Our world is becoming overpopulated and in order to deal with this overpopulation we need to often embrace technology. One specific industry where technology is having a huge impact in 2018 is banking.
The world currently has around 7.6 billion people in it and approximately 2 billion of these adults do not have access to a bank account.
Many of the people within this demographic are considered to be a high risk to a financial institution or they simply don’t have access to these services. Digital payments however have drastically reduce the overall cost of banking and made it much more accessible for the average individual.
This recent change is already enhancing lives of people in Southeast Asia, India, Africa.
Through the use of new digital payment technology traditionally cash-based societies are able to see new economic growth and improvements in the developing world where it is needed most.
The way that people are accepting payments is being completely reshaped with the use of mobile money. Many people in developing nations are now able to send and receive payments, start businesses and store their money safely for the first time. Traditional banking is being bypassed and those that were considered to be individuals that are not bankable are finally having a chance to manage their money.
As new financial technology get tilt on mobile money platforms it could be possible for people in developing nations access even more services. Emerging fintech is improving our ability to manage money using mobile phones, helps to create savings plans, order insurance and even access credit. As more of these services become available people in developing nations may soon be able to access everything that they would throw financial institution and all on their mobile devices.
Mobile banking and fintech are truly shaking up the financial industry and giving people in developing nations the tools that they need to improve their quality of life.
Author: Ted Greene