Every aspect of consumer finance is being transformed across the world. Automation is no longer just viewed as a way to scale services and lower costs but a way to provide consumers with a vast array of new services and tools that are available 24 X 7 and customizable to meet individual needs.
Yet, at the same time, innovation and progress in inclusive finance is almost at a standstill. The AFN 2019 Financial Coaching Consensus recently highlighted the enormous gap between the need expressed over the last five years by front-line coaches for better technology and the failure to make any meaningful progress in meeting this need. If individuals and organizations involved in inclusive finance hope to have any role in the future, they must use technology and data to achieve the scale, accessibility and accountability needed to have an impact.
Yet, at the same time, innovation and progress in inclusive finance is almost at a standstill. The AFN 2019 Financial Coaching Consensus recently highlighted the enormous gap between the need expressed over the last five years by front-line coaches for better technology and the failure to make any meaningful progress in meeting this need. If individuals and organizations involved in inclusive finance hope to have any role in the future, they must use technology and data to achieve the scale, accessibility and accountability needed to have an impact.
Corporate and philanthropic funding for financial capability organizations and inclusive finance must step out of the past and focus on supporting organizations that can actually innovate, scale and reach millions in the near future instead of hundreds or thousands. The tools and technology are available and need to be deployed to help millions of households achieve financial stability. Families don’t need white papers, they need practical mobile-driven tools that can help them achieve financial stability and economic freedom throughout their lives.
This is not about the future. Here are just a few examples of what is happening in the here and now that show how quickly change is happening.
