Innovations and Technology
Financial technology solutions have huge potential to change the way people think about, access, and use their money.
In a global financial landscape that is constantly changing and innovating, financial organizations must think outside the box culturally, technologically and operationally. FINCA Impact Finance is doing just that.
FINCA Impact Finance’s touch-tech service delivery model combines fintech innovation with a human-centered approach. We partner with fintech firms across the global to expand and improve our products and services and to implement solutions that streamline how we deliver these products and services in order to lower the cost to serve for our clients. Across the network we are deploying new technologies that improve our business, including digital field automation, credit scoring, central underwriting, agency banking and mobile and online banking.
There are 1.7 billion unbanked people in the world – and a tremendous need for financial inclusion remains, especially in our target markets. In places where we operate, like Sub-Saharan Africa and Latin America, 27% of unbanked people report they don’t have a bank account because they live too far away from the nearest bank. In South Asia, that number is 21%. Our fintech innovations – such as mobile and agency banking – are a lifeline for these customers.
As of the first quarter of 2020:
55% of FIF transactions to date are conducted via branchless channels. Branchless channels allow clients to access their finances and interact with FINCA when they want and how they want without leaving the comfort of their communities.
10 subsidiaries offer online banking
FINCA Impact Finance recognizes that providing access alone can’t achieve financial health. Empowering people means giving them the tools necessary to benefit from the products and services available. In Zambia, we are equipping banking agents to provide clients with information on financial literacy, consumer protection and the financial products that are best suited to their specific needs.
Spotlight: Agency Banking in the DRC
In the Democratic Republic of the Congo (DRC), agency banking and digitization are bringing FINCA Impact Finance closer to its customers by making responsible finance available in some of the DRC’s most isolated, hard-to-reach communities.