Financial inclusion in the digital age : including list of 100 leading financial technology companies promoting financial inclusion

Billions of adults across the globe lack access to the financial services they need to achieve even modest levels of financial well-being. Many households and small businesses in emerging markets have no or very limited access to formal financial services. Even in developed countries, they only have access to a limited menu of cost-effective products from financial institutions for addressing their financial needs. Over two billion unbanked adults in the world, representing 38 percent of all adults globally, lack access to basic financial services and another 57 percent have basic accounts but do not have access to diversified investment and savings options, low-cost payments systems, core household and business insurance, or credit. The resulting poor financial wellness, indeed, for many households and small businesses, the resulting financial insecurity, is not is not just a low-income bottom-of-the-pyramid problem in developing economies. It has been democratized with growing income inequalities in developed economies too, and now is an issue for nearly half the American population. Achieving financial inclusion and financial security is not an end, but a means to an end. It is broadly recognized as critical to reducing poverty and achieving inclusive economic growth. It also has positive effects on consumption, employment status and income, and on some aspects of physical and mental health. Greater financial inclusion is one of the key priorities of the United Nations’ Sustainable Development Goals as it enables households and informal economies to increase resilience and capture economic opportunities. This report highlights some of the central frictions that prevent greater financial inclusion and financial well-being, and associated technological innovations that are fostering creative new approaches to mitigating these frictions for individuals and small businesses globally.