Deadline: 26-Apr-2017 at 11:59:59 PM (Eastern Time – Washington D.C.)
A wave of innovation is sweeping financial services, transforming channels products and processes and enabling broader outreach. This has resulted in improved product fit for underserved segments, and more efficient service delivery. Together these improvements can enable a more sustainable provision of high volume low value services to previously underbanked segments, as well as improved delivery across all segments. Some of this innovation is coming from new regulated and unregulated stand-alone financial services providers. The full potential for financial inclusion, however, will be more quickly attained by fostering innovation in the incumbent banks and financial service providers alongside fostering innovative entrants. IFCs goals of financial inclusion and servicing the real economy are therefore served by both investing in FinTech innovators and by helping incumbents build their capacity to innovate internally and adopt external innovations.