Fintech for Inclusion Global Summit 2024 Highlights

The fifth iteration of the ‘Fintech for Inclusion Global Summit’ took place at the Tobacco Dock in Wapping, London, bringing together the industry’s frontrunners who are making an impactful change to the fintech market. 

The event saw over 270 attendees and put a twist on a standard fintech event. Rather than hosting a variety of panels, Accion Venture Lab, the Mastercard Center for Inclusive Growth, and the Dutch entrepreneurial development bank FMO put together an event which would see those in attendance really get the most out of the experience by sharing ideas in discussions and workshops. As a result, the day was broken up into four workshopping sessions, split up by two panels and a fireside chat.

Michael Schlein, CEO, Accion

The day kicked off with a welcome note from Michael Schlein, CEO, Accion who emphasised that while global poverty reduction has progressed over recent decades, it has recently stalled. In fact, poverty levels in many developing countries remain above pre-pandemic levels. He stressed that low-income and underserved communities are facing severe challenges the most, such as rising prices, social unrest, and climate change impacts.

However, he highlighted that financial services can play a crucial role in addressing these issues, and help the two billion people currently invisible to the financial system.

“The companies you’ll hear from today are finding innovative ways to bring financial solutions to help people build a better future. Together, we can build a more inclusive world – and we must build a more inclusive world.”

Schlein’s welcome note was followed by Juan Jose Dada Ortiz, director – financial institutions, FMO who also thanked everyone for attending, before introducing the first panel of the day: ‘How frontier technology will change the course of embedded finance’.

How frontier technology will change the course of embedded finance

The panel, featuring Jorn Lambert, chief product officer of Mastercard and TS Anil, CEO of Monzo Bank focused on how technological advancements are reshaping the financial landscape, making it more inclusive and accessible for underserved communities globally.

Moderated by Amee Parbhoo, managing partner, Accion, they noted how tech like smartphones, cloud computing, and digital infrastructure have dramatically lowered costs, enabling financial institutions to serve low-income consumers and small businesses sustainably. The panellists emphasised the need for creating sustainable commercial models in financial services while balancing social impact with financial returns.

Additionally, they noted a shift towards using technology, such as QR codes and APIs, to reduce costs and improve service delivery.

Both Lambert and Anil commented on the impact of generative AI, including large language models (LLMs). It was seen as a tool to enhance customer education and engagement, allowing for personalised financial experiences.

Anil said: “As you’re understanding the needs of your customers, anticipating what might actually solve their problem is a real challenge. After all, if you asked what people in the early 1900s would have wanted, they would’ve said faster horses, not cars.”

From left to right: TS Anil, Jorn Lambert, moderator Amee Parbhoo

Understanding the importance of financial education

Anil stressed that educating customers about digital and financial tools is essential but difficult, especially in remote or low-literacy areas.

Lambert noted the importance of finding a balance between offering affordable financial services and ensuring they remain commercially viable.

The panellists also warned of the risks of financial exclusion if partnerships are not managed sustainably, as well as the potential misuse of AI technologies by bad actors.

Breakout discussions

The highlights of the day took place in the event’s workshops which looked to tackle four key themes across the day. Initially focusing on embedded finance, the themes looked at:

How fintechs could make the best use of verticalised B2B marketplaces
How fintechs have successfully integrated embedded finance into software-as-a-service (SaaS) platforms
What risks fintechs should consider when looking to lay down the groundwork for their infrastructure.
The role AI will play in the development of the fintech sector

The post Fintech for Inclusion Global Summit 2024 Highlights appeared first on The Fintech Times.

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