In many ways, financial services have developed in two distinct prongs. On the one hand, there is a FinTech boom, which has given a massive number of people access to easy credit and insurance coverage. On the other hand, a sizable portion of the global population remains unbanked. Not only is there limited access in more remote parts of the world, but there is also an absence of adequate financial literacy that would spur the demand for such services.
On the occasion of International Day of Education (24th January), we asked a key question: are FinTech and financial inclusion & literacy antithetical to each other? Or, do they go hand in hand? Recent trends suggest that it is definitely the latter, and FinTech providers are now actively working towards improving financial literacy among all.
Not only is this key to creating a sustainable customer base, but it also helps in strengthening societies and driving development – which is what the International Day of Education, as adopted by the UN, is all about.
Understanding the Promise of FinTech
The potential of FinTech to bring…