The World Bank estimates that globally, around 31% of the adult population lack access to financial services. That’s a long line of people missing out on all the good financial services can do.
And so much good could be done. United Nations data indicates that better access to financial services such as bank accounts, insurance and funds would help more people out of poverty, improve health and wellbeing, education and help address gender equality.
Financial inclusion means ensuring individuals and businesses have access to useful and affordable financial products and services delivered in a responsible and sustainable way. It should be simple, yet achieving that remains a difficult and significant challenge for the industry and governments.
Luckily, there are smart people working on it. Like researcher, policy adviser and professor of fintech, Dr Karen Elliott. She joined the Upfront podcast for a frank chat about what more needs to happen to build accessible and inclusive financial services.
She wants to make sure that businesses take an authentic approach to financial inclusion. Here’s some of her advice from the episode to help you build a financial services business that’s more inclusive. You can also listen in full here or wherever you get your podcasts.