Technology’s role in fostering inclusion cannot be understated. It is changing the cost equation, allowing traditional financial institutions to efficiently reach previously untapped markets and better serve customers at every part of the economic pyramid. The success of the next generation of young entrepreneurs and SME owners in emerging markets depends on access to a full spectrum of financial services and advice. Technology firms and regulated new entrants are key partners in these efforts and an important element of the innovation equation moving forward.
There is also a broader benefit to mainstream inclusion beyond the impact for individuals and SMEs. Using new technology to build sustainable business models in regulated financial service firms, brings individuals and small businesses into an ecosystem where they can flourish and integrate into the broader formal economy. This is an important first step to building better connected businesses, financial markets and ultimately -- global markets.
The summit convened industry and public sector leaders to discuss mainstreaming digital financial inclusion, and explored how the industry can keep moving forward to use the power of data analytics, machine learning, artificial intelligence, cloud computing, blockchain and digital identity to modernize the financial inclusion process.