Accion Global Advisory Solutions

Accion Global Investments

Accion Venture Lab

<p><a href="https://www.centerforfinancialinclusion.org/people/advisory-council-emeritus">Advisory Council Emeritus</a></p>


Advisory Council

Africa Board Fellowship Program

Board Leadership for Impact Program

Building Financial Capabilities and Strengthening Institutions Through Customer-Centered Innovations

CFI MAP Research

CFI MSME Financial Health Data Team

CFI Research Fellows Program

<p>Focusing on means to bring transparency to the data practices of digital financial service providers.</p>


Focusing on means to bring transparency to the data practices of digital financial service providers.

Data Risks and Opportunities

Energy Links

FIEC Secretariat

Financial Inclusion 2020

Financial Inclusion 2020 Progress Report

Financial Inclusion Equity Council

Financial Inclusion for People With Disabilitities

<p>Understanding the role of financial services in mitigating the effects of climate change.</p>


Understanding the role of financial services in mitigating the effects of climate change.

Financial Services to Mitigate and Adapt to Climate Risks

HBS-Accion Program on Strategic Leadership in Inclusive Finance

<p>A global innovation competition that aims to identify and elevate cutting-edge emerging inclusive fintechs that have the potential to drive financial inclusion.</p>


A global innovation competition that aims to identify and elevate cutting-edge emerging inclusive fintechs that have the potential to drive financial inclusion.

Inclusive Fintech 50

Loans in the U.S.

<p>Financial institutions face a variety of hurdles they must overcome to achieve the long-term business viability and sustainability needed to expand and deepen their reach within this vast customer segment. <a href="/about/what-we-do/mainstreaming-financial-inclusion-best-practices/">Mainstreaming Financial Inclusion: Best Practices</a> is an initiative to facilitate learning and action on how mainstream financial institutions around the world can reach underserved populations with quality financial services.</p>


Sonja Kelly

Allyse McGrath

Dennis Ferenzy

The Value of Partnerships

This panel discussion will explore how partnerships between mainstream financial institutions (e.g., banks, insurers, and payment companies) and fintechs are addressing financial inclusion challenges and expanding access to the formal financial economy for underserved segments of the global population, particularly in emerging markets.

Panel Discussion

More Mainstreaming Financial Inclusion Reports

Contrary to the popular narrative, financial institutions view fintechs as partners in innovation, not threats to their core business. By offering better, less expensive, and more innovative products, financial institutions can assert their continued relevance as customer-facing institutions with help from fintech partnerships.

Report

This report examines how partnerships between mainstream financial institutions (e.g., banks, insurers, and payment companies) and fintechs are addressing financial inclusion challenges and expanding access to the formal financial economy for underserved segments of the global population, particularly in emerging markets. It incorporates insights from 24 in-depth interviews with people at the frontlines of this innovation and highlights 14 partnerships focused on financial inclusion that we think exemplify best-case scenarios and good practice. Contrary to the popular narrative, financial institutions view fintechs as partners in innovation, not threats to their core business. By offering better, less expensive, and more innovative products, financial institutions can assert their continued relevance as customer-facing institutions with help from fintech partnerships.
<h2>Major Findings</h2>
Mainstream financial institutions partner with fintechs to improve product offerings, increase efficiency, and lower costs – goals with special relevance to low-income customers. By partnering with mainstream financial institutions, fintechs get to scale their technology and can access capital to grow. As a result of these partnerships, low-income customers who are left out of – or poorly served by – the financial sector have greater access to higher quality, more convenient, and less expensive financial products and services.

To facilitate productive fintech partnerships, mainstream financial institutions are organizing internally for innovation, strategically integrating systems and staff, and developing contractual agreements to ensure stability and success. Fintech partnerships enable legacy institutions to engage with and learn from new technology in low-risk, low-cost ways. They are also key to allowing incumbents to compete in a world where alternative players, like Facebook and Amazon, are threatening the central role of financial institutions in the lives of customers. By offering better, less expensive, and more innovative products, financial institutions can assert their continued relevance as customer-facing institution.

One encouraging and somewhat unexpected finding is that the partnerships between financial institutions and fintechs represent a slow but pervasive financial industry shift toward customer-centricity. Better data management and use, new digital banking products, and greater customer engagement all enable better service for underserved customer segments.
<h2>Who Should Read This Report</h2>
The primary audiences for this report are those in mainstream financial institutions who want to know how their contemporaries are engaging with innovators to pursue financial inclusion, and those in fintech companies who want to understand the way banks are likely to approach them. In addition, venture capital firms, multilaterals, and industry associations have much to learn from this research about what drives banks to partner, what gets in the way, and what comes next.
<h2>Acknowledgements</h2>
This report is part of a two-year initiative, <a href="/about/what-we-do/mainstreaming-financial-inclusion-best-practices/">Mainstreaming Financial Inclusion: Best Practices,</a> to help advance efforts of financial institutions to reach customers at the base of the economic pyramid. The initiative and this report were made possible with support from <a href="https://www.metlife.com/about/corporate-responsibility/metlife-foundation/index.html">MetLife Foundation</a>.

How Financial Institutions and Fintechs Are Partnering for Inclusion: Lessons from the Frontlines

Mainstreaming Financial Inclusion: Best Practices

Mapping the Invisible Market

Partnership for Responsible Financial Inclusion

<p>A global convening platform on responsible inclusive finance and consumer protection in a rapidly evolving digital world.</p>


Event

<p style="font-weight: 400;">Mark your calendars and get ready to embark on an engaging journey as we explore the frontiers of financial inclusion at the upcoming <a href="https://globalrff.org/" target="_blank" rel="noopener noreferrer">Responsible Finance Forum</a> (RFF), held in person for the first time since 2019.</p>
<p style="font-weight: 400;">This highly anticipated event will give you the chance to witness responsible finance in action, gain valuable insights on emerging risks and opportunities in the sector, and collaborate with other industry experts to co-create a digital finance ecosystem with positive consumer outcomes. We'll also be discussing some of the most pressing issues facing our industry, including the integration of consumer protection into data-driven products, the key takeaways from India's dynamic digital ecosystem, and where inclusive finance can have its greatest impact on tackling climate change.</p>
<p style="font-weight: 400;">Register <a href="https://www.eventbrite.com/e/rff-2023-shaping-a-responsible-digital-finance-ecosystem-tickets-602583622837" target="_blank" rel="noopener noreferrer">here</a>. We look forward to seeing you there.</p>

RFF 2023: Shaping a Responsible Future for the Digital Finance Ecosystem

A global convening platform on responsible inclusive finance and consumer protection in a rapidly evolving digital world 

RFF (Responsible Finance Forum)

Risk Management

The Smart Campaign

<p>Scaling up successful norms-transformative initiatives and improving the digital and financial capability of subsegments of women customers.</p>


Scaling up successful norms-transformative initiatives and improving the digital and financial capability of subsegments of women customers.

Programs and Teams