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> Posted by Center Staff

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The volume of data in the digital universe doubles in size roughly every two years, estimates indicate. The phrase “data rich” has become common business parlance. In the financial inclusion sector, big data is revolutionizing credit underwriting, product development, client segmentation, financial capability-building, and more. But how is this revolution actually happening? For many banks, it’s through partnerships with fintechs. Ujjivan, one of the largest microfinance institutions in India, recently chartered as a small finance bank, had until recently a limited portfolio at the SME level, which was hindered by high operating costs. This changed thanks to a partnership with the Bangalore-based fintech Artoo.

This partnership is described in CFI’s new joint-report with the Institute of International Finance (IIF), How Financial Institutions and Fintechs Are Partnering for Inclusion: Lessons from the Frontlines. We discovered dozens of partnerships between mainstream financial institutions and fintechs in emerging markets, and we detailed the workings of 14 of them. The partnership between Ujjivan and Artoo is just one example among many of how financial institutions are increasingly turning to fintechs to improve how they effectively collect, use, and manage data.

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> Posted by Center Staff

It has been two weeks since Financial Inclusion Week 2016 came to a close and we are excited to share a new Financial Inclusion Week Recap webpage which captures events, blogs, and insights from this year’s global conversation.

By the numbers, Financial Inclusion Week 2016 was a success. We had over 40 partner organizations in 19 countries hold events focused on the theme of keeping clients first in a digital world. Over 1,200 participants were engaged in these events worldwide. Beyond the in-person and online events, there were vibrant conversations on social media. Twenty-three #FinclusionWeek blog posts were shared by a variety of leaders in the industry and hundreds of tweets were exchanged with the week’s hashtag. We were thrilled by the breadth of the participants this year. Regulators such as the Egyptian Financial Supervisory Authority, fintech startups such as Artoo, research organizations such as Innovations for Poverty Action, development agencies such as ADA – Appui au Developpement Autonome, MFIs such as BRAC, and many more got involved.

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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.