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> Posted by Center Staff
This post is part of Financial Inclusion Week, a week of global conversation on advancing financial inclusion. This year’s theme was keeping clients first in a digital world. Throughout the week participants shared their thoughts in events and webinars, on social media, and through blog posts.
Well, that’s a wrap. Last week, the global financial inclusion community came together to explore the key actions needed to keep clients first in a digital world. Over 45 partner and contributing organizations in 19 countries drove the conversation through events, and on social media hundreds shared insights with the hashtag #FinclusionWeek.
While October 21st marked the official end of Financial Inclusion Week 2016, there are still a few Financial Inclusion Week events happening this week, including a webinar on G2P payments and an exploration of the challenges to women entrepreneurs in India. Stay tuned for event recap pages on each of the Week’s events as well as an electronic magazine highlighting the insights shared throughout the week. Additionally, visit the Financial Inclusion Week website for a full rundown of partners, events, and a social media feed.
We would like to thank all of the Financial Inclusion Week partners and contributors. You came together to make this Week a success, and we are all inspired by your commitment to advancing financial inclusion. For a full list of partners, visit the Financial Inclusion Week homepage. We hope that all who participated will continue to explore how to protect and empower clients in an increasingly digital financial ecosystem.
Here is a recap of day five. If you missed any of the other recap blog posts, you can find them all here on the CFI blog, as well as a number of thought pieces from Tilman Ehrbeck of Omidyar Network, Elisabeth Rhyne of CFI, and John Hartman of Equifax.
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> Posted by Center Staff
Remember the first time you tried to cook? Chances are you were nervous or at least apprehensive about how the food would turn out. If friends or family were in attendance, or, worse, were to eat what you were preparing, you were probably even less confident. Remember the second time you cooked? Or the third? Probably not. The more you actually got into the kitchen, the more your skills sharpened, and the more routine it became.
Using formal financial services for the first time, like cooking, can be intimidating – especially for people not used to interacting with formal institutions. Banks are big and complicated. A person of moderate means might feel that the bank will treat her as a low priority customer. And the notion of entrusting one’s livelihood to an unfamiliar entity is scary.
As part of CFI’s new financial capability project, we scanned the globe for the top innovations to help clients build their capability and make sound financial decisions. One of the behaviorally-informed practices we identified among these innovations as having great promise to affect changes in behavior is learning by doing, a strategy closely connected to effective, practical learning. Think of how much quicker your capability grew by actually cooking, than by reading a cook book.
Learning by doing, whether through technology-enabled simulations, or in real life with the supervision of front-line staff, enables customers to overcome the initial barriers to use that come with unfamiliarity and lack of confidence. Learning by doing offers customers the space to learn and get comfortable with financial products. This can be especially valuable for customer activation.
> Posted by Center Staff
Last week, FI2020 Week created a global conversation on the key actions needed to advance financial inclusion, grounded in the findings of the recently launched FI2020 Progress Report. From November 2-6, 2015, stakeholders around the world participated in more than 30 events and shared their voices over social media, with #FI2020. As part of the week, global financial inclusion leaders offered calls to action. We started to provide highlights, but found that every single contributor had an important perspective to add, so this post includes all of their voices.
If there were any doubts about the potential to achieve global financial inclusion, it would be dispelled by the passion and sense of opportunity in the calls to action that were posted last week as part of FI2020 Week. A visionary tone was set by the inaugural posting by Ajay Banga of MasterCard, who declared that “financial inclusion is both economic and social inclusion and necessary for the future well-being of our planet.” Jean-Claude Masangu Mulongo, former Governor of the Central Bank of the Democratic Republic of the Congo, draws the link between financial inclusion, economic growth, and poverty reduction, while also—appropriately, given his role–noting the link to financial stability. Yves Moury of Fundación Capital heightens the urgency by stating that “poverty is the greatest scandal of our times,” and Martin Burt of Fundación Paraguaya adds that “poverty elimination must be the endgame of all financial inclusion strategies.”
This strong sense of social mission comes out in a call from Dr. William Derban of Fidelity Bank Ghana to “leave no one behind” in the march toward inclusion. Michael Miebach of MasterCard also talks about meeting the needs of all members of society, including women, and Bindu Ananth of IFMR Trust mentions smallholder farmers as another group that is often excluded. In light of breakthroughs in technology, Sonja Kelly of the Center for Financial Inclusion urges us to reach out to those who are traditionally excluded from technology, and not just early adopters. As Larry Reed of the Microcredit Summit Campaign puts it, “We need to approach the challenge with the end in mind, designing a system that can sustainably reach clients in the most remote areas and who transact in the smallest sums.”
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