A Market-Building Approach to Financial Inclusion

Costa, Arjuna; Ehrbeck, Tilman

doi:10.1162/inov_a_00229

Cited by 12 publications

(14 citation statements)

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“…The largest regions with 'unbanked' populations, Sub-Saharan Africa, Asia, Latin America and the Caribbean, emphasise digital financial services as a solution to problems of access for the population in rural areas whose 'digital footprint' through use of mobile phones is significant. According to estimates from the Omidyar Network, by the end of 2015, 1.7 billion of the 2 billion without formal access to finance have a mobile phone (Costa and Ehrbeck 2015).…”

Section: Mapping the Future? The Alliance For Financial Inclusionmentioning

confidence: 99%

“…By 2014, the Omidyar Network would become the second philanthropic investment organization officially partnered with AFI (AFI 2015). Its mission is to combine 'venture capital investments in innovative ideas to advance financial inclusion' with grants that generate 'the knowledge and advocacy necessary for an ecosystem in which these ideas can mature' (Costa and Ehrbeck 2015). The Omidyar Network thus funds and invests in fintech companies that can disrupt high information costs of credit risk assessment for the poor and thus leverage an 'emerging lower-cost' environment through innovative products and services.…”

Section: Mapping the Future? The Alliance For Financial Inclusionmentioning

confidence: 99%

“…Indeed, one key priority for the PPD platform is a dialogue on innovative products, business models and approaches, predicated on the idea that technology and big data can play a critical role in enabling public-private partnerships for FI. Its strategic priorities evoke closely the digital ecosystem envisaged by the Omidyar Network, where innovative ideas can be developed and put into practice with support from 'progressive' regulators (Costa and Ehrbeck 2015) and an emerging scholarship on 'proportionate regulation' (for example, see Tait and Banda 2016). It is here that the politics of FIor financialised inclusionanchored in the digital revolution starts to become apparent.…”

Section: Mapping the Future? The Alliance For Financial Inclusionmentioning

confidence: 99%

“…Indeed, as the 'financial diaries' literature illustrates, far from being excluded, poor households are often accustomed to managing a multiplicity of formal and informal financial instruments (Collins 2005(Collins , 2008Kamath et al 2010). Since such practices can provide new sources of (legitimate) profits from high volume, low value transactions, industry participants observe closely how the poor innovate (Costa and Ehrbeck 2015). Philanthropists, development agencies and regulators see unprecedented opportunities for effective development interventions with low infrastructural and investment requirements.…”

Section: Introductionmentioning

confidence: 99%

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The digital revolution in financial inclusion: international development in the fintech era

Gabor

Brooks

2016

New Political Economy

511

231

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This paper examines the growing importance of digital-based financial inclusion as a form of organising development interventions through networks of state institutions, international development organisations, philanthropic investment and fintech companies. The fintech-philanthropy-development (FPD) complex generates digital ecosystems that map, expand and monetise digital footprints. Its 'know thy (irrational) customer' vision combines behavioural economics with predictive algorithms to accelerate access to, and monitor engagement with, finance. The digital revolution adds new layers to the material cultures of financial(ised) inclusion, offering the state new ways of expanding the inclusion of the 'legible', and global finance new forms of 'profiling' poor households into generators of financial assets.

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Section: Mapping the Future? The Alliance For Financial Inclusionmentioning

confidence: 99%

Section: Mapping the Future? The Alliance For Financial Inclusionmentioning

confidence: 99%

Section: Mapping the Future? The Alliance For Financial Inclusionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

The digital revolution in financial inclusion: international development in the fintech era

Gabor

Brooks

2016

New Political Economy

511

231

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“…1980'li yıllardan itibaren hem erken hem de geç kapitalistleşmiş ülkelerde işçi sınıfının örgütlü gücünün dağıtılmasına ve dahası işçi sınıfının örgütlenme kapasitesinin zayıflatılmasına (Costa ve Ehrbeck, 2015). Başka bir deyişle, 'hayırsever yatırımcıların', finansal kuruluşların, bağışçıların ve politika yapıcıların ağları tarafından desteklenen bir 'ekosistem' içinde finansal teknoloji şirketlerinin davranışsal veriler oluşturması, toplaması ve bunları metalaştırmasıyla veriler ve algoritmalar düşük gelirli ülkelerde risk sınırlarının zorlanmasında kritik bir hale dönüşmektedir (Gabor ve Brooks, 2016: 15-16 (Scott, 1998) ve yeni yollarla yönetilebilir hale getirebilmektedir (Ruppert, 2012).…”

Section: Fi̇nansal İçeri̇lme Araci Olarak Di̇ji̇tal Teknoloji̇lerunclassified

Ekonomi̇ Poli̇ti̇k Perspekti̇ften Fi̇nansallaşma Ve Fi̇nansallaşma Süreci̇nde Di̇ji̇tal Teknoloji̇leri̇n Yeri̇

Beyaz¹

2019

Sosyal Ekonomik Araştırmalar Dergisi

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Global capitalism has been trying to overcome the problem of over accumulation, which has been growing since the late 1960's, through the acceleration of financialization. In the 1970s, after the crises that emerged as a result of downturn trend in profit rates, the tendency of financialization become more evident in the process of neoliberal policies. The spread of precarious working methods as a result of the neoliberal policies, low income households became a part of financial inclusion by facilitating borrowing. Following the 2008 financial crisis, digital technologies have been used as an important tool in accelerating and increasing the scale of financial inclusion which has been brought to the agenda of the World Bank and G-20 countries. In this study, financialization and the use of digital technologies in financial inclusion process is evaluated from a political economy perspective. The study emphasizes that the main motive for the development of the content and equipment of this technologies, which emerge in the political context and institutional structure of neoliberalism, is the pursuit of profit. The production, consumption and distribution of this technologies in the financial area, which contents and equipment are subject to capitalist property, are made in line with the relations of capitalist production and they are controlled and regulated by the owners of power. Another result of this study is that the more widespread use of financial technologies through the developments in information and communication technologies leads to inclusion of greater portion of households, without high income, by the financial markets.

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The implications of artificial intelligence on the digital marketing of financial services to vulnerable customers

Mogaji

Soetan

Kieu

2020

Australasian Marketing Journal

182

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Artificial intelligence (AI) is rapidly transforming digital marketing practices. While the extant literature extensively covers AI applications that generally benefit businesses and customers, there is scant research on AI deployments that exacerbate problems for financially vulnerable customers. These customers have limited access to financial systems, services or technologies. To rectify this research deficit, this paper describes the challenges confronting businesses as they attempt to integrate AI into the digital marketing of their financial services. Ultimately, AI-enabled digital marketing is not as simple as collecting big data and using analytical algorithms; the technology may not always help businesses target their customers more effectively. This paper examines the relationships between AI, digital marketing, and financial services in relation to vulnerable customers, highlighting key implications in the collection, processing, and delivery of information, as well as the importance of human connection for optimal customer experience and engagement with financial services providers. Understanding ethical implications, as well as data and modelling challenges, is necessary for the successful deployment of AI. This study provides a theoretical framework to financial services providers, AI developers, marketers, policymakers, and academics, aiding the understanding of the precarious conditions facing vulnerable customers, and the ways in which they can more effectively be reached.

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A Market-Building Approach to Financial Inclusion

Cited by 12 publications

References 0 publications

The digital revolution in financial inclusion: international development in the fintech era

The digital revolution in financial inclusion: international development in the fintech era

Ekonomi̇ Poli̇ti̇k Perspekti̇ften Fi̇nansallaşma Ve Fi̇nansallaşma Süreci̇nde Di̇ji̇tal Teknoloji̇leri̇n Yeri̇

The implications of artificial intelligence on the digital marketing of financial services to vulnerable customers

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