June 7, 2016
Even in 2016, the matter of a simple access to formal financial services is extremely relevant. Given that there are around 2 billion working-age adults globally (38%!) that do not use formal financial services, the global financial services industry has a long way to go in democratization and reach. However, emerging FinTech could outrun banks and become a solution for those 2 billion as well. Another data point, provided by the World Bank, is even more horrifying – 73% of the world’s population is unbanked.
It would seem illogical that in the days of augmented reality, advanced AI, IoT and booming FinTech ecosystems around the world, there is still a place to leave out such a significant part of the world's population.
Moreover, it’s not just individuals ...