Reaching the underbanked with products that lead to future growth and revenue for financial institutions is about more than developing innovative solutions and managing costs. It’s about having a deeper understanding of what financial products underbanked consumers and small businesses need and want. It’s about the data.
Promoting financial services for the world’s 3 billion financially underserved represents meaningful social progress, but it’s also good business. A recent study by Accenture found that financial institutions could add $380 billion in revenue by extending financial services to the world’s economically excluded. The end result of more effective financial inclusion efforts could be $4.2 trillion added to the global economy, according to McKinsey Global Institute and the Bill & Melinda Gates Foundation.
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