Pathways to Financial Health
While mobile banking and digital wallets are available in many markets, this analysis shows that usage remains limited for a variety of reasons, which issuers must account for and address. Enabling the financial inclusion journey depends on building systems that are accessible, intuitive, reliable and closely connected to the day-to-day needs of underbanked populations.
This study explores how four financial institutions serving diverse populations — Access Bank (Nigeria), Banreservas (Dominican Republic), Nubank (Brazil) and RCBC (Philippines) — are addressing these issues and implementing products and solutions to reach the underbanked and support them on the financial inclusion journey toward financial health. Drawing on an analysis of data provided by financial institutions, consumer insights and financial health indicators, the study identifies actionable insights and strategies for pursuing business value and social impact across varied markets and models by driving more account usage.
Though the strategies and outcomes vary among the different regions and markets, three themes appeared consistently across the findings from all four financial institutions in the study:
- Consumers’ first experiences with financial institutions strongly influence long-term engagement.
- Trust is earned through habitual usage, reliable infrastructure and pervasive community presence.
- Ongoing guidance, education and rewards help keep consumers moving forward.
