Digital Technologies Enable Financial Inclusion
Digital technologies are spreading at extraordinary speed and with disruptive power. For emerging economies such as Asia, the next blue ocean is finance.
Digital technologies have the ability to transform finance in developing economies by providing easy-access financial products and services to billions of individuals and extending the reach for financial-services providers. Each step toward complete digitisation of financial services helps reduce costs, making it more profitable for providers to serve a wider range of customers.
Looking at Digital Finance in Practice
A mobile phone in the hands of Asia's poor can dramatically change their financial future. By aggregating multiple financial products relevant to the needs of the poor and offering them directly through a mobile phone or from an agent’s mobile device such as phone or tablet, consumers will have the opportunity to create a unique identity through which their transactions can be recorded. Over time, different customer segments within the circa 1.5B population of unbanked or underserved consumers will access different products and services which will allow them to realise the benefits of DFS.