Why is it that despite new technologies and widespread innovation, today’s financial sector provides such ill-fitting products and services to so many people and leaves so many more entirely unserved? We are missing a huge opportunity for business, policy and society alike — a missed opportunity with lasting negative effects.
For an economy to thrive, we must have appropriate, affordable financial services available to a majority of people and organizations operating in it. In other words, we need financial inclusion. Historically, however, many financial services have been available only to wealthy and better-off individuals, leaving many disadvantaged and low-income people “unbanked.”