Driving Financial Inclusion Through Technology Presentation at YIPS Breakout Session
Explore how technology is driving financial inclusion globally, focusing on universal access to financial services. Learn about the impact of FinTech, factors affecting financial inclusion, and the benefits of investing in technology for improved reach, cost efficiency, and data-driven decision-making.
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Presentation Transcript
DRIVING FINANCIAL INCLUSION THROUGH TECHNOLOGY PRESENTATION AT YIPS BREAKOUT SESSION AT THE WAICA 2024 EDUCATION CONFERENCE ACCRA, GHANA BY ALEXANDER OSEI MENSAH
WHAT IS FINANCIAL INCLUSION? It s a buzzword universal access, at a reasonable cost, to a wide range of financial services, provided by a variety of sound and sustainable institutions. UN Department of Economic and Social Affairs Financing Focuses on individuals and micro, small and medium-sized enterprises Developing countries focused?
TECHNOLOGY Tools for improving and automating the delivery and use of financial services Focus on Financial Technology (FinTech) Fintechs are companies that rely primarily on technology and cloud services and less so on physical locations to provide financial services to customers. McKinsey & Company Threat to jobs? Increase in jobs?
FACTORS AFFECTING FINANCIAL INCLUSION/CAUSES OF FINANCIAL EXCLUSION? Income levels Non-availability/Low Credit scores Distance to Access Points/Branches Financial Literacy Mistrust Product Complexity Relevance of Products Generalization of Needs (One Product for all) Religion etc
WHY INVEST IN TECHNOLOGY? Increased Reach/Access Cost Efficiency Data Driven/Backed Decision Making Improved Customer Experience
INCREASED ACCESS Insurance has everything to do with numbers Africa has a youthful population. 70% of Sub-Saharan Africa are less than 30 years Technology has no distance/geographical limitations Rides on the back of infrastructure developed in other sectors, more particularly the payment platforms Embedding insurance into existing financial services products and others
COST EFFICIENCY Less hands needed with technology Less or no physical presence Shared service or platforms, thus shared cost Customer shares in cost; data, documentations etc Automation
DATA DRIVEN DECISION MAKING? Data availability is one the biggest banes of our industry, particularly. Technology enables collection and storage of data It enables analysis of relevant data to aid decision making Improved Customer Experience
IMPROVED CUSTOMER EXPERIENCE? Competition has become keener and will keep getting keener The customer will keep demanding more than excellent experience They want to be part of the service process They want flexibility to at the highest possible levels The want a service provider without closing time; 24/7 Their crave for convenience is insatiable
WHAT DOES THE ABOVE MEAN FOR THE YOUNG PROFESSIONAL? (DISCUSSION) Job Losses v Job Enhancement To learn/build a career in Insurance v IT How does the future look like? How distant is the future?
