How can Fintech close the loop in financial inclusion

Did you know that globally, 1.7 billion adults are unbanked and excluded from formal financial services? How do you think consumers feel when they are forced to move with the technological development of e-payments while they prefer alternative payment methods?

Although many unserved populations, that doesn’t mean they cannot or should not benefit from financial systems. It is essential now to prioritize financial inclusion, as a considerable part of development that improves the populations’ standard of living, narrows the income gap, and ultimately helps eradicate poverty.

Financial inclusion in this context refers to delivering financial products and services to all segments regardless of their economic status. Despite the availability of banking solutions that don’t seem to appeal as an alternative to existing informal ones.

In this regard, Fintech integration can help a great deal in closing the gap in financial inclusion.

Fintech integration and digital solutions can significantly impact the following 6 values to close the loop in financial inclusion and make it independent, for people and businesses.

Retail technology-driven growth for businesses:

By using Fintech integration and Digital solutions, you as a business owner should expect a more convenient Know Your Customer (KYC) scheme and real-time verification process.

Your business can additionally:

Attract more customers:

By implementing Fintech technologies, like AI, NextGen, and cloud processors. You can learn a lot about your customers’ behavior and incorporate it into your CRM tools. As each clients’ action can be used to enhance your overall customer experience.

Increase in-store traffic:

By providing a wide range of financial services, you can enhance your customers’ experience and retention rate, and leverage the information gathered, to boost your client satisfaction and therefore create additional revenue opportunities and in-store traffic.

Diversify consumers’ basket:

Alongside the detergent and dairy shelves in your store, adding a “fintech shelf” packed with financial services to your assortment will help improve customer loyalty. The following study suggests that increasing customer retention and loyalty can boost your sales, simply because your loyal customers trust your brand and are willing to spend more. According to the research, increasing retention through customer loyalty by only 5% can boost sales by 25% to 95%.

Fintech driven growth for people:

Accessibility & inclusiveness:

Our solution is inclusive by, on one hand, making financial services accessible for marginalized and unbanked communities who have no access to banking services, and on the other hand, providing people with freedom of choice to pick which payment method they are most comfortable with, being its digital payments, cash transactions or crypto.

Smart city ecosystem:

Integrating Smart ATMs in the backend provides economies with an interface and infrastructure to help access social services which makes Smart ATMs a gateway to the Smart city ecosystem for customer interaction.

Convenience & saving:

Having the freedom of choice regarding which payment method to choose. Additionally, having cash at their disposal within their stores’ premises comes with many conveniences. This means customers now can save through multiple innovative products such as loyalty programs and e-wallets.

Fintech and Retail tech startups have been paving the way towards prosperity-driven growth and financial inclusion, using Cloud and NextGen technologies to, on one hand, help marginalized communities access financial solutions, and on the other hand, help governments increase their economic contribution and tackle poverty. One of these innovative companies is GlobalCloudPayments.

GlobalCloudPayments is a fintech company that is working on reinventing the old-fashioned ATM deployers and transforming them to Smart ATMs backed with Cloud and NextGen technologies which provide a wide range of Smart financial services to retailers on one hand, and making financial services inclusive to unbanked marginalized populations.

By aiming fintech towards the bottom of the consumers’ pyramid, financial solutions are now more accessible even for millions of unbanked, marginalized communities in emerging markets.

Author: Salma Falah

Grutter 5 5253 RM Nieuwkuijk, The Netherlands
CoC: 57732663 VAT: NL852711396B01