Many of the most successful digital banks in the world are centred on the economics of financial inclusion. Leading examples include WeBank and MYbank in China, Nubank in Brazil, Digibank in India, Current and Chime in the US.

Further, as fintech funding declines, financial inclusion continues to perform well. Investors are pouring money into many markets where mobile penetration is high, but bank population low, especially LatAm, because financial inclusion is big business.

Yet closer to home financial inclusion often takes the form of highly segmented new digital banks. Daylight, for example, caters to the LGBT community. There are notable banks in the US for black Americans, or Hispanic communities, and even anti-woke banks.

Most of these have already failed. But there’s still a real opportunity for incumbent banks to cherry pick those most “killer” features which can unearth a whole new customer segment.

The seventh episode in GlobalData’s Bankable Insights podcast series covers where those opportunities are most real (i.e. commercially). And it examines where they are more likely about identity politics and virtue signalling.

Theodora Lau, author of “Beyond Good: How Technology is Leading a Purpose-driven revolution”, discusses with Steve Walker, lead Analyst within GlobalData’s Financial Service Practice responsible for Fintech and Thematic, the “S” in ESG or financial inclusion. The podcast is available for download via this link

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GlobalData Bankable Insights podcasts

Link to more episodes

Dec 2023: Banking in 2024: profitability, financial inclusion and gen-AI

Oct 2023: Open banking – retrospective, current state, future view

Sep 2023: Cloud transformation in banking

June 2023: SME Banking

Apr 2023: Platform economies in banking

Feb 2023: Digital challengers at a crossroads