According to a 2016 report from the World Economic Forum, roughly two billion people, which is about 40% the world’s adult population, lack one of the most basic amenities of modern life – a bank account.
While this figure may seem massive, it’s important to note that significant progress has already been made. The number of people who have a bank account grew by 700 million between 2011 and 2014.
The same report highlighted digital and technological connectivity as playing a critical role in this progress. Connectivity boosts global financial inclusion by improving access, not only to financial services but also to health and education.
It all comes down to meeting customers where they are. A women in rural Tanzania needs a mobile money transfer service that makes it easy for her to buy fresh produce without having to carry around cash. An office bound worker in central London wants to be able to transfer money to friend via a banking app on his mobile phone without ever having to leave his desk.
Different customers have different digital banking needs and connectivity gives them options and enables banks to offer a seamless experience.
The importance of working together
One of the key takeaways from the World Economic Forum’s report was the finding that telecoms operators and banks need to work together. Digital banking is a win-win for both parties after all.
For banks, digital connectivity, mobile and online tools allow them to connect with customers they were previously unable to reach. And it also allows them to connect with existing customers in new ways.
For telcos, digital banking simply means that people are using more data and are spending more time on the Internet, which boosts their bottom line. Where this collaboration proves tricky is when we look at the different starting points and different desired outcomes of banks, financial industry players, telecoms companies and telecoms regulators all have. It is essential for all of these stakeholders to communicate, share insights pertaining to their industry and remove obstacles together.
At Nebula, we work with a range of clients across different industries to help them streamline their telecoms infrastructure and boost productivity in the process.
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