Open financial data is a critical enabler of financial inclusion. The phrase “open financial data” refers to the ability to share financial data through a digital ecosystem in a way that requires limited effort or manual intervention. A 2021 McKinsey Global Institute analysis found that broad ado...
Around 19% of the population in India is non-participating in the banking system of the country. Financial inclusion would help in broadening the scope of saving, creation of credit, reduction of poverty, increase in living standard and thus bringing out inclusive growth of an economy. The aim...
Financial inclusion is essential in facilitating day-to-day living and allows families and businesses to plan for short-term and long-term goals.3 How Does Financial Inclusion Work? Simply put, financial inclusion works by helping individuals get affordable and convenient access to basic financial se...
BANKING industryFINANCIAL literacyBANK accountsFACTOR analysisThe goal of the current study is to examine various obstacles that stand in the way of financial inclusion in India. The study uses primary data gathered through a structured questionnaire from 300 households in the Nation...
Moreover, businesses can utilize open banking APIs to introduce innovative financial services, including credit cards with competitive interest rates or attractive rewards, in sync with client requirements. Open banking APIs also allow enterprises to venture into advanced financial data analysis, allowing ...
How a Nationwide Payment Platform Assists With Financial Inclusion in Banking Unbanked populations don’t just exist in underdeveloped countries. People without access to basic financial services also live in industrialized countries like the United States. Recent data shows that at least 6 million peop...
Having FDIC insurance means that your money, up to a certain amount, is safe if your bank fails. The FDIC was established in 1933 in response to the many bank failures during the Great Depression [1]. It was created to promote public confidence in the banking system by insuring consumers’...
The concern is whether the KRA's suggested strategy is consistent with the values that have made Kenya a success story in digital banking, not whether integration is feasible. Read:Leveraging digital platforms to boost financial inclusion, ease remittance ...
9. Financial Technology: Given the increasing role of technology in personal finance, financial education incorporates knowledge about financial technology (FinTech) and its impact on financial services. This includes understanding online banking, mobile payment apps, and digital investing platforms. 10. ...
One of the drives for Fintech innovations like M-Pesa isfinancial inclusion, which is mostly geared towardunderbankedorunbankedpeople. Financial inclusion seeks solutions for residents who have no access to banks or who can’t afford the required minimum deposits in the digital banking era. In ord...