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The Next Frontier in Financial Inclusion: Moving Beyond Access to Usage September 20182 THE NEXT FRONTIER IN FINANCIAL INCLUSION Introduction Organizations around the world, including Mastercard, share the common challenge of better serving our constituents. By doing so, whether these constituents are consumers or customers, we advance our respective goals. For Mastercard, that means developing products that are actively used by the more than 1.7 billion adults without access to a bank or mobile account. 1When the unbanked are served commercially at scale, we and our government and corporate partners not only do well and do good for the individuals we serve, but for the local economy as well. Putting consumers and their needs front and center is essential for driving commercially viable financial inclusion. However, success requires not only appropriately designed products, but education and acceptance infrastructure that enables the consumers journey to financial health. We have learned that the adage “you can give a person water, but you cant make them drink” rings true here as well. Simply giving an unbanked consumer is not enough. There are three key components necessary for moving beyond access towards usage: Undertake informed, human centered product development focused on customer needs and cultural considerations; Engage with the underserved on an ongoing basis to build financial knowledge. This engagement can include: - Making the consumer aware and able to consider product features; - Facilitating an understanding of the product and how to use it; - Enabling the consumer to overcome inertia, begin use and change behavior; Build robust ecosystems to enable scale. Successfully serving the underserved in a viable manner not only requires best in class product development, but additional program features to successfully drive product use and maximize impact. This is the first of several Mastercard white papers laying out our views on the journey towards financial health for the underserved. To be successful we need the help of global stakeholders and corporations that can assist us to develop and deploy these components so we may drive viable journeys to financial health. We invite you to join us on this journey. The good news: More access than ever before Over the last decade, the world has made significant progress toward universal financial inclusion. Today, more traditionally “underserved” 3 individuals have access to financial products than ever before. And with mobile networks reaching more than 90 percent of the population in developing nations, digital payments*a key on-ramp to financial inclusionare becoming easier. 4 “The needs of the underserved go way beyond just access to electronic payments.to make a real difference in their lives, we have to drive toward usage.if you create a route to prosperity, that is where we feel were on the right track.” 2 Michael Miebach Chief Product Officer, Mastercard3 THE NEXT FRONTIER IN FINANCIAL INCLUSION FIGURE 1 Usage of accounts has increased since 2014 (Findex) 8 2014 2017 2014 2017 2014 2017 Adults with an account (%) who have made or received digital payments in the past year Adults with an account (%) who did not make or received digital payments in the past year Total number of adults with an account (%) (columns 1+2) orld Highncome economies Developing economies 0 20 40 60 41 86 32 52 91 44 21 7 23 17 3 19 62 93 55 69 94 63 80 100 The opportunity: Advance usage to drive impact Usage, however, is where we still have distance to travel. At issue: Access to financial products is not automatically translating into usage. Globally, one-fifth of bank or mobile money accounts are inactive, without a deposit or withdrawal over the past year. 5While developing markets like China, India, Kenya, and Thailand have achieved account access upward of 80 percent, account usage still falls short. 6Overall, developing markets have been slow to close the usage gap with high-income countries, as shown in Figure 1. Without usage, the full benefits of financial inclusion are not realized for consumers, and incentives for providers are substantially diminished. In 2018, Mastercard joined the World Economic Forum (WEF) and other partners to emphasize the importance of usage as a key consideration in financial inclusion, helping to advance thinking on the metrics needed to better understand usage. 7The next frontier in financial inclusion will move beyond access toward consistent, informed usage of financial products and services around the world. It is only when we advance usage that we can move towards the ultimate goal for under and unbanked individuals at the base of the pyramid: resilience and financial health. *ELECTRONIC VS DIGITAL PAYMENTS Electronic payments is used to denote payment by card or mobile phone; digital payments are treated as a subset of electronic payments.4 THE NEXT FRONTIER IN FINANCIAL INCLUSION Impact: Better together Mastercard works with a host of partners to build and tailor products for underserved populations the world over. Our deliberate presence and involvement in underserved communities provide a learning lab like no other. We use our research and experience on the ground to match the right partners and opportunities with the needs of underserved communities. We are customer-focused, rather than product-focused meaning we design financial products for specific real-world needs rather than offering a set range of products to multiple populations. At Mastercard, we recognize that good product development is not an end itselfbut rather, just the start to true financial inclusion. Successful deployment and increasing uptake matter just as much. We know that cultures and infrastructures differ; what works in Kenya may not in Bangladesh. That is why working with a trusted partner who knows electronic payments around the world is key to successfully moving the financial inclusion needle forward. As more global entities, both private and public, commit to achieving full financial inclusion (see sidebar), the pace and impact of outreach agendas will increase. With increased commitment comes the opportunity for businesses worldwide, and organizations such as the World Bank Group and WEF, to partner toward a lofty end goal: financial health for all by building ubiquitous access to regularly used financial products and services. When all pieces of the puzzle are put in place, we see real impact. Continued global commitment matters Underserved populations are still being excluded from a global economy that could greatly benefit from their participation. Lack of access limits prosperity and quality of life. But providing access without enabling usage solves only half the equation. The G20 have committed to financial inclusion worldwide. 9Since 2010, more than 50 countries have made commitments to financial inclusion, and more than 30 have either launched or are developing a national strategy. The World Bank Group also has committed to Universal Financial Access by 2020 (UFA2020), extending the access of financial services to one billion adults (Mastercard is a partner in this initiative). 10The goal is for adults worldwide to, at minimum, be able to send and receive payments, as well as have access to a transaction account. UFA2020 works with 100 countries to advance financial inclusion, focusing on 25 countries where 73 percent of all financially excluded people live. In December 2017, UFA2020 projected they would help to reach 738 million new account holders by 2020, moving us closer to the goal of an additional one billion financially-included adults. FIGURE 2 The Journey to Financial Health ACCESS Financial Health: Opportunities for individuals to improve their livelihoods through access and usage of relevant financial services. IMPACT Suitable products and services are accessible for consumer use KNOWLEDGE TRUSTUnderstand the value of digital financial servicesAware and able to consider product features owledge of product and how to usePositive outcomes, stemming from consistent active product use, maximizing the value of digital financial servicesEngagement stemming from proper and consistent product functioning USAGE Products are actively & consistently used because they meet customer needs & supported by the ecosystem Resilience from shocks and opportunities to pursue aspirations5 THE NEXT FRONTIER IN FINANCIAL INCLUSION FIGURE 3 Three areas critical to developing financial products and services Making usage a reality Mastercards decade of experience in financial inclusion, most recently underpinned through recent research on underserved segments, point to three areas critical to developing financial products and services that will be used by underserved populations: In the pages that follow, well share our insights about how to make the next frontier in financial inclusion a reality by driving usage of financial products and services worldwidefrom product development to building robust ecosystems.Informed, human-centered product development focused on consumer needOngoing engagement with underserved segments to build knowledge and empowermentBuilding robust ecosystems to drive scale6 THE NEXT FRONTIER IN FINANCIAL INCLUSION Developing for your target audience Organizations looking to offer financial products and services to underserved communities cannot take a generic approach. The challenges of the underserved require organizations to bring their A game to the task. Many businesses use human centered design to offer consumers personalized, tailored products. Its important that organizations designing for underserved communities take that same approach. To increase uptake and usage of financial products, companies need research on the wants and needs of consumers in the target segment. For example, underserved populations may differ from each other based on various criteria, requiring us to focus on the unique needs of each group. Furthermore, we have identified unique deployment considerations for the underserved to help organizations and governments increase the success of their efforts. (see: Six essentials for deployment). Human-centered design increases uptake To put humans at the center of product development, companies must design products suitable for an observed or expressed human need. Companies that do their homework, engaging key target populations as they create products, tend to have more success. 11Taking a human-centered approach, rather than one in which a set product portfolio is foisted upon a population that may not respond to it, can save organizations time and money. Human-centered design means products and services are more effective because they are designed together with the people who will use them. It is a collaborative, iterative approach, putting (in this case) undeserved people at the heart of design, bringing their voices into the process from the very beginning. Human-centered design is dynamic and adaptive, allowing for course corrections along the way. (See Figure 4) Spotlight: Analyzing user needs for new products in the Philippines 12 In the Philippines, CARD Bank identified an unmet need via data analytics. It partnered with Grameen Foundations Microsavings Initiative to review customer and branch level data, revealing that the poorest, most remote consumers it served were not benefitted at all by a specific savings product. The bank used the information gathered to design a new product that met consumer needs, with a low opening balance, ATM access, and deposit collections in the field to better serve this customer segment. To increase uptake and usage of financial products, companies need research on the wants and needs of consumers in the target segment.
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