Mobile money has the potential to cut the number of unbanked individuals by more than a third. According to Mastercard, more than 600 million people today have a mobile phone but not a bank account. When no banking services or financial products are available, people turn to informal providers without any legal protection and spending […]
Tool & Tips for Financial Institutions.
Today more than 2 billion adults all over the world don’t use a bank account regularly or have access to their financial institution through their mobile devices. These obstacles hinder people from saving, accessing credits or insurance and ultimately, reduces poverty and inequality, drives economic growth and empowers individuals. Yet, in the Caribbean financial inclusion […]
Customer experience (CX) has come a long way in the last few years. Nowadays, the traditional face-to-face approach financial institutions used to have is no longer enough to win customer loyalty. The Internet became dominant in most industries when it comes to customer interaction, and financial services is no exception. Nowadays, companies need to have […]
The banking industry worldwide has experienced sluggish growth lately, yet in Africa the situation is actually the opposite. The African banking market is the second fastest growing in the world and the banking industry is the second most profitable in the region. Nonetheless, in order for the growth to continue, banks need to understand African […]
In the digital world, attending to customers can be a particularly difficult feat to accomplish, especially for financial institutions who used to rely mainly on meeting customers face to face and discussing their financial situation. Getting to know consumers and understanding their needs in this age requires a new approach: data collection and analysis. […]
Nowadays, according to Global Findex 2017, 54,4% of adults in Latin America has a bank account, which translates into a 3% growth from 2014 and a 11% growth since 2011. However, as important as this remained unchanged since 2011. Regarding access to bank accounts, the gender gap remains at 7% percent worldwide. This gap is […]
In recent years, credit unions have experienced remarkable growth, adding members at a record pace and deepening engagement among its users. This should not come as a surprise given that financial institutions such as these provide very interesting advantages to banks such as lower transfer fees and overdraft fees, as well as no ATM fees, […]