Reaching The Unbanked Billions Through Financial Product Innovation

As we gear up for Banking Horizon 2016, a conference looking at the latest innovation in financial services products, we take a deeper look at the social impact of Fintech and innovation in retail banking. It is estimated that on a global scale, two billion people do not have access to financial services. In a world where traditional banks aren’t able to cater for those of lower economic standing these two billion people are left without the access to credit necessary to grow their businesses or improve their living standards. Innovation in retail banking and consumer finance supported by technological development in mobile applications and digitisation has created a variety of alternative products to extend banking services to underserved segments. The success has already been seen around the world with over 700 million people gaining access to financial services in the last 4 years, largely through innovations in mobile money accounts such as MPesa in Kenya. photo-2Financial product innovation is not confined, however, to underdeveloped economies, it can also help reach those unserved by developed financial markets. Today, 1.5 million adults are unbanked in the UK with half of these people wanting a bank account thus serving as a viable and lucrative customer base that innovative firms are beginning to capitalise on. New ways of determining and building up credit scores for those who lack a credit history and innovative products such as pre-paid cards allows these adults access to banking products. Credit builder products are also tailored to helping customers use credit responsibly and improve their credit position. Capital One is a leading innovator in successfully developing credit builder propositions. Mark Rosel, Director of Digital Product Strategy at Capital One, will participate as one of the key speakers at Banking Horizon and extend this fascinating discussion by giving us a deep dive into ‘Targeting Underserved Segments’. Strategy Desk is the key sponsor of Banking Horizon and has significant experience in helping banks and financial services companies build innovative new products and enter new markets. Strategy Desk regularly reviews the Credit Builder market and the consultancy has become an industry leader in helping its clients understand the opportunities in underserved markets. Banking Horizon will celebrate the latest product innovation in retail banking and financial services. The conference will host 30 international industry experts as speakers and panellists. The event is taking place in London on 18th of October and offers a unique opportunity to be at the forefront of financial innovation, learn how it is affecting the industry and understand the opportunities. Banking Horizon is offering complimentary tickets, courtesy of Strategy Desk, to attendees from banks and financial services companies which provide B2C financial products. For more information and to register for tickets please see the link below: