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Key Trends in Digital Financial Services for Financial Inclusion

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This presentation was part of a keynote address that was given on August 4, 2016 at the VIII Central American and Caribbean Microfinance Conference in Managua, Nicaragua. This key note provided participants with an opportunity to understand some of the key digital financial service trends that impact on financial inclusion and the potential opportunities for microfinance institutions in the region.

Publicada em: Tecnologia
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Key Trends in Digital Financial Services for Financial Inclusion

  1. 1. CONFERENCIA CENTROAMERICANA Y DEL CARIBE DE MICROFINANZAS Tecnología: Competitividad e Inclusión Financiera VII
  2. 2. Key Trends in Digital Financial Services for Microfinance John V Owens Senior Digital Financial Services Advisor
  3. 3. Digital Financial Services Three ways digital technology is facilitating access to financial services: Products Distribution Back-Office Operations
  4. 4. Leveraging mobile payments infrastructure and machine-to-machine connectivity Mobile on-demand micro-credit Mobile & index-based micro-insurance Big data enabling new credit products Products offered by financial players riding on top of the e-money platforms 4 Product Innovations
  5. 5. Innovations in Distribution Apps and tools to digitize and speed up the account opening process Biometrics as additional options for customer authentication Tokenization Optimizing distribution – field-force management tools to track field staff, agents, and/or merchants Emergence of third-party agent aggregators offering access to provider-agnostic agent networks 5
  6. 6. Back-office Innovations Integrating with e-money platforms Technology companies enabling merchant acceptance of digital payments in-store Payment aggregators enabling online payments and e-commerce Leveraging alternative data sources for credit decisions 6
  7. 7. Key Digital Financial Services Models E-money Services Mobile Financial Services Use of Agents Payment Operators New Fintech Players Other New Players
  8. 8. E-Money Providers
  9. 9. Mobile E-Money Accounts by Region GSMA MMU 2016
  10. 10. AFI | Alliance for Financial Inclusion Banks Integrating with E-Money 2012 2006 13% 29%20 Million bank accounts 4 Million bank accounts 24 Million registered mobile money users Percentage of adults using a bank account in Ke
  11. 11. Small Value and Credit Savings M-Shwari, a savings and credit product from Safaricom and Commercial Bank of Africa (CBA) has registered a phenomenal uptake. The product enables M-PESA subscribers registered for at least 6 months to get a loan, anywhere from $1 to $1,000 for a 30 day term instantly into their e-wallets. M-Shwari: Mobile E-Money Supported Banking CBK increased # of accounts from 35,000 to 9.2 M M-Shwari deposits total $1.7 B M-Shwari loans disbursed in 2015 total $322M
  12. 12. Financial Service Agents 3rd parties acting on behalf of a bank or other financial services provider to deal directly with customers AFI | Alliance for Financial Inclusion
  13. 13. Agent Banking Services: Bangladesh  Collection of small value cash deposits and cash withdrawals  Inward foreign remittance disbursement  Facilitating small value loan disbursement and payments  Facilitating utility bill payments  Cash payment under social safety net programme  Facilitating fund transfer  Balance inquiry  Collection and processing of forms for account opening  Loan application, credit and debit card applications  Monitoring of loans and advances and follow up of loan recovery  Receiving of clearing cheques  Other functions like collection of insurance premiums AFI | Alliance for Financial Inclusion https://www.upsides.com/2013/03/25/banking-beyond-branches/
  14. 14. Payment Service Providers
  15. 15. Payment Service Provider AliPay
  16. 16. New FinTech Players Financial technology players are now providing a range of financial services, either directly as non-bank financial service providers or in partnership with traditional players.
  17. 17. New FinTech Players & Models P2P lenders Online balance sheet lenders Loan aggregator portals Third-party analytic, data, and lending platform providers Invoice, supply chain platforms and trade finance Mobile-data based lending models SME value added services and SME financing
  18. 18. New Financial Players Driving Financial Inclusion E-Commerce & M-Commerce Providers Driving Financial Inclusion via a compelling value proposition 19
  19. 19. New Financial Players Driving Financial Inclusion – Social Networks & Payments 20
  20. 20. Analyzing DFS Opportunities
  21. 21. DFS Policy, Regulatory and Oversight  Proportionate AML/CFT (FATF Compliance) • Tiered KYC Regulations  E-Money Operator Regulations  Remote Account Opening Rules  Agent Regulations  Interoperability  Fair Access to ICT  Competition Policies  Security and Fraud Mitigation  Consumer Protection Issues
  22. 22. What are the biggest digital financial service developments for MFIs in Central America & the Caribbean?
  23. 23. Engaging Customers via SMS Mobile phones now make it easier to stay in touch with customers Juntos Finanzas has partnered with financial institutions to provide better customized support for two-way SMS conversations with customers This improves uptake of existing products as well as cross selling new services
  24. 24. Digitizing the ROSCA (Savings Groups) New technologies can help mimic informal savings products like Rotating Savings and Credit Associations (Tandas) FinTech providers like AhorroLibre are now offering automated services that allow people to create their own “tandas” via their mobile phone
  25. 25. Financial Education FinTech providers not only access but also improves the quality of financial services New digital financial education tools can cost effectively teach and incentivize customers to use new products and services
  26. 26. Alternative Data for Credit Scoring Digital Tools + Online Footprints=Credit Scoring Opportunities New platforms like Lenddo are providing alternative credit scoring tools
  27. 27. Potential Partners E-Money Operators Non-Bank Financial Institutions (EMIs & PSPs) FinTechs (SMS Gateways, Alternative Data, P2P) E-Commerce Players Large Social Media Network Payment Providers
  28. 28. Gracias! johnvowens@me.com Twitter: @jvowens