Financial inclusion beyond access
Access to modern financial instruments such as accounts, transfers, deposits and credits not only brings direct economic benefits but also determines opportunities for efficient economic activities — financial services act as an infrastructure like roads or mobile/wifi network. Despite this, current level of financial services development does not allow to think about financial inclusion only in terms of access. Other dimensions of financial inclusion such as quality, depth of usage, welfare play more important role for both clients (especially for the consumer) and providers of financial services.
According to the results of the study focus group discussions with users of financial services, consumers indicate quality and product line as a key factor for choosing the provider. Financial inclusion can play a key role in decreasing poverty levels and improving macroeconomic indicators such as economic development and stability (Beck et al., 2007). Representatives of academia, private and public sectors have already started to pay attention to financial inclusion areas beyond access. However, there is still no systemic approach to the analysis and development of usage, quality and welfare related to the financial services. In order to initiate an active discussion of financial inclusion as a complex phenomenon and offer an analytical frame as a basis for the discussion of the topic SKOLKOVO Financial Innovation and Cashless Economy Centre created “Financial Inclusion Beyond Access” report. Information from the open sources including academic papers, global and local research reports as well as public government resources and official documents/statements is enough to assess the effectiveness of measures/instruments for achieving certain goals in relation to financial inclusion as well as forming a strategic view on the future development of financial inclusion in Russia.
This analytical note will be useful for both private (e.g. banks, payment systems, technological companies) and public (e.g., regulator, government, NGO) sectors. In particular, public sector can use this report in order to improve and correct its strategy in financial inclusion, including strategy to increase financial access, as well as evaluate the effectiveness of stimulating measures of the financial services market taking into account potential behavioral biases of the financial services market participants. Private sector, in its turn, can develop own marketing & product strategies in the area of financial services and suggest PPP projects that might foster inclusion on both regional and country levels. Systematization and strategic analysis of future alternatives will be useful to all participants of the financial services market as well as any parties interested in this market in order to determine the effectiveness of their own offerings and activities. This document could also help to formulate mid-term and long-term vision of their roles in increasing financial inclusion. Analytical framework introduced in this report is a first step towards mindful consumption and development of financial services in Russia and the world that could also be reached with the help of other more adapted products, researches and recommendations for different market participants.
Download:
- Report (in Russian)
- Classification of patterns (in Russian)
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