January 30, 2018
As it stands, 48% of the world’s population is unbanked and financially underserved, leaving new generations and disparate populations with either a deep distrust of the financial sector, or traditionally very little access to it. This translates to 2.5 billion people in developing countries who have to rely on cash or informal financial services that are typically unsafe, inconvenient, and expensive. However, within the past few years, financial technology has expanded substantially and inspired the beginning stages of financial inclusion in various parts of the world.
A new, innovative approach to delivering digital financial services has offered a faster, more convenient and useful experience to customers by combining platforms, channels, and technology. Now, millions of people are gaining access to financial services that were otherwise unavailable to them in previous years and new products are now possible where they weren’t before. The combustion of cloud computing and data science, along with the proliferation of smartphones, has opened up