Name: Can finance apps help with financial inclusion?
Uploaded: 2022-05-30T13:11:45.641Z
Duration: 322.63
Description: Anette Brolos is an experienced network leader working with strategic innovation and partnership. Using her background in economics, she explains some of the nuances of financial inclusion and how the fintech industry can help.

Can Fintechs help with financial inclusion_.vtt

English

{{00:00:00}}
I think that we have seen fintechs
coming up with the digital

{{00:00:02}}
solutions that are agile and helping
overcoming people's pain points.

{{00:00:07}}
And in that respect, they
certainly can help inclusion.

{{00:00:10}}
We've seen microfinance, we've seen
remittances, we've seen international

{{00:00:13}}
transfers and people, they have
a great uptake from fintechs.

{{00:00:28}}
Why do you think financial
inclusion is important?

{{00:00:32}}
Well, I think financial inclusion
is important in itself because in

{{00:00:36}}
a digital society it's hard for
people to manage without having

{{00:00:42}}
been included in financial services.

{{00:00:45}}
And we have seen also in developing
countries that it's necessary

{{00:00:50}}
to have the support of setting
up your own company to have some

{{00:00:53}}
kind of financial and connection.

{{00:00:57}}
Across the society and business, there's
a real strive for better sustainability,

{{00:01:02}}
environmental, economical, and social.

{{00:01:04}}
Is any of that possible without
meaningful financial inclusion?

{{00:01:08}}
I would be tempted to say just, no,
of course not because we need all to

{{00:01:12}}
be part of this involvement towards
sustainability, but then sustainability

{{00:01:17}}
is such a broad area and we have so many
different agendas moving at the same time.

{{00:01:23}}
So sometimes it is better to take small
steps that are possible in the areas, even

{{00:01:29}}
if they don't cover the whole spectrum
and even if they don't move directly

{{00:01:33}}
towards having the ultimate courses.

{{00:01:35}}
So that can be many activities
in companies that do not, that

{{00:01:41}}
involves sustainability without
achieving inclusion and vice versa.

{{00:01:45}}
So as long as sort of, someone's
making a step forward...

{{00:01:48}}
That's acceptable.

{{00:01:49}}
But then the end, of course no.

{{00:01:52}}
Do you think that FinTech can
help with greater inclusion?

{{00:01:57}}
Well, again, it's a yes and no.

{{00:01:58}}
I think that we have seen fintechs
coming up with digital solutions

{{00:02:02}}
that are agile and helping
overcoming people's pain points.

{{00:02:06}}
And in that respect, they
certainly can help inclusion.

{{00:02:09}}
We've seen microfinance.

{{00:02:10}}
We have seen remittances, we have seen
international transfers and people

{{00:02:15}}
they have a great uptake from fintechs.

{{00:02:18}}
So in that way, yes.

{{00:02:20}}
And in all ways, perhaps no.

{{00:02:22}}
Findexable just last year did a
great study on a number of successful

{{00:02:27}}
fintechs to find out how how well
they're doing in the inside company

{{00:02:32}}
on inclusion, for instance, gender.

{{00:02:35}}
And they did just as poorly as
the rest of financial services.

{{00:02:40}}
So it won't solve everything
just to go FinTech.

{{00:02:50}}
Many of those who are financially
excluded are also on the outsides

{{00:02:54}}
of margins in other ways.

{{00:02:55}}
How can banks and other financial
services better reach them?

{{00:02:59}}
I think we had some great examples in the
panel that I was conducting this morning.

{{00:03:03}}
So it's good stuff to be sorted at Monzo
and Parapa, and even Morgan Stanley.

{{00:03:10}}
I think  it is about seeing these
people as customers accepting them

{{00:03:16}}
as full-blown customers and actually
understanding that you need to build

{{00:03:20}}
a business model that suits them.

{{00:03:23}}
Which means sometimes creating
safe spaces, which means creating

{{00:03:27}}
transparency and which means
starting with the customer.

{{00:03:32}}
In developing economies, there can be
a trade-off between economic growth

{{00:03:36}}
and being more sustainable, really
having to choose one of the other could

{{00:03:40}}
greater access to digital financial
services, maybe help to address that?

{{00:03:45}}
I think we see great examples of
financial services been brought to a

{{00:03:50}}
broader audience, helping people to
build their own businesses and build

{{00:03:54}}
the economies growth and build society.

{{00:03:57}}
We see some of them coming from
traditional traditional services, but

{{00:04:01}}
we also see great services actually
trying to mimic the good things

{{00:04:07}}
of  loans and savings associations
into a new infrastructure that

{{00:04:16}}
could be blockchain based and
therefore quite open and independent.

{{00:04:21}}
So quite exciting initiatives on the way.

{{00:04:24}}
I guess, better inclusion leads
to better financial literacy.

{{00:04:28}}
So, you know, could that also stimulate a
change of mindset towards sustainability?

{{00:04:33}}
Well, I hope that learning about
finances and getting closer to

{{00:04:37}}
understanding your own feelings about
finances will help people's literacy.

{{00:04:42}}
I'm a bit mixed on because very
often it's about teaching people  the

{{00:04:49}}
definitions of bankers and teaching
them a terminology  and calculations

{{00:04:55}}
that they will probably not need.

{{00:04:59}}
But the general understanding
and transparency.

{{00:05:02}}
If you can convey that
to many more people.

{{00:05:05}}
That would be of the good.

{{00:05:07}}
Amazing, well, thank you so
much for joining us today.

{{00:05:09}}
It's been an absolute
pleasure speaking with you.

{{00:05:11}}
Pleasure to be here.

{{00:05:12}}
Thank you.

I think that we have seen fintechs
coming up with the digital

solutions that are agile and helping
overcoming people's pain points.

And in that respect, they
certainly can help inclusion.

We've seen microfinance, we've seen
remittances, we've seen international

transfers and people, they have
a great uptake from fintechs.

Why do you think financial
inclusion is important?

Well, I think financial inclusion
is important in itself because in

a digital society it's hard for
people to manage without having

And we have seen also in developing
countries that it's necessary

to have the support of setting
up your own company to have some

Across the society and business, there's
a real strive for better sustainability,

Is any of that possible without
meaningful financial inclusion?

I would be tempted to say just, no,
of course not because we need all to

be part of this involvement towards
sustainability, but then sustainability

is such a broad area and we have so many
different agendas moving at the same time.

So sometimes it is better to take small
steps that are possible in the areas, even

if they don't cover the whole spectrum
and even if they don't move directly

So that can be many activities
in companies that do not, that

involves sustainability without
achieving inclusion and vice versa.

So as long as sort of, someone's
making a step forward...

Do you think that FinTech can
help with greater inclusion?

I think that we have seen fintechs
coming up with digital solutions

that are agile and helping
overcoming people's pain points.

We have seen remittances, we have seen
international transfers and people

Findexable just last year did a
great study on a number of successful

fintechs to find out how how well
they're doing in the inside company

And they did just as poorly as
the rest of financial services.

So it won't solve everything
just to go FinTech.

Many of those who are financially
excluded are also on the outsides

How can banks and other financial
services better reach them?

I think we had some great examples in the
panel that I was conducting this morning.

So it's good stuff to be sorted at Monzo
and Parapa, and even Morgan Stanley.

I think  it is about seeing these
people as customers accepting them

as full-blown customers and actually
understanding that you need to build

Which means sometimes creating
safe spaces, which means creating

transparency and which means
starting with the customer.

In developing economies, there can be
a trade-off between economic growth

and being more sustainable, really
having to choose one of the other could

greater access to digital financial
services, maybe help to address that?

I think we see great examples of
financial services been brought to a

broader audience, helping people to
build their own businesses and build

We see some of them coming from
traditional traditional services, but

we also see great services actually
trying to mimic the good things

of  loans and savings associations
into a new infrastructure that

could be blockchain based and
therefore quite open and independent.

So quite exciting initiatives on the way.

I guess, better inclusion leads
to better financial literacy.

So, you know, could that also stimulate a
change of mindset towards sustainability?

Well, I hope that learning about
finances and getting closer to

understanding your own feelings about
finances will help people's literacy.

I'm a bit mixed on because very
often it's about teaching people  the

definitions of bankers and teaching
them a terminology  and calculations

But the general understanding
and transparency.

If you can convey that
to many more people.

Amazing, well, thank you so
much for joining us today.

It's been an absolute
pleasure speaking with you.

Expert Insight

Anette Brolos is an experienced network leader working with strategic innovation and partnership. Using her background in economics, she explains some of the nuances of financial inclusion and how the fintech industry can help. 

Financial Literacy

thumbnail_anette broloes.jpg

anette broloes.jpg

Anette Brolos

Fintech Analyst 

Brolos gives her opinion on whether greater financial inclusion can help expand economic growth, especially in developing economies.

The importance of financial inclusion

Fintech is helping overcome people's pain points when dealing with finances. However, is that enough to be a driver of inclusion in financial services for vulnerable populations? 

Can tech help with greater inclusion?

Being sustainable is sometimes thought to mean slowing down economic development. In this segment, Anette comments on how new technology can help to change that.