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As we have seen across our own digital banking channels , grassroots financial services innovation is about meeting customers where they are – and providing intuitive ways to transact , save and send on various channels , and with any device .
Meeting customers where they are
As we have seen across our own digital banking channels , grassroots financial services innovation is about meeting customers where they are – and providing intuitive ways to transact , save and send on various channels , and with any device .
When users engage with an app or tool that provides a highly visual , multi-stranded presentation of financial information , they are immediately empowered by the decision-making capabilities that this type of engaging interface engenders .
Over the long term , this is essentially about going beyond FinTech and providing an ecosystem which empowers users on a gradual but progressive journey to financial inclusion .
For instance , as customers embrace elements such as self sign-up and digital onboarding , they begin to build up a comprehensive and detailed financial transaction profile .
Over time , diaspora remittances and this increasingly robust digital footprint can be harnessed as a strong indicator of creditworthiness – and in many instances , these profiles could be leveraged to gain access to credit for capital accretion ( vs consumption ). The security aspect of emerging digital banking platforms is also becoming more of a focus point as financial crime and cyber theft spikes worldwide .
Mobile money electronically records all transactions , which radically improves the security of payments as well as their transparency ( the consequences of which are far-reaching for every economy ). Providing this layer of safety , transparency and accountability to users for everyday transactions is paramount to both financial upliftment in the short term , as well as the longer term goal of greater financial inclusion . p
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