New Report Details How Legacy Financial Institutions Are Deepening Financial Inclusion Through Fintech Partnerships
The Center for Financial Inclusion at Accion (CFI) and the Institute of International Finance (IIF), with the support of MetLife Foundation, today released a new report examining how partnerships between mainstream financial institutions and fintechs are expanding access to the formal financial economy to the unserved and underserved, particularly in emerging markets.
The report, “How Financial Institutions and Fintechs Are Partnering for Inclusion: Lessons from the Frontlines” is based on 24 in-depth interviews with firms and experts from around the world, and highlights 14 partnerships in as many countries. The report identifies four key financial inclusion challenges in emerging markets that mainstream financial institutions address through fintech partnerships:
- gaining access to new market segments
- creating new offerings for existing customers
- data collection, use, and management
- deepening customer engagement and product usage