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FINANCIAL INCLUSION 2020

Recent FI2020 Publications

FI2020 Progress Report

(October 2015) In the FI2020 Progress Report, we present our assessment of progress toward global financial inclusion through the lens of five topics: Addressing Customer Needs, Client Protection, Credit Reporting & Data, Financial Capability, and Technology. The report provides a qualitative and interactive assessment of who is doing what, celebrating the most significant accomplishments, and highlighting the gaps that constitute the agenda for the coming years. We’ve started each topic of conversation with a scorecard between 0 and 10. We invite you to use the interactive feature on the website to cast your own vote and compare your scores to ours.

FI2020 E-Zine: Three Essential Debates

(August 2015) Will microfinance continue to be relevant in 2020 and beyond? Should regulators or the industry lead on client protection? Will data analytics replace traditional credit reporting systems? A new Financial inclusion 2020 e-magazine explores these three essential questions debate-style, tapping industry leaders from around the world to weigh in with their perspectives.

By the Numbers: Benchmarking Progress Toward Financial Inclusion 

(June 2015) CFI’s quantitative review of the current status of financial inclusion globally, which relies on the two Findex datasets supplemented by data from the EIU Global Microscope 2014, UN, World Development Indicators, IMF, Alliance for Financial Inclusion, and the GSMA State of the Industry.

Aging and Financial Inclusion: An Opportunity (PDF)

(January 2015) Written in partnership with HelpAge International, this report examines the unmet financial needs of the rapidly growing global aging population, particularly in the developing world. The purpose of this report is to highlight the barriers and opportunities related to financial services in older age and throughout the aging process, a relatively neglected area of study.

FI2020 Roundup 2014 E-Zine

(November 2014) One year since Financial Inclusion 2020 Global Forum, CFI is taking this moment to review how the drive for financial inclusion is faring. With this e-zine we bring you highlights of the past 12 months from around the financial inclusion world – new ventures, milestones, and ongoing debates. Inside, you’ll find a snapshot of progress in each of our five “Roadmap to Inclusion” areas, from technology-enabled business models to consumer protection.

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Addressing Customer Needs

Read the Roadmap below or download a PDF version here.

Have something to say? Share your thoughts and comments at the bottom of the page.

The Main Idea:

The frequent gap between access and usage of financial services arises partly from a gap in understanding and addressing the unique needs of BoP customers. 

 

We already know a lot about financially excluded and underserved people: They lead complex financial lives, use diverse informal tools and often lack trust in formal financial institutions. These realities must shape the design, marketing and delivery of services. 

For a financial service provider to become genuinely customer- centered, top decision- makers need to hear from customers regularly, and organizational purpose and operations should center on creating value for customers. This is not easy, particularly when the business case is unproven. 

Supporting stakeholders can assist providers through research on customers, as well as patient capital and smart subsidies that allow providers to learn about new client segments. 

In order for increased access to financial services to be meaningful for clients, products must effectively address their needs. 

The working group’s vision is that in a state of full financial inclusion, clients will be offered a range of products informed by their needs that will assist them to:

Choose, purchase and use transparent financial services that are easy to understand and meet their daily needs, protect them from life’s storms and help them prepare for the future. 

This client-based vision is essential for providers and policymakers. In order for financial service provision to be sustainable and to achieve the desired economic effects, expanded “access” must be followed by effective “usage.” The key to usage is product design and delivery that connects with what clients need, want and understand.

This group is examining diverse facets of the challenge of understanding client needs and designing products to fit them:

  • Meeting quality challenges: affordability, product fit, transparency, convenience, and reliability
  • Increasing the ability of providers to understand clients’ needs and behaviors in a predictive way
  • Taking into account how needs change over clients’ lifetimes
  • Moving effectively from hot-house innovation to scale
  • Reaching all market segments, including those ordinarily overlooked 

Working Group Members

Alexia Latortue, most recently, Consultative Group to Assist the Poor (Chair)
Anita Gardeva, Senior Analyst, Center for Financial Inclusion (Facilitator)
Ron Hynes, Group Executive, Global Prepaid Solutions, MasterCard Worldwide
Asad Mahmood, Managing Director, Global Social Investment Funds, Deutsche Bank
Olga Morawczynski, Project Manager, AppLab Money, Grameen Foundation
Camilla Nestor, Vice President, Financial Inclusion, Grameen Foundation
Evelyn Stark, Assistant Vice President, Financial Inclusion Lead, MetLife Foundation
Graham Wright, Director, MicroSave
Nicole Zimmermann, Vice President, Marketing, Western Union

FI2020's Roadmap to Inclusion is generously supported by Visa, Inc.