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Author: Asli Demirguc-Kunt Publisher: World Bank Publications ISBN: 1464812683 Category : Business & Economics Languages : en Pages : 228
Book Description
In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
Author: Asli Demirguc-Kunt Publisher: World Bank Publications ISBN: 1464812683 Category : Business & Economics Languages : en Pages : 228
Book Description
In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
Author: Mr.Yan Carriere-Swallow Publisher: International Monetary Fund ISBN: 1513570684 Category : Business & Economics Languages : en Pages : 27
Book Description
We examine how the development of the digital infrastructure known as the “India Stack”—including an interoperable payments system, a universal digital ID, and other features—is delivering on the government’s objective to expand the provision of financial services. While each individual component of the India Stack is important, we argue that its key overarching feature is a foundational approach of providing extensive public infrastructures and standards that generates important synergies across the layers of the Stack. Until recently, a large share of India’s population lacked access to formal banking services and was largely reliant on cash for financial transactions. The expansion of mobile-based financial services that enable simple and convenient ways to save and conduct financial transactions has provided a novel alternative for expanding the financial net. The Stack’s improved digital infrastructures have already allowed for a rapid increase in the use of digital payments and the entry of a range of competitors including fintech and bigtech firms.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498321860 Category : Business & Economics Languages : en Pages : 73
Book Description
The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
Author: Neeraj Kumar Publisher: ISBN: 9788119549979 Category : Business & Economics Languages : en Pages : 0
Book Description
Digital financial inclusion can prove a master stroke in reaching the unserved and underserved population, especially to low income groups. With the aim of reaching such population banking and non banking sectors have started to render digital financial services to excluded people. The approach to digital channels and usage of financial services in formal way by the debarred and underserved populace is termed as "Digital Financial Inclusion". One of the decisive drivers that included majority of population in formal financial sector was Pradhan Mantri Jan Dhan Yojna initiated by the Indian Government. Under this scheme the bank accounts of majority of the Indian citizens have been opened to provide the benefits of direct benefit transfer. The accounts of adults with any of the financial institutions have been increased from 52.8% to 79.8 % between years 2014 to 2017 that shows more than three hundred million people entered in formal financial sector in three years. If the digital financial services could be provided in an effective manner by the service providers it may bridge the gap in the way of financial inclusion by providing convenience, ease of use, time saving and low cost transaction features etc. Various digital banking channels have been introduced by the financial institutions and Government such as Automatic teller machines (ATMs), Cash dispensing machines, Internet banking, Mobile banking, Point of sales (POS) terminals, Unified payment interface (UPI) and Business correspondents etc. which made the banking easily accessible. In spite of presence of enormous digital banking platforms, still there are quite a few lacunas ingrained in the system that act as roadblock in the way of digital financial inclusion. Hence we cannot ignore the adverse factors and the risk associated with digital transactions.
Author: Ms.Ratna Sahay Publisher: International Monetary Fund ISBN: 1513512242 Category : Business & Economics Languages : en Pages : 83
Book Description
Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.
Author: Ananda S. Publisher: Springer Nature ISBN: 9811626529 Category : Business & Economics Languages : en Pages : 343
Book Description
This book discusses ideas for stakeholders to develop strategies to access and use financial products and services such as deposits, loans, and fund transfer mechanism, insurance, payment services, and intermediaries, distribution channels at economical prices in order to cater to the needs of the poor and underprivileged people. Financial inclusion ensures ease of access, availability, and usage of the financial products and services to all the sections of the society. The book will help in recognizing the role of financial inclusion as one of the main drivers in reducing income inequality and thus supporting sustainable economic growth of the countries, especially of an emerging economy. The book provides conceptual and practical ideas from the practitioners, best practices from the experts, and empirical views from the researchers on the best practices and how to mitigate the challenges and issues plaguing the development of the financial inclusion.
Author: Purva Khera Publisher: International Monetary Fund ISBN: 1513584669 Category : Business & Economics Languages : en Pages : 30
Book Description
Digital financial services have been a key driver of financial inclusion in recent years. While there is evidence that financial inclusion through traditional services has a positive impact on economic growth, do the same results carry over for digital financial inclusion? What drives digital financial inclusion? Why does it advance more in some countries but not in others? Using new indices of financial inclusion developed in Khera et. al. (2021), this paper addresses these questions for 52 developing countries. Using cross-sectional instrument variable procedure, we find that the exogenous component of digital financial inclusion is positively associated with growth in GDP per capita during 2011-2018, which suggests that digital financial inclusion can accelerate economic growth. Fractional logit and random effects empirical estimation identifies access to infrastructure, financial and digital literacy, and quality of institutions as key drivers of digital financial inclusion. These findings are then used to help inform policy recommendations in areas related to the digitization of financial services to promote financial inclusion.
Author: Indian Institute of Banking & Finance Publisher: Taxmann Publications Private Limited ISBN: 9357785957 Category : Law Languages : en Pages : 21
Book Description
This book provides a seminal guide that charts the transformative journey of the banking sector in the digital age. It discusses the rise of digital banking, innovative financial products like UPI BHIM, and the role of Fintechs and NBFCs in enhancing financial inclusion and accessibility. The book provides in-depth insights into new banking trends like Blockchain and AI and offers practical knowledge for banking professionals to adapt to this evolving digital landscape. It serves as an essential resource, covering the following broad topics: • Digital Banking Products • Digital Banking & Financial Inclusion (FI) • Marketing of Digital Banking Products • Payment Systems • Future Trends in Digital Banking An invaluable resource for students, professionals, and anyone keen on understanding the digital banking revolution. The Present Publication is the 2024 Edition, updated by Mr Burra Butchi Babu | Former General Manager – Bank of India and vetted by Mr V.A. Prasanth | Former General Manager & Chief Information Officer – Indian Bank. Taxmann exclusively publishes this book for the Indian Institute of Banking and Finance with the following coverage: • Module A – Digital Banking Products o Digital Delivery Channels § Introduction and need for digital channels in banking § Analyzing the cost of transactions and customer preferences § The role of technology in enhancing user-friendliness and customer interaction § Emphasizing security as a crucial aspect of digital banking, including information security § Overview of the Integrated Ombudsman Scheme, 2021 by RBI § Discussion on customer protection and limiting liability in unauthorized transactions § RBI's directions on digital payment security controls § Challenges faced in digital banking and the concept of e-KYC o Cards § History and overview of plastic payment cards § Features and benefits of cards for customers § Understanding the Payment Card Industry-Data Security Standard § Comparison between Magnetic Strip Cards and EMV Cards, including NFC-based Tap & Go technology § The approval process for card schemes and profitability aspects § Insight into backend operations, recovery, follow-up, and information security issues o Automated Teller Machines (ATMs) § History and product features of ATMs § Types of ATMs, including White Label and Brown Label § The functioning of ATM networks and Instant Money Transfer (IMT) systems § Discussing profitability, risk management, and frauds in ATM operations § Backend operations and technology in ATMs § Overview of the Dispute Management System (DMS) o Mobile Banking § Introduction and diverse features of mobile banking § Description of IMPS and its benefits § Discussion on risk management, frauds, backend operations, and information security tips in mobile banking o Internet or Online Banking § History, working, and features of Internet banking § Analysis of the profitability and risks associated with Internet banking o POS Terminals § Background and features of Point of Sale (POS) systems § Benefits of POS systems to merchants and customers § Different types of transactions and the cash withdrawal process at POS § Merchant onboarding, approval process, and the parties involved in a POS setup § Profitability analysis and risk management in POS operations • Module B – Digital Banking & Financial Inclusion (FI) o Introduction to financial inclusion and its strategies o Approaches to accelerate financial inclusion and the role of technologies o Digital banking services in financial inclusion and factors beyond technology o Information security issues in financial inclusion and new developments o Understanding how banks earn money using digital delivery channels • Module C – Marketing of Digital Banking Products o Concept and channels for marketing digital banking products o Product planning and marketing structure in banks o Sales delivery, e-galleries, and after-sales service to customers o Marketing strategies for financial inclusion and the dangers of mis-selling o Use of analytics in marketing and customer education and protection • Module D – Payment Systems o Overview of global and domestic payment systems o Introduction to new domestic payment vehicles and platforms o Detailed analysis of various systems like Cheque Truncation System (CTS), RTGS, NEFT, NETC, Bharat QR, UPI QR, BBPS, and SWIFT o Forex and securities settlements o Innovative banking and payment systems, including digital banking super apps • Module E – Future Trends in Digital Banking o Background and future trends in digital banking o The impact of fintech, business ecosystem, and blockchain technology o Discussion on cryptocurrencies, peer financing, cloud computing, and virtualization o Data analytics, artificial intelligence (AI), machine learning (ML), deep learning (DL), robotic process automation (RPA), and the Internet of Things (IoT) o Central Bank Digital Currency (CBDC) and digital transformation of banks in India
Author: Asli Demirguc-Kunt
Author: Asli Demirguc-Kunt
Author: Dr.S.Rajaram
Author: DR.S.V. SHINDE
Author: Mr.Yan Carriere-Swallow
Author: International Monetary Fund
Author: Neeraj Kumar
Author: Ms.Ratna Sahay
Author: Ananda S.
Author: Purva Khera
Author: Indian Institute of Banking & Finance