Digital Survey Benchmarks on Digitalisation

Categories : Customer and Users of Digital Payments, Microfinance credit savings and insurance

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Author: Cleo Turner

Since the inception of microcredit in the 1970s, its business model has seen a number of shifts: in the nineties, the concept of microcredit evolved into a more commercially sustainable microfinance, which included savings. Early 21st century, the financial inclusion paradigm led to further commercialisation and a wider understanding of the industry, which now included commercial banks serving low-income clients.

Now we are witnessing a third revolution: digitalisation. New products and channels promise better service and larger outreach, digital field automation allows for unprecedented levels of efficiency, and new players promise a range of potential competitors and partners. Today, financial institutions worldwide need to digitalise in order to stay competitive.

This report from bio-invest explores what digital products & channels financial institutions are offering.