Is Technology the Game Changer in Financial Inclusion?
As the world of financial technology continues to advance, the global population is inching closer and closer towards financial inclusion. Looking at the fintech landscape here in Canada, filled with many rapidly growing technology companies making strides with new banking solutions, it’s a strong possibility that the answer to financial inclusion lays within our own backyard.
The World Bank Group and partners recently set a goal to achieve Universal Financial Access for working-age adults by 2020. With 2 billion people - or 38% of adults in the world - currently without access to basic financial services, the answer to financial inclusion needs to provide consumers immediate access to and use of their money – an answer that likely lies with technological innovation.
However, with most of the unbanked population forced to piecemeal a number of services to access and manage their finances, the right technology must be inclusive of all banking functionalities (from money storage, bills payment, peer-to-peer sending, etc.), in order to truly allow for global financial inclusion.
With financial technology innovation booming in Canada, our country is leading the charge when it comes to meeting the needs of the unbanked population. According to the Canadian Fiancial Monitor survey data, 95.7 percent of Canadian households were banked in 2012, which is relatively high compared to the global average. To be considered “banked”, a household must have ownership of at least one chequing account.
Right now, the major challenge for the unbanked population is the inability to easily use their money for various purposes. Here in developed nations, we often take for granted the accessibility of our money – so a tool that will truly bridge the financial inclusion gap will provide all necessary banking functions in one comprehensive system.
Innovative platforms like nTrust provide users with the tools to access, use and move their money freely – whether it be paying bills, sending money internationally, taking out cash, etc. nTrust was originally founded with the goal of empowering people across the globe with the tools and means to connect financially to each other and to their money, and this goal has guided our business model since day one. With features such as free remittance and peer-to-peer transfers; the highest security standards; and partnerships with major financial institutions in Canada and internationally; nTrust is consistently moving towards closing the gap towards financial inclusion.
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