Financial institutions are looking to become accessible for rural communities
Trend - Many financial institutions—from traditional to digital-first banks—are attempting to reach rural communities with the help of technology. The movement calls for improved banking access through the implementation of small ATMs, biometric readers, cloud-based platforms and more.
Insight - Technology is enabling a higher degree of accessibility for services and many consumers are taking advantage of this. As the world evolves and individuals in rural communities become more connected, these features become more readily available in remote regions. They enable consumers without access to as many convenience-based services as people in cities to feel more empowered and prepared to take charge in the case of a crisis.
Insight - Technology is enabling a higher degree of accessibility for services and many consumers are taking advantage of this. As the world evolves and individuals in rural communities become more connected, these features become more readily available in remote regions. They enable consumers without access to as many convenience-based services as people in cities to feel more empowered and prepared to take charge in the case of a crisis.
Workshop Question - How could your service/product reach a more off-grid consumer?
Trend Themes
1. Improved Rural Banking Access Through Technology - Many financial institutions are implementing small ATMs, biometric readers, cloud-based platforms and more to improve accessibility for rural communities.
2. Mobile-first Neobanks - Neobanks such as Albo provide secure and efficient banking options through mobile applications for underserved populations.
3. Cloud-based Financial Services for the Unbanked - PearlPay is testing cloud-based financial services to provide core banking solutions and agent banking solutions, which can be accessed by people without an internet connection.
Industry Implications
1. Banking - Financial institutions are using technology to provide accessible banking solutions for those living in underserved rural communities.
2. Fintech - Fintech companies like Albo and PearlPay are providing secure and efficient financial services through mobile and cloud-based solutions.
3. International Development - Partnerships between organizations such as Fidelity Bank and the Nigerian Postal Services or initiatives like NERLP in India are expanding rural banking accessibility and encouraging economic growth.
