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> Posted by Jamie M. Zimmerman, Senior Policy Consultant, CGAP

Achieving financial inclusion by 2020 will depend in large part on the proliferation of fast, affordable, and accessible digital financial services (DFS). Indeed these effective, scalable models were a clear theme at the FI2020 Global Forum hosted by CFI last fall. Yet as excitement for DFS dominated much of the public discussion, a small and diverse set of financial inclusion leaders convened a private side-meeting to discuss an often-overlooked question: what are the consumer risks to these new, innovative digital models?

The meeting, co-hosted by CGAP and UNCDF’s Better Than Cash Alliance, introduced the concept of “responsible digital finance” and revealed heightened awareness of and interest in an array of issues related to the potential consumer risks of digital financial services, including:
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> Posted by Juan Blanco, Associate, Financial Inclusion 2020, CFI

A few weeks ago J.P. Morgan made a $30 million commitment to create the Financial Solutions Lab, a move representative of the growing recognition among all financial stakeholders of the importance of financial capability.

The Financial Solutions Lab, a five-year initiative, will be managed by the Center for Financial Services Innovation (CFSI) and it seeks to bring together experts in behavioral economics, design, technology, and nonprofit services in order to develop innovative and scalable financial products and services that strengthen client financial capability and well-being. and ideas42 are to serve as strategic partners on the initiative. By bringing these stakeholders together, the Lab aims to identify new ways in which customers can improve credit behavior, increase savings, and build assets.

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> Posted by Elisabeth Rhyne, Managing Director, CFI

The following post was originally published on Next Billion.

The Financial Inclusion 2020 Global Forum, in October 2013, was an opportunity for hundreds of leaders to come together and dedicate themselves to quality financial access for all, while at the same time proclaiming that global access is, in fact, within the realm of the possible. The Forum itself generated many action ideas, forged new relationships between actors and created a surge in momentum.

Since October, we at the Center for Financial Inclusion have been in a (very welcome) quiet phase, during which we are laying the groundwork for the next big push. Over the past few months we have been busy following up on some of the most fascinating insights that came out of the FI2020 process. I’d like to mention a few here – and describe how these insights can make a difference in the quest for global financial inclusion by 2020.

Aging and Financial Inclusion

One of the biggest “Aha!” insights for us came from our Mapping the Invisible Market work, which revealed the rapid growth of older population segments, especially among middle-income countries. In these countries, including much of Latin America and Asia, the over-65 age cohort will rise within a decade or two from about 5 percent of the population to about 15 percent, putting great stress on traditional systems for supporting later life.

We are sure that such changes will have big implications for financial inclusion, and so we decided to team up with HelpAge International, one of the premier global organizations dedicated to aging. When we contacted HelpAge, it had just released its “Global Age Watch Index, 2013,” a ranking of countries on the basis of quality of life for older people. HelpAge has done important analysis on income strategies actually used by people as they age, and it knows that these strategies are more diverse and creative than stereotypes might suggest. CFI and HelpAge will work together to dig deeper into the financial services needs related to aging and preparation for later life. We will also look at the financial barriers older clients face, whether these are physical limitations (related to acquired disabilities), policies (such as arbitrary age cut-offs), or susceptibility to fraud and abuse. We will focus this research in Latin America. We are convinced that the life-course lens on financial inclusion will reveal a wide range of opportunities to advance inclusion. Read the rest of this entry »

> Posted by Pina D’Intino, Senior Manager, Scotiabank

The Financial Inclusion 2020 campaign at the Center for Financial Inclusion at Accion is building a movement toward full financial inclusion by 2020. Accordingly, this blog series will spotlight financial inclusion efforts around the globe, share insights coming out of the creation of a roadmap to full financial inclusion, and highlight findings from research on the “invisible market.”

In 1998, I unexpectedly lost my sight as a result of a medical complication. One of the first things that struck me was the impact this disability had on my day-to-day living, including my ability to independently and confidentially access and conduct my banking. Thankfully, I was still employed and could continue to save and invest towards the purchase of a home and ultimately plan for retirement. However, this proved to be much more difficult than I imagined.

Today, 15 years later, and after acquiring sufficient skills to use a screen reader, I am able to access my retail accounts for basic banking but am still unable to effectively use tools with my screen reader that will allow me to estimate the cost of purchasing a home or what my mortgage would be, nor am I able to independently use simple investment or trade tools that would allow my savings to grow. All this despite the evolving technical enablers and my digital literacy increasing.

As more and more branches are moving towards self-service tools, it has become harder to meet in person with a financial advisor. And yet, I cannot independently access information that would allow me to make informed decisions, cannot independently conduct or monitor my investments, and need someone to read to me the complex and lengthy application forms that I need to complete. Furthermore, if I go to a branch with someone else, at times, the staff will not allow me to include the person in the conversation unless a proxy or power of attorney is on file for them to disclose any personal information. At other times, they will speak to the person who comes with me, rather than speaking to me directly. Read the rest of this entry »

> Posted by Center Staff

The following post was originally published on the CGAP Microfinance Gateway.

In follow up to the Financial Inclusion 2020 Global Forum in October, Susy Cheston, Senior Advisor at the Center for Financial Inclusion (CFI), shares key takeaways from the event and what the ongoing impact of this gathering will be leading up to the year 2020.

The Financial Inclusion 2020 Global Forum was a new event in the industry. Why did CFI organize this event?

Our overall goal for the FI2020 Global Forum was to put forward a vision of full financial inclusion for all by 2020, bringing together the leaders from the private and public sectors who can make that vision a reality. Part of the premise was that these different stakeholders don’t often talk with each other, and that there was value in enabling people who ordinarily work on separate aspects of financial inclusion to hear from each other and become more aware of how their own work fits into the broader picture.

Full financial inclusion by the year 2020 is an audacious goal. Did participants agree it was an achievable one?

Very much so. Participants were very optimistic, especially in light of recent innovations in technology, product development, and regulation.

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> Posted by Center Staff

We’re pleased to introduce you to our online interactive Global Forum Roundup. This one-time “magazine” includes key messages from the plenary sessions and roundtables on the Roadmap to Financial Inclusion, personal commitments from many participants, resource links, and FI2020’s plans for 2014 and beyond.

Click on any photo within the magazine to watch session videos and other content.

To view the magazine, click here or on the image below. A PDF version of this Roundup is available here.

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> Posted by Susy Cheston, Senior Advisor, CFI

The Financial Inclusion 2020 campaign at the Center for Financial Inclusion at Accion is building a movement toward full financial inclusion by 2020. Accordingly, this blog series will spotlight financial inclusion efforts around the globe, share insights coming out of the creation of a roadmap to full financial inclusion, and highlight findings from research on the “invisible market.”

The Financial Inclusion 2020 project has centered around a set of five roadmaps, each covering a major challenge in reaching full inclusion: financial capability, addressing customer needs, client protection, technology, and credit reporting. At the Financial Inclusion 2020 Global Forum in October, participants met in focused roundtable sessions to talk about moving the roadmap recommendations toward action. In this post we highlight some of the main takeaways from these roundtables.

1. What works? We need evidence! Many of the roundtables dreamed of a clearinghouse of case studies, research, country examples, and other evidence on the effectiveness of different approaches to technology, financial capability, and client protection. Part of the dream was a platform for governments and providers to share and disseminate their experiences.

2. We want metrics. Are our services customer-centric? Do we have effective client protection practices? Do we track complaints? Do we know who is or is not opting in to our services? And are we getting all the data we have into the hands of people who can use it to make our services better?

3. Who’s at the table? The drivers of financial inclusion within governments are not just bank regulators, but telecommunications, insurance, and utility regulators, and many ministries (finance, agriculture, social welfare, education, etc.).

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> Posted by Amanda Lotz, Financial Inclusion 2020 Consultant, CFI

Microinsurance matters, especially as we see an increase in climate change related disasters.

On October 28, Alexia Latortue of the U.S. Treasury moderated the opening plenary of the Financial Inclusion 2020 Global Forum featuring two leaders in microinsurance, Michel Khalaf of MetLife and Martyn Parker of Swiss Re. One of Alexia’s remarks at the Global Forum deeply resonates with me today: “The occurrence of a risk event can set a family back an entire generation.” Among other things, she suggested, there are new and emerging risks linked to climate change.

Shortly after the Forum, we saw haunting evidence of this. On November 8, Typhoon Haiyan devastated much of the Visayas region in the Philippines, with the city of Tacloban being the hardest hit. Typhoon Haiyan is a reminder of why we must prepare to face natural disasters. Microinsurance is one form of advance preparation that can prove instrumental in the disaster rebuilding stage.

In a disaster prone country such as the Philippines, where over 41 percent of the population lives on under $2 per day, ensuring greater access to microinsurance could make an enormous impact. In the country’s rural areas, which encompass roughly half of Filipinos and about 80 percent of those living in poverty, agriculture is the primary source of income. Government data from 2009 indicates that poverty among fishermen is at 41 percent, with farmers close behind at 36 percent. Think about the opportunities for providing microinsurance to farmers and fishers, whose livelihoods and families depend on productive land and assets that can be tremendously affected by weather!

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> Posted by Véronique Faber, Executive Director, Microinsurance Network

Konrad Valladares of the Center of Financial Studies and Véronique Faber at the FI2020 Global Forum.

Konrad Valladares of the Peruvian Bank Association and Véronique Faber at the FI2020 Global Forum.

Three months ago, Jeremy Leach from Bankable Frontier Associates rightly asked in this same forum: “Microinsurance: Can the Cinderella of Financial Inclusion Join the Global Ball?” This question rang a bell with many practitioners and advocates in this field. Microinsurance is often the last service listed when talking about financial inclusion tools. However, credit, savings, and insurance work more effectively in combination rather than in sequence. In stimulating and maintaining financial inclusion, it is crucial that those with a limited income have a safety net preventing them from falling into poverty when hit by a crisis, catastrophic or lifecycle related, and become more resilient against future risks.

Since Leach’s blog post, the sector has been granted three wishes (by its fairy godmother or perhaps as a result of good common sense). If these wishes are used well, insurance for low-income people will be an integral part of any global financial inclusion strategy from now on.

The first wish came in the form of visibility and awareness raising. The opening panel at the Financial Inclusion 2020 Global Forum had representatives from MetLife and Swiss Re debating how financial inclusion factors like income growth, new technologies, and government prioritization play out in the context of insurance. For the rest of the conference, insurance was on every participant’s mind when thinking about the possibilities of what can be achieved in the next seven years. This is important because insurance is essential for sustainable development and financial inclusion.

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> Posted by Elizabeth Davidson, Financial Inclusion 2020 Consultant

What’s Financial Inclusion 2020 going to do next? Since the conclusion of the FI2020 Global Forum just a few weeks ago, we’ve gotten this question a lot. For me, the more interesting question is, “What are you going to do?”

Over 140 Global Forum participants answered this question by filling out a postcard with their personal commitment to advancing financial inclusion.

Here’s a sampling of what financial inclusion leaders plan to do to advance to full financial inclusion by the year 2020.

Work together.

“Partner with government and the development community to not only launch scalable and relevant products but also build usage to ensure true financial inclusion.”

“Foster stronger collaboration through best practices between developed and developing countries.”

Increasing collaboration emerged as a huge theme, with over one-third of respondents referencing their commitment to increase work with other financial inclusion stakeholders and more than 20 participants identifying collaboration as the key component of their commitment. For us, this is exciting: collaboration is a key tenet of FI2020. We believe collaboration among different kinds of actors will be a big part of the solution to reaching full financial inclusion.

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Credit Suisse is a founding sponsor of the Center for Financial Inclusion. The Credit Suisse Group Foundation looks to its philanthropic partners to foster research, innovation and constructive dialogue in order to spread best practices and develop new solutions for financial inclusion.


The views and opinions expressed on this blog, except where otherwise noted, are those of the authors and guest bloggers and do not necessarily reflect the views of the Center for Financial Inclusion or its affiliates.

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