The Inclusion Economy: Championing financial access and safety has been saved
The Inclusion Economy: Championing financial access and safety
With regulatory penalties and skyrocketing compliance costs, many international banks have chosen to reduce their exposure to higher risk markets. This retreat has had the unintended consequence of financial exclusion, starving some emerging markets of access to critical financial services and currencies like the US Dollar. The impact has been substantial.
Recent advances in FinTech and the ubiquity of mobile banking are beginning to reshape the overall banking narrative, particularly the financial inclusion perspective. And from these advances, there have emerged a number of innovative approaches that can actually allow global banks to ‘bank the unbanked’ through smarter correspondent banking that can reduce risk and cost. ‘The Inclusion Economy’ is a digital Know-Your-Customer and Know-Your-Transaction ‘credentialing’ ecosystem which can help to reverse the decline in correspondent banking and the resultant financial exclusion.