In recent findings by the Financial Conduct Authority, it's become evident that financial exclusion is not limited to developing nations. Astonishingly, 1.3 million adults in the UK currently lack access to basic banking services. The ongoing global cost of living crisis further compounds this situation.
MoneyMatix has actively collaborated with esteemed partners, including The University of Edinburgh Business School, to address this pressing issue. MoneyMatix CEO and founder Tynah Matembe participated in a thought-provoking API Chronicles livestream titled "Embracing Diversity: How Modern APIs Are Powering Financial Inclusion."
Throughout the engaging conversation, experts emphasised the importance of putting end users at the core of product design. Nina Mohanty from Bloom Money highlighted the need for teams to engage with end customers, stating that it can significantly alter perspectives. Tynah Matembe of MoneyMatix underscored the importance of genuine engagement and accountability in the journey towards financial inclusion.
The discussion also explored the positive impact of digitisation on financial inclusion, with Payal Dalal, Senior Vice President of Mastercard’s Centre for Inclusive Growth, emphasising the benefits of a wage digitisation project for female garment workers. It improved efficiency and financial transparency while fostering trust in digital wallets.
Furthermore, the panel discussed the broader aspects of financial inclusion, emphasizing that it's not solely about products but also about building financial capability and confidence. Carla Hoppe, founder of Wealthbrite, highlighted the challenges posed by financial jargon and the need for individuals to assess financial products critically.
In financial education, the experts stressed the importance of making education actionable and timely, moving away from traditional classroom-based models to enhance retention and engagement.
Finally, Nina from Bloom Money highlighted the transformative power of API technology in driving financial inclusion innovations. It allows businesses like MoneyMatix to build on existing platforms and tailor solutions to specific segments, contributing to a more inclusive financial landscape.
For a comprehensive insight into the discussion on modern APIs and their role in financial inclusion, read the full article here