Abstract
The Financial Conduct Authority estimates that 1.3 million people in the United Kingdom don’t have a basic bank account. One in four people experience financial exclusion at least once in their lifetime and the lack of a bank account typically costs each affected individual roughly £485 per year. Over 3 million people access high-cost credit and more than 12 million people have less than £50 in savings. The Financial Inclusion Commission (FIC) found that 3 million people with disabilities have been turned down or charged extra for insurance. The FIC has also found that, during the coronavirus pandemic, small businesses have faced increased problems getting insurance for income continuity, accessible affordable credit and struggling with digital access, late payments and payment deferrals. The FinTech sector has launched the Inclusion Foundation to provide a comparison website for underserved customers, an accreditation recognising products serving underserved customers and an education programme. As the services provided increasingly transition to digital, how can we ensure that segments of society are not left behind?
The Financial Conduct Authority estimates that 1.3 million people in the United Kingdom don’t have a basic bank account. One in four people experience financial exclusion at least once in their lifetime and the lack of a bank account typically costs each affected individual roughly £485 per year. Over 3 million people access high-cost credit and more than 12 million people have less than £50 in savings. The Financial Inclusion Commission (FIC) found that 3 million people with disabilities have been turned down or charged extra for insurance. The FIC has also found that, during the coronavirus pandemic, small businesses have faced increased problems getting insurance for income continuity, accessible affordable credit and struggling with digital access, late payments and payment deferrals. The FinTech sector has launched the Inclusion Foundation to provide a comparison website for underserved customers, an accreditation recognising products serving underserved customers and an education programme. As the services provided increasingly transition to digital, how can we ensure that segments of society are not left behind?
This event will:
- Discuss how to overcome longstanding barriers to financial inclusion such as lacking a permanent address.
- Explore how the financial sector can work with organisations such as charities and non-governmental organisations to help identify and provide services to the underbanked.
- Examine how to target educational programmes in order to reach those most in need.
Thankom Arun
Principal Investigator
Professor Thankom Arun is a Professor of Global Development and Accountability at the University of Essex. He is also a Professor Extraordinaire at the Stellenbosch Business School, South Africa and chair of an academic steering group on Financial Inclusion in the International Cooperative and Mutual Insurance Federation (ICMIF). Over the years, his research agenda has developed a theoretical and policy oriented approach for the interrelationship between finance and development in an interdisciplinary framework.