Using Technology to Build Inclusive Financial Systems
Innovative use of information and communications technologies to inexpensively process a large volume of small transactions and deliver a wide range of financial services may help to make microfinance institutions (MFIs) more efficient and commerci...
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| Format: | Brief |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2006/04/10404315/using-technology-build-inclusive-financial-systems http://hdl.handle.net/10986/9623 |
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okr-10986-96232021-04-23T14:02:46Z Using Technology to Build Inclusive Financial Systems Ivatury, Gautam Pickens, Mark Siedek, Hannah ACCESS TO FINANCIAL SERVICES ATM ATMS BANK ACCOUNTS BANK BRANCH BANKING SERVICES BARCODES CELLPHONES COLLATERAL COMMERCIAL BANKS COMMUNICATIONS TECHNOLOGIES COMMUNITIES CREDIT CARD CREDIT CARDS CREDIT DECISIONS CREDIT HISTORY CRITICAL MASS CURRENT ACCOUNTS DEBIT CARD DEBIT CARDS DEBT DELIVERY COSTS DEPOSITS DEVICES E-MAIL FINANCIAL ACCESS FINANCIAL INSTITUTIONS FINANCIAL SERVICES FINANCIAL SYSTEMS FORM OF COLLATERAL GOOD CREDIT HARDWARE INSURANCE INTERFACE LOAN LOAN FUNDS LOCAL BUSINESSES LOW-INCOME LOW-INCOME CUSTOMERS MATERIAL MESSAGING MFIS MICROFINANCE MICROFINANCE INSTITUTIONS MINIMUM WAGE MOBILE PHONES MONEY TRANSFERS NEW TECHNOLOGY OPERATIONAL RISK PCS PENSION POINT OF SALE POST OFFICES PROFITABILITY PROTOCOL REGULATORS RETAIL OUTLETS SALE SAVINGS SUPERMARKET SUPERMARKETS SUPPORT INFRASTRUCTURE TELECOMMUNICATIONS TERMINALS TRANSACTION TRANSACTION INFORMATION TRANSACTION VOLUMES WEB WELFARE RECIPIENTS Innovative use of information and communications technologies to inexpensively process a large volume of small transactions and deliver a wide range of financial services may help to make microfinance institutions (MFIs) more efficient and commercial banks more interested in serving poor people. Falling hardware costs and growing support infrastructure are making these technologies increasingly available. From 1999 to 2004, the number of mobile subscribers in Africa grew from 7.5 million to 76.8 million. Besides reducing delivery costs for banks, poor people may ultimately prefer using these channels because they are inexpensive and convenient. Many who are unbanked now may gain access to financial services for the first time. In a recent CGAP survey, 62 financial institutions in 32 countries report using technology channels, such as automated teller machines (ATMs), point of sale (POS) card readers, and mobile phones, to handle transactions for poor customers. Some are using new technology to better serve existing customers; others hope to reach new clients in areas where setting up a bank branch may be too costly. In Brazil, private-sector banks, such as Banco Bradesco and Lemon Bank, and state-owned banks such as Banco do Brasil and Caixa Economica Federal, have developed about 30,000 so-called 'banking correspondents.' Lottery outlets, post offices, supermarkets, grocery stores, petrol stations, and other retail outlets act as agents for the bank, using POS terminals or PCs to distribute a range of banking services, such as savings, credit, money transfers, insurance, and government benefit distribution. Using this approach, Brazilian banks opened about 10 million new current accounts since 2000. 2012-08-13T09:07:28Z 2012-08-13T09:07:28Z 2006-04 http://documents.worldbank.org/curated/en/2006/04/10404315/using-technology-build-inclusive-financial-systems http://hdl.handle.net/10986/9623 English CGAP Brief CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO FINANCIAL SERVICES ATM ATMS BANK ACCOUNTS BANK BRANCH BANKING SERVICES BARCODES CELLPHONES COLLATERAL COMMERCIAL BANKS COMMUNICATIONS TECHNOLOGIES COMMUNITIES CREDIT CARD CREDIT CARDS CREDIT DECISIONS CREDIT HISTORY CRITICAL MASS CURRENT ACCOUNTS DEBIT CARD DEBIT CARDS DEBT DELIVERY COSTS DEPOSITS DEVICES FINANCIAL ACCESS FINANCIAL INSTITUTIONS FINANCIAL SERVICES FINANCIAL SYSTEMS FORM OF COLLATERAL GOOD CREDIT HARDWARE INSURANCE INTERFACE LOAN LOAN FUNDS LOCAL BUSINESSES LOW-INCOME LOW-INCOME CUSTOMERS MATERIAL MESSAGING MFIS MICROFINANCE MICROFINANCE INSTITUTIONS MINIMUM WAGE MOBILE PHONES MONEY TRANSFERS NEW TECHNOLOGY OPERATIONAL RISK PCS PENSION POINT OF SALE POST OFFICES PROFITABILITY PROTOCOL REGULATORS RETAIL OUTLETS SALE SAVINGS SUPERMARKET SUPERMARKETS SUPPORT INFRASTRUCTURE TELECOMMUNICATIONS TERMINALS TRANSACTION TRANSACTION INFORMATION TRANSACTION VOLUMES WEB WELFARE RECIPIENTS |
| spellingShingle |
ACCESS TO FINANCIAL SERVICES ATM ATMS BANK ACCOUNTS BANK BRANCH BANKING SERVICES BARCODES CELLPHONES COLLATERAL COMMERCIAL BANKS COMMUNICATIONS TECHNOLOGIES COMMUNITIES CREDIT CARD CREDIT CARDS CREDIT DECISIONS CREDIT HISTORY CRITICAL MASS CURRENT ACCOUNTS DEBIT CARD DEBIT CARDS DEBT DELIVERY COSTS DEPOSITS DEVICES FINANCIAL ACCESS FINANCIAL INSTITUTIONS FINANCIAL SERVICES FINANCIAL SYSTEMS FORM OF COLLATERAL GOOD CREDIT HARDWARE INSURANCE INTERFACE LOAN LOAN FUNDS LOCAL BUSINESSES LOW-INCOME LOW-INCOME CUSTOMERS MATERIAL MESSAGING MFIS MICROFINANCE MICROFINANCE INSTITUTIONS MINIMUM WAGE MOBILE PHONES MONEY TRANSFERS NEW TECHNOLOGY OPERATIONAL RISK PCS PENSION POINT OF SALE POST OFFICES PROFITABILITY PROTOCOL REGULATORS RETAIL OUTLETS SALE SAVINGS SUPERMARKET SUPERMARKETS SUPPORT INFRASTRUCTURE TELECOMMUNICATIONS TERMINALS TRANSACTION TRANSACTION INFORMATION TRANSACTION VOLUMES WEB WELFARE RECIPIENTS Ivatury, Gautam Pickens, Mark Siedek, Hannah Using Technology to Build Inclusive Financial Systems |
| relation |
CGAP Brief |
| description |
Innovative use of information and
communications technologies to inexpensively process a large
volume of small transactions and deliver a wide range of
financial services may help to make microfinance
institutions (MFIs) more efficient and commercial banks more
interested in serving poor people. Falling hardware costs
and growing support infrastructure are making these
technologies increasingly available. From 1999 to 2004, the
number of mobile subscribers in Africa grew from 7.5 million
to 76.8 million. Besides reducing delivery costs for banks,
poor people may ultimately prefer using these channels
because they are inexpensive and convenient. Many who are
unbanked now may gain access to financial services for the
first time. In a recent CGAP survey, 62 financial
institutions in 32 countries report using technology
channels, such as automated teller machines (ATMs), point of
sale (POS) card readers, and mobile phones, to handle
transactions for poor customers. Some are using new
technology to better serve existing customers; others hope
to reach new clients in areas where setting up a bank branch
may be too costly. In Brazil, private-sector banks, such as
Banco Bradesco and Lemon Bank, and state-owned banks such as
Banco do Brasil and Caixa Economica Federal, have developed
about 30,000 so-called 'banking correspondents.'
Lottery outlets, post offices, supermarkets, grocery stores,
petrol stations, and other retail outlets act as agents for
the bank, using POS terminals or PCs to distribute a range
of banking services, such as savings, credit, money
transfers, insurance, and government benefit distribution.
Using this approach, Brazilian banks opened about 10 million
new current accounts since 2000. |
| format |
Publications & Research :: Brief |
| author |
Ivatury, Gautam Pickens, Mark Siedek, Hannah |
| author_facet |
Ivatury, Gautam Pickens, Mark Siedek, Hannah |
| author_sort |
Ivatury, Gautam |
| title |
Using Technology to Build Inclusive Financial Systems |
| title_short |
Using Technology to Build Inclusive Financial Systems |
| title_full |
Using Technology to Build Inclusive Financial Systems |
| title_fullStr |
Using Technology to Build Inclusive Financial Systems |
| title_full_unstemmed |
Using Technology to Build Inclusive Financial Systems |
| title_sort |
using technology to build inclusive financial systems |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2006/04/10404315/using-technology-build-inclusive-financial-systems http://hdl.handle.net/10986/9623 |
| _version_ |
1764410056206450688 |