How Technology Is Driving Financial Inclusion

Technology now not only plays the traditional role of holding capital for one party, allowing it to be lent to others, but is also a facilitator or medium of financial flows. It is only natural, then, that rapid technology adoption means digital financial services are being pushed by governments, regulators, traditional financial institutions, and new market entrants (disruptors). With the incumbents needing to stay competitive, many have been setting up in‐house groups, or FinTech accelerators. Technology also plays a role in ensuring that it is not only the cost of opening a bank account that will decline but also the complications. With the threat of money laundering and large fines having been paid by global banks for loose onboarding processes, know your client has become an integral part of both institutional and consumer banking. Financial inclusion will eventually morph into financial health, and myriad FinTechs will emerge.