-thinking-in-a-pivotal-year","to_ping":"","pinged":"","post_modified":"2022-02-02 15:53:52","post_modified_gmt":"2022-02-02 19:53:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=43763","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2021\/12\/best-of-2021-1-1.png","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":28059,"post_author":"75","post_date":"2018-08-23 17:53:47","post_date_gmt":"2018-08-23 17:53:47","post_content":"","post_title":"Ezra Mannix","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ezra-mannix","to_ping":"","pinged":"","post_modified":"2021-03-02 17:22:50","post_modified_gmt":"2021-03-02 21:22:50","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/?post_type=people&p=28059","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"top-10-of-2021-cfi-research-that-furthered-our-thinking-in-a-pivotal-year"},{"ID":43694,"post_author":"87","post_date":"2021-12-16 10:37:57","post_date_gmt":"2021-12-16 14:37:57","post_content":"About a month ago, I participated in a webinar on the State of the Climate Action Report<\/a> produced by the World Resource Institute. I was distressed by the magnitude of what needs to be done to delay the rapid warming of our planet which, unless halted, will soon make the world uninhabitable for the majority of people, and the speed of change necessary to reach some climate goals.\r\n\r\nIn particular, discussions related to diffusion theory \u2013 the non-linear progression of change when adopting new technologies typically depicted as an S-curve \u2013 were eye-openers. Adoption is expensive and limited to the few die-hard believers when a new technology is launched. But over time, as costs decline, there is an exponential growth in adoption, which eventually flattens out as adoption becomes universal. The adoption of electric vehicles is an apt case in point.\r\n
A clear shift is happening in inclusive finance that resembles the latter stages of the S-curve.<\/blockquote>\r\nAs I reflect on this past year and where we are in inclusive finance, it is evident that a clear shift is happening that resembles the latter stages of the S-curve. Perhaps \u201cmainstreaming\u201d is the appropriate nomenclature in this case. While in its early days, the inclusive finance space comprised a closed group of select stakeholders who believed that the financial system needed to go beyond serving corporations and high-net-worth individuals, today there is near-universal consensus that financial and all systems \u2013 be it transportation, food, or financial services \u2013 need to be inclusive.\r\n\r\nI see four trends in inclusive finance that are symbolic of this shift:\r\n
1. Customer adoption of DFS is accelerating at an exponential pace.\r\n<\/strong><\/h2>\r\nCountry-focused research initiatives by various agencies have reported a clear acceleration of the rate of adoption of digital financial services, which is often the first step in onboarding a customer to the formal financial system. We hope that the next edition of the Findex<\/a>, to be released in the first half of 2022, will provide representative and comparable data to substantiate this trend. The pandemic was a clear mobilizer, but government transfers of social payments using mobile money and other digital channels were pivotal in spurring the uptake of DFS among low-income marginalized communities.\r\n\r\nGSMA\u2019s State of the Industry<\/a> report noted the marked global expansion of mobile money. There are now more than 1.2 billion registered mobile money accounts, with growth in 2020 twice as high as originally predicted. In other words, adoption is happening at an accelerated pace. Concurrently, the number of active users also increased exponentially. While it took a decade to reach the first 100 million active users, the next five years saw an increase to over 300 million active users \u2013 a milestone worth celebrating.\r\n
2. Large companies are adopting inclusive finance as a core business.<\/h2>\r\nWhen Dan Schulman went to PayPal in 2014, he was one of the early adopters of financial inclusion, later announcing a shift to financial health in 2019 for PayPal\u2019s overall vision. For most other large financial services companies, inclusive finance was at most a part of their corporate social responsibility (CSR) function.\r\n
Today, most financial services companies have inclusive finance as their core business.<\/blockquote>\r\nToday, most financial services companies have inclusive finance as their core business. I recently met with AXA\u2019s Emerging Customers team, a core business team solving real-life risks with creatively-structured insurance products designed, priced, and distributed in ways that directly meet the needs of low-income consumers. Garance Wattez-Richard, Head of AXA Emerging Customers, said, \u201cit\u2019s not about making the same products miniature, it\u2019s about completely redesigning insurance for new population segments.\u201d\r\n\r\nSimilarly, Mastercard\u2019s core business is about serving small businesses everywhere. To achieve this lofty goal, they are structuring partnerships, testing new models, and solving pre-system-level problems through their institute, the Center for Inclusive Growth<\/a>. But these partnerships go well beyond financial services companies. Corporations like Walmart, Cargill, Syngenta, and many others are re-imagining their value chains and embedding financial services in ways that allow them to reach previously excluded customers.\r\n
3. More startups are adopting inclusive finance as a core business.<\/h2>\r\nIt\u2019s not just the large corporations. Inclusion is top of mind for early-stage fintechs, too. The Inclusive Fintech 50<\/a> (IF50), an initiative implemented by CFI and sponsored by Visa, MetLife Foundation, and Comic Relief\/Jersey Overseas Aid in partnership with IFC and Accion, was launched in 2019. Each year thousands of fintechs globally submit their data to be considered for the competition. Even as the process has become more rigorous each year, with requirements to provide evidence and substantiate approaches that reach underserved segments, the sheer number of early-stage fintechs that participate gives a glimpse of what\u2019s happening in the broader fintech space<\/a>. The 2021 competition uncovered incredible fintechs providing an array of services to underserved populations, many of which directly supported low-income customers to survive and recover from the pandemic.\r\n\r\nFor instance, during the pandemic, the Mexican neo-bank Bankaya<\/a>\u00a0deployed agents at retail points such as supermarkets to educate potential customers on Bankaya's digital savings products. Within nine months of their launch, Bankaya reached over 132,000 customers, 52 percent of whom are women. Colombian fintech Avista<\/a> has been leveraging its AI-driven, internal credit scoring algorithm to provide credit to financially underserved pensioners. Others such as ThriveAgric<\/a> in Nigeria and SASA Solutions<\/a> in South Africa are helping smallholder farmers gain access to information and financial services via their platform, while Tugende<\/a> is providing asset financing and helping Ugandan micro-entrepreneurs build credit scores, digital profiles and avail other services like life insurance and safe riding training.\r\n
4. Even tangential businesses are staking claims to inclusive finance.<\/h2>\r\nPerhaps not as clear-cut as the previously cited examples is the emergence of complex financial products, like cryptocurrencies, using inclusion as their raison d\u2019etre<\/em>. While these solutions may eventually solve an inclusion problem by allowing someone to transfer money between jurisdictions at relatively low rates, they still have a long way to go. Many of the reasons that prevent low-income people from joining the digital economy \u2013 lack of identification, limited access to smartphones, cost of data, to name a few \u2013 are not addressed by cryptocurrencies. Yet, these companies see it as important to support their work by adopting the language of inclusion.\r\n\r\n \r\n
Still Early on the Curve<\/strong><\/h2>\r\nThe diffusion of things that are good for people and society is undeniably desirable. A large number of people today are benefitting from increased access to financial services. But how do we guarantee the benefits received are improving the livelihoods of consumers? A decade of asking people to report on their practices and validating them through independent certifications has not done enough to diffuse good practices. We still see sub-standard practices<\/a> that are harmful to low-income clients, even among institutions that are thought to have sound policies.\r\n
If inclusion is everything, then it\u2019s no longer anything.<\/blockquote>\r\nWe need to ensure that consumers are protected. We need to guarantee that financial services address consumers\u2019 livelihood needs and do not create a vicious cycle of indebtedness or hide costs in a convoluted pricing model where consumers are unable to understand or compare services. We need to go beyond payments services and prioritize financial services that enable investments in livelihoods and create opportunities to increase income. We need transparency and more data that helps investors, researchers, and consumers differentiate the charlatans peddling snake oil from those offering quality services.\r\n\r\nPerhaps one place to start is coming up with a new name. If inclusion is everything, then it\u2019s no longer anything. What should the next chapter of inclusive finance be called? Send us your creative solutions, and together let\u2019s start the work on the diffusion of positive impact together.","post_title":"Diffusion Theory, the S-Curve, and Why We Need to Go Beyond Inclusion","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"diffusion-theory-the-s-curve-and-why-we-need-to-go-beyond-inclusion","to_ping":"","pinged":"","post_modified":"2021-12-16 10:53:55","post_modified_gmt":"2021-12-16 14:53:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=43694","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2021\/12\/iStock-1219248461.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"CFI\u2019s Managing Director argues that financial inclusion has gone \u201cmainstream\u201d and highlights four trends symbolic of the shift."},"post_default":{"description":""}},"authors":[{"ID":36411,"post_author":"75","post_date":"2019-09-09 08:00:33","post_date_gmt":"2019-09-09 08:00:33","post_content":"","post_title":"Mayada El-Zoghbi","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"mayada-el-zoghbi","to_ping":"","pinged":"","post_modified":"2021-07-13 15:13:26","post_modified_gmt":"2021-07-13 19:13:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=36411","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":[{"acf_fc_layout":"testimonial","quote":"We need to ensure that consumers are protected. 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