Facts and figures tell us the story of financial inclusion, and give us information we need to understand how far we’ve come and what more needs to be done. Demand-side datasets, such as the World Bank’s Global Findex, provide information on customers and how they behave, while supply-side datasets, such as the IMF’s Financial Access Survey, provide information on financial service providers and what they offer.
Data comes in all shapes and sizes, and there are now more data and types of data available than ever before. With the proliferation of digital devices, apps and mobile services, people’s digital footprints have grown exponentially, creating large amounts of electronic data referred to as big data. As the volume and the complexity of data increases, powerful computing tools and algorithms are needed to analyze and interpret it. Data can help financial service providers to develop services tailored to client needs, acquire new clients, facilitate cross-selling activities, and lower their operating costs. But increasing data collection can also bring with it greater risks, including privacy and security challenges that microfinance institutions and other financial service providers need to be equipped to manage.
What can you find in this Topic Hub?
Curated by FinDev editors, this Topic Hub offers you access to key resources contributed by organizations around the world who work on the topic of data for financial inclusion and microfinance. Our latest blogs and publications on this topic are featured here (in the Resources Tab above), and you can find a collection of papers, case studies and guides to explore further. When there are upcoming webinars, events and recent news on this topic, they will be featured in the Topic Hub as well, so make sure to come back regularly for the latest on this topic. Finally, we’ve selected some key additional resources, which are listed on the right here, where you can learn even more about this topic.
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Over 164 million migrant workers make a living in a foreign country, and almost 26 million refugees have been forced to flee due to conflict. Unfortunately, while migrant workers are on the move, their data is not, often preventing them from accessing financial services or better jobs. Developing a digital identity system is one potential solution to this problem.
Facts and figures tell us the full story of financial and social results and allow us to compare that story to those of our peers. The ATLAS data platform is a new initiative to help tell those stories, consolidating data on pricing, client protection, and social and financial performance.
While the financial inclusion sector has changed drastically over the last twenty years, a familiar challenge has returned: information asymmetry. So MIX’s strategic shifts to refocus on data initiatives in fintech, digital and agricultural finance - and other frontier sectors to come - are a welcome development for the entire financial inclusion community.