The financial inclusion capability of 30 banks of different size and ownership, in 12 developing countries across Africa, Asia and Latin America, was researched and analysed using a maturity model which focuses on scalability, replicability, portability (across borders) and sustainability. The breadth of scope allowed comparative analysis of market nuances around financial inclusion and rated banks on a scale of maturity: trailing, basic, leading and advanced. The research found that just under a quarter of banks surveyed had financial inclusion as part of a coherent corporate strategy, but that forward-looking banks are developing new business models to address this significant market.
The report estimates that the global financial inclusion opportunity for banks is worth $380 billion, and it identifies six key insights for addressing this market responsibly and profitably:
- Invest now or be left behind
- Get the products right by taking a new view on customer segments
- Start with payments and savings, then consider extending to credit
- Use savings and loan groups as an entry strategy
- Find the right balance between physical and digital capabilities
- Align the operating model to a financial inclusion strategy
