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Moving Beyond Credit: Why Savings Should Take Center Stage in Digital Financial Inclusion
As mobile money continues to overtake traditional banking in emerging markets, putting financial services within reach of the unbanked, credit remains front and center in the conversation. But Buhle Goslar at JUMO says it's time to focus on an important yet underutilized tool that could help promote a well-rounded, healthy financial life for excluded customers – savings. She details how new tech and training programs can go beyond simple access and towards a new culture of savings.
- Categories
- Finance, Technology
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Viewpoint: Are Big Banks Really Serving Cash-Strapped Americans?
Overdraft “protection” can feel like a misnomer, as anyone who has ever been charged an overdraft fee — or a collection of them — knows. “Violation” would be a more appropriate term in many cases.
- Categories
- Finance
- Region
- North America
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Millennials Are Changing the Future of Investment and Here’s How
Despite their reputation for laziness, most of them work hard and feel strongly about wanting their work to be meaningful and bring huge returns.
- Categories
- Investing
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More Advisors Bringing Up ESG Investing With Clients
Financial advisors are being put under pressure to learn more about responsible investing, and many are stepping up to the challenge, according to Nuveen, the investment management arm of TIAA.
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Kenyans turn to friends, relatives as lenders shy off
“Friends and family are the main financial solutions used by [a] majority of Kenyans when they run out of money to meet their day-to-day needs,” the survey found.
- Categories
- Finance
- Region
- Sub-Saharan Africa
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Managing Money in Retirement is Hard – Fintech May Make it Easier
As many as 42 million Americans aged 50 or older struggle with some aspect of their financial lives, according to new research by the Center for Financial Services Innovation. The new report shows how the work-to-retire model of building savings and paying off debt has been replaced with far more complex scenarios and, for many, delayed retirement. Karen Andres, Vice President at CFSI, sees a solution in fintech – she highlights several apps that leverage tools like prize-linked savings, automated transaction monitoring, and innovative ways to create steady income streams.
- Categories
- Finance, Technology
- Tags
- financial health, fintech
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Viewpoint: Chase’s Checkless Account Won’t Make A Dent In The Unbanked Ranks
Economists at the Kansas City Federal Reserve looked into the factors associated with unbankedness. Not surprisingly, low income was a major determinant of not having a bank account. But the authors found that "a variety of other characteristics play a role in determining these households’ banking status."
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- Finance
- Region
- North America
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A microloan can help poor people in Bangladesh. What about New Jersey?
The Grameen Bank, one of the pioneers of microfinance, which has been operating its program in Bangladesh since the 1970s, released a study on one of its programs in New Jersey. The program works like this: Low-income women apply for a microloan as part of a small group, and all members of the group are accountable for ensuring each member makes payments.
- Categories
- Finance
- Region
- North America