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.
Подписка на рассылку
Consent to the Processing of Personal Data
Hereby I, hereinafter referred to as the «Subject of Personal Data», pursuant to the Federal Law of 27.07.2006 № 152-FZ «On Personal Data» (as amended), freely, of my own accord and in my own interest, give my consent to the Moscow School Management «SKOLKOVO» (hereinafter referred to as the «School», legal address: 143025, Moscow region, Odintsovsky district, Skolkovo, Novaya Street, 100) to the processing of my personal data provided during the registration by filling out the web form on the School's website skolkovo.ru and its subdomains *. skolkovo.ru (hereinafter referred to as the «Website»), directed (filled) with the use of the Website.
I understand personal data as any information relevant to me as the Subject of Personal Data, including my last name, first name, address, education, occupation, contact information (phone, fax, email, postal address), photographs, and other information. I understand the processing of personal data as the collection, classification, accumulation, clarification, updating, modification, use, distribution, transmission, including cross-border, depersonalization, blocking, destruction, permanent storage, and any other actions (operations) with personal information.
The processing of personal data of the Subject of Personal Data is carried out solely for the registration of the Subject of Personal Data in the database of the School and then directing to the Subject of Personal Data mail messages and SMS notifications from the School, its affiliates and/or sub-contractors, including advertising content, information letters and newsletters, invitations to the events of the School, and other advertising and news content, as well as for the confirmation of the identity of the Subject of Personal Data when visiting the events of the School.
The date of issue of the consent to the processing of personal data by the Subject of Personal Data is the date of sending the registration form from the Website of the School.
The processing of personal data of the Subject of Personal Data can be accomplished by means of automation and/or without the use of automation in accordance with applicable laws of the Russian Federation and internal regulations of the School.
The school takes the necessary legal, organizational and technical measures or ensures their application to protect the personal data against unauthorized or accidental access, destruction, modification, blocking, copying, providing, distribution of the personal data, as well as other illegal actions towards the personal data and commits itself to preserve the confidentiality of the personal data of the Subject of Personal Data. The school has the right to involve subcontractors in the processing of personal data of the Subject of Personal Data subjects as well as the right to transfer the personal data to its affiliates for processing, ensuring the assuming of the relevant obligations of personal data confidentiality by such subcontractors and affiliates.
I am aware that:
1) this consent to the processing of my personal data provided during registration at the Website of the School and directed (filled) with the use of the Website is valid for twenty (20) years starting from the date of the registration at the Website of the School;
2) the consent may be revoked by me on the basis of a written application in optional form;
3) the provision of personal data of third parties without their consent is punishable in accordance with the current legislation of the Russian Federation.