BRUSSELS, 19 May 2017 – Can the digital wave help get more people access to bank services? The answer is “Yes", says new data outlined in the first edition of Exchange – WSBI's video news roundup.
The two-and-a-half minute video released last week explains progress made by WSBI-ESBG members in their quest to reach their pledge to World Bank Group UFA goals of 1.7 billion customers and 400 million new transaction accounts by 2020. Hosted by WSBI-ESBG communications advisor Carolina Krause, the video also includes commentary from WSBI's financial inclusion expert Ian Radcliffe. It explains new data from WSBI that shows how innovation is leading the way in addressing financial inclusion. Available on the WSBI-ESBG website, Twitter and YouTube, it has been shared with thousands via social media channels including LinkedIn. Some 300 views of Exchange have occurred since release along with 1500 impressions via Twitter and LinkedIn along.
What's inside: progress made by WSBI member banks
Six thousand member WSBI banks have made strides towards their aim to get more people banked and innovation is paving the way.
New data collected by WSBI show that in the past two calendar years, the number of new transaction accounts grew by 11 per cent to 2.35 billion. The new clients' number grew by almost 10 per cent, or one hundred and thirty-six million. In total, member banks so far have reached more than 1.5 billion customers, well approaching their pledge to World Bank Group UFA goals of 1.7 billion customers and 400 million new transaction accounts by 2020.
Innovation played a big role, as WSBI members' report that efforts made in areas like mobile banking pay off.
Digital-led financial inclusion, that is, getting more people 'banked', is on policymakers' minds around the world. That includes G20 leaders, who endorsed in 2016 high-level principles for digital financial inclusion to address the unbanked problem. If used, the G20 principles – adapted into national context – could help countries address financial exclusion.
Best practice sharing can help too. Dialogue with the private sector is also key. WSBI highly values the chance to be involved in the work by the GPFI implementing partners like the World Bank Group.
WSBI, G20 and financial inclusion
WSBI outlines its policy ideas in a G20 Institutional Positions paper available on its website.
The topic is important because more than 2 billion adults remain without an account…that includes some 40 million EU citizens.
"Great progress has been made worldwide, but having more accounts is not enough", says WSBI expert Ian Radcliffe. "People must use their account and use it regularly. That's where the right innovation can really play a role."
Do you think innovation can help boost financial inclusion? Let us know in the YouTube comment box.
>> Read: Related UFA press release
>> See: News roundup on YouTube