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Building the Bank of the Future to Reach the Unbanked
Edward Cable, Mifos Initiative
Building the Bank of the Future to Reach the Unbanked
We’ve already seen that brick and mortar banks won’t reach the 2 billion unbanked and traditional financial inclusion alone is not enough. The next generation of financial services will be digital. We’re unifying a global community behind an open technology platform to create an application framework that will enable digital financial services to reach massive scale. This modern open banking infrastructure is fueling new innovation and business models harnessing mobile, the cloud, big data, and cryptocurrencies. We'll present case studies from our partners in Latin America, Africa and South Asia who are launching innovative fin-tech solutions centered around electronic money, digital payments, mobile money, and online marketplace to disrupt student lending, SME lending and financial services as a whole.
As we break through the barriers to bring universal financial access to the base of the pyramid, in the process we just might disrupt the entire banking sector as we know it.
banking, bitcoin, cloud, cryptocurrencies, fin-tech, Financial Inclusion, financial services, m-pesa, m4d, microfinance, mobile money, open source, platform, poverty alleviation, Social business, social impact, technology
10 to 12 minute talk
Intermediate
Craig Chelius, Mifos Initiative
Videos
https://www.youtube.com/watch?v=wfwVLLX32yw
https://www.youtube.com/watch?v=co5cK2cYVU0
Collateral
Transforming Financial Inclusion - https://drive.google.com/file/d/0B6-g3oXZTwYCVVo1UzNLX0NINDg/view?usp=sharing
Mifos Developer wins the Pizzigati Prize: http://blog.tides.org/2015/02/24/tides-awards-the-10000-2015-pizzigati-prize-to-software-developer-vishwas-babu/
White Paper on Digital Financial Services Innovation - https://docs.google.com/document/d/139bdlHEx_HzgvQgPq0AqAuyhAIVH7xyCg7RV01Vhq4M/pub
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Important 2015 Dates
- June 7th: Final day to submit an idea.
- June 8th – June 19th: Commenting and voting period. All sessions open for voting.
- June 20th – June 29th: Judging panel and final selection by SOCAP15 Content Team.
- June 30th: Winning sessions announced to session organizers.
This is the best thing to happen in the field of financial services especially in banking and finance. Riding on the mobile money wave, Mifos is the best thing that could have happened to financial services inclusion.
Wonderful topic. This is very important. This is something I believe would be very worthwhile to learn more about.
This undoubtedly has immense potential to shape the future and realize new ways of channelling a proven innovative platform and cutting edge technology to bring financial inclusion and impact numerous lives.
The banking cartels (the UK has issued one new banking licence in over a hundred year) is ripe for innovation, disruptive business models and a P2P lending framework. This reduces the interest ‘spread’ connects ordinary people wanting a fair rate of interest with those needing to borrow small sums of money. In the developing world this is needed more than ever and platforms like MIFOS and similar initiatives should get our support.
Digital financial services must reach massive scale if we are to bring inclusion to the 2 billion unbanked. We can point to several countries like the Philippines and Kenya that have embraced mobile banking initiatives that create value and opportunity for the poor. An open banking framework, like MIFOS, has the disruptive means to include all. We must make this a priority and a discussion on the table.
Great job
Mifos is a leading cutting edge technology provider to MFIs and organizations creating access to financial services to millions of rural poor. They have the potential to lead the digitalization of world wide financial inclusion initiatives.