Throughout the decades, an assortment of fintech products and services have helped liberate millions of unbanked or underbanked individuals through the use of mobile payments and inclusive finance offerings.
The ongoing development in the financial services industry, alongside rapid monetary digitization, has seen the unbanked population go from 60% in the early 2000s to roughly 30% by 2021. The heavily unbanked regions across the world are now slowly but surely becoming key players in the deployment of financial instruments that can help unlock new possibilities and opportunities going forward.
The pandemic has undoubtedly increased the need and importance of access to financial software and tools. And, in the coming years, we can expect more companies to deliver societal breakthroughs that can help resolve these industry-related complexities.
Though fintech has made online monetary systems largely accessible, in the coming years, these same efforts will need to be directed towards the greenification, societal impact and overall governance of the financial services sector.
A hard pill to swallow, but ESG efforts are more than sustainable business ventures, and in turn, fund managers alongside seasoned investors are largely looking at how companies, in this case, fintech, can utilize the complexities of ESG-based agendas to improve labor standards, diversity, inclusion, corruption and whistleblowing schemes, among others.
The key strength of fintech lies within the ability to connect people with the digital world through the automation of processes and other critical financial services.
