Andrée Simon: How is fintech innovation transforming financial services today?
In her new op-ed titled “The Financial Inclusion and Fintech Trends Defining 2019”, FINCA Impact Finance (FIF) President & CEO Andrée Simon posits that recent fintech innovations serve as a major disruptor to the financial services landscape, and that long-standing financial organizations will have to adapt to new consumer bases.
Writing in CEO World, Andrée first discusses the correlation between digital fintech innovation and increased financial inclusion:
“Mobile phones are becoming more accessible, prompting both fintechs and financial service providers to join forces and reach more people where they are via mobile mediums. But while account ownership has expanded, significant gaps in access remain, especially for women, rural residents, and other underserved communities.”
But even in an increasingly digital marketplace, a personal connection will remain important, argues Simon:
“While digital banking is central to current financial inclusion and fintech trends, the finance industry is still about people. A delivery model that combines the efficiency of digital finance with the personal trust of in-person banking, a model that FIF are continuously moving toward. Rather than replace branches and loan officers, “touch tech” uses digital channels to build closer relationships with clients. While frontline staff are key players in providing services, using to digital to optimize our processes helps our frontline staff do their jobs better, leads to greater outreach as well as better outcomes for our clients”.
Read the full Op-Ed here:
The Financial Inclusion and Fintech Trends Defining 2019