By 2020, Financial Inclusion Will…

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At the 2016 MasterCard Foundation Symposium on Financial Inclusion, we asked the experts to finish the following sentence: “By 2020, financial inclusion will…”

Client Centricity: A Necessary Tool on the Pathway Out of Poverty

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Photo: Jennifer Huxta, Clients in Uganda.

Photo: Jennifer Huxta, Clients in Uganda.

Innovation is happening among financial service providers in developing countries. Its most public face is a greater focus on satisfying clients, which is enabling poor and marginalized people to acquire the tools they need to move out of poverty.

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Driving Client Centricity

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At The MasterCard Foundation Symposium on Financial Inclusion, the first plenary session discussed how leadership and the organizational culture at financial service providers are critical to ensure true client-centric practices. CNBC Africa’s news anchor, Gugulethu Cele, moderated the discussion with Doug Baillie, Chief Human Resources Officer of Unilever, Lelemba Phiri, Group Head of Talent and Managing Director for Zambia and Malawi at Zoona Group, and Ramesh Ramanathan, Chairman and Founder of Janalakshmi Financial Services.

Clients at the Centre of Financial Inclusion Efforts

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Financial inclusion for all by 2020 can only be achieved if financial service organizations do more to focus on the needs and expectations of the two billion people in the world currently excluded from the formal financial system. At the recent MasterCard Foundation Symposium on Financial Inclusion, held in Cape Town from November 19-20, speakers reinforced the idea that client centricity is key to inclusive access to finance.

Day Two at #SoFI2015

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MetLife's Claire Burns in her keynote address

 

“If you deliver a customer experience that is unique it will pay off.”

MetLife’s Chief Customer Officer, Claire Burns, opened day two of the Symposium by detailing her organization’s journey to client centricity. Claire became a customer of MetLife to experience the customer journey for herself. What she found was system that wasn’t working. So, she said, she set out to “humanize insurance”. MetLife built a customer-centric business model by listening to customers, repairing what they told the organization was broken and delivering simplified experiences to create market differentiation.

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CNBC Africa at The MasterCard Foundation Symposium on Financial Inclusion

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At the third annual MasterCard Foundation Symposium on Financial Inclusion, held in partnership with the Boulder Institute of Microfinance, CNBC Africa interviewed delegates about how to improve access to financial services in Africa.

Reeta Roy, President and CEO of The MasterCard Foundation, spoke about the work being done by the Foundation and the importance of understanding the needs of people living in poverty and improving their access to financial services.

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Knowing Clients to Improve Their Financial Lives

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SoFI-2015-Infographic

 

Worldwide, two billion adults do not have an account at a financial institution, according to the World Bank’s Global Findex report. Only 41 percent of adults in developing economies have an account—and that number drops to just over 20 percent among adults living in extreme poverty. Women, in particular, are largely excluded from the formal financial system. In less-developed countries, only 37 percent of women have accounts, compared to 46 percent of men.

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Clients at the Centre of Financial Inclusion: a Snapshot

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At the Foundation, we champion client centricity in all aspects of our work. The Symposium on Financial Inclusion reflects this priority, bringing together key stakeholders to discuss pathways to financial inclusion with an emphasis on lifting client voices. So ahead of this year’s Symposium, we asked participants to reflect on their perception of client centricity in the financial sector.

Here are the top three insights based on participants’ responses:

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