Using Technology to Profitably Serve the Unbanked

Around 1.7 billion people globally are unbanked, with the largest numbers in China and India. This presents a significant opportunity for financial institutions to offer banking products and services that can generate substantial new revenue while providing a crucial social service. Many of the unbanked are low-income citizens who face difficulties cashing checks, paying bills, and making online purchases without access to traditional banking services. By offering mobile banking apps, eliminating obstacles such as minimum fee balances or service fees, and introducing prepaid products, financial institutions can help improve the lives of millions while expanding their customer base. Innovative technologies like artificial intelligence and distributed data platforms are essential for serving the unbanked at scale and providing a seamless customer experience.