June 14, 2017
In the last decade, we’ve seen the financial sector grow faster and in new directions than ever before by including millions of people who were previously unbanked. In fact, much of this expansion in the banking supply globally comes from innovative non-banks such as mobile network operators and payment companies, FinTech startups and regulators that have enabled these new, technology-driven financial services.
Between 2011 and 2014, 700 million new accounts were opened around the world, according to the Global Findex. We expect the trend to continue when the World Bank releases new Findex data next year.
While digitization is expanding the banking supply, an increase in providers and consumers entering the financial sector places more burden on regulators to protect against fraud and other risks. Regulators also need to keep pace with the emerging technol ...