Mon, Nov 26, 2018

Reaching the Unbanked, Underbanked, and Unhappily Banked

THIS WEEK'S TOPIC: How might fintech exclude, just as it includes, if not done right? What other market segments need improved access to financial services?

Fintech is typically associated with first generation companies that innovate across the most crucial parts of the financing supply chain rapidly bridging the gap between the unbanked on one hand and credit providers on the other. Breakneck innovation in technology, AI, and thinking of entrepreneurs and investors has created a fertile ground for the first generation of fintech companies.

The greatest threat of exclusion from this trend lies in traditional global banks being typically built on top of a web of legacy IT systems that were accumulated on an ad-hoc basis, often through acquisitions, and at varying paces across the globe. Global banks have the pressure of regulators, shareholders and new age fintech companies nipping at their feet. They will need to work extra hard to capitalise on the potential of technology for the finance industry.

The full article was published on The Business Times on 26 November.

Read the full article here

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