Mobile technology has greatly expanded access to financial services over the last decade, but the range and quality of services available to low-income customers still remains limited. Despite new opportunities, incumbent financial service providers as well as new providers like mobile money operators have shown themselves to be constrained in different ways by legacy business models, tech stacks, and organizational cultures. Change may however be on the horizon, as the financial services landscape starts to be reshaped by powerful forces of digital transformation that have already upended sectors like transport, travel, music, and retail commerce. These forces are evident not least in the flurry of fintechs, platforms, and neobanks entering financial services with promises of change.
This webinar aims to answer the question: Does the current wave of digital banking challengers offer something genuinely new—and what could be the implications for excluded and underserved customers? Participants will learn about three distinct business models for retail banking that are emerging as a result of digitization and how CGAP sees these models through an inclusion lens. Concrete examples from individual companies will be used to convey what is different about these models and why these differences matter. The session will situate this within the broader context of change in the provision and consumption of financial sector, tracing its implications for the structure of financial services and outlining where CGAP thinks it is all headed.
The webinar will be led by Peter Zetterli, Senior Financial Sector Specialist at CGAP, Arisha Salman, Financial Sector Analyst at CGAP, and Elizabeth Friend, Managing Director at The Small-Scale Sustainable Infrastructure Development Fund.
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