Monday, July 31, 2017

This report—produced in partnership with the Center for Financial Inclusion at Accion (CFI)—examines how partnerships between mainstream financial institutions (e.g., banks, insurers, and payment companies) and fintechs are addressing financial inclusion challenges and expanding access to the formal financial economy for underserved segments of the global population, particularly in emerging markets. It incorporates insights from 24 in-depth interviews with people at the frontlines of this innovation and highlights 14 partnerships focused on financial inclusion. Contrary to the popular narrative, financial institutions view fintechs as partners in innovation, not threats to their core business. By offering better, less expensive, and more innovative products, financial institutions can assert their continued relevance as customer-facing institutions with help from fintech partnerships. 

IIF Authors

Dennis Ferenzy

Dennis Ferenzy - IIF
Associate Economist, Innovation

Sonja Kelly

Director of Research, Center for Financial Inclusion

Allyse McGrath

Specialist, Financial Inclusion 2020, Center for Financial Inclusion