The Center for Financial Inclusion Fintech Partnerships Report

FI2020 week is coming to a close after a week conversations around the globe on how new products and partnerships are advancing financial inclusion, not just access.

Digital channels are revolutionizing the way customers access financial products. Financial service providers are re-thinking the ways that they design and offer financial products. In addition, legacy providers are increasingly partnering with financial technology startups to expand their service offerings and to reach previously underserved customer segments. New products and new partnerships bring great new potential for creating a more inclusive global financial ecosystem. However, they may also bring new problems - such as data security and client protection issues.

The Center for Financial Inclusion is organizing a webinar on Fintech partnerships with banks, at 10:30am (EDT).

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.

This webinar will explore 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 will share insights from a recent report from the Center for Financial Inclusion and the Institute of International Finance. The report incorporates 24 in-depth interviews with people at the frontlines of this innovation and highlights 14 partnerships focused on financial inclusion that we think exemplify best-case scenarios and good practice.

The webinar will explore the the report How Financial Institutions and Fintechs are Partnering for Inclusion: Lessons from the Frontlines, a joint report by the Center of Financial Inclusion at Accion and the Institute of International Finance.

The TagPay/Société Générale partnership is highlighted in the report.

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View the full report here.

Estelle Eonnet