From 16th to 19th October, Financial Inclusion Week is scheduled to take place. This annual event, initiated in 2015, adopts a distinct theme each year, and the current focus is particularly pertinent: "The future is now, but are we ready for it?"
The landscape of finance has undergone a profound transformation due to the relentless march of digitalisation, the burgeoning use of artificial intelligence (AI), the increasing frequency of financial crises, and the tightening of monetary policy.
This year, Financial Inclusion Week turns its attention to AI and its pervasive influence across all facets of financial services. The introduction of AI presents a spectrum of new possibilities and challenges for financial operations and personnel.
Comparing contemporary times to previous generations, particularly those who were adults before the internet revolution, reveals a stark contrast.
Between the 1950s and 1980s, credit was readily accessible, mortgages were affordable, and most Britons had access to basic bank accounts and a straightforward range of financial products. Life was characterised by simplicity, with fewer opportunities but also a reduced risk of exclusion on arbitrary grounds.
In the modern era of electronic financial services, credit ratings and algorithmic determinations of product eligibility, financial inclusion has become a critical concern for individuals and businesses alike.
As technology advances and the gap widens between those with access to mainstream financial products and those without, the need for inclusive financial solutions is more pressing than ever.
The Centre for Financial Inclusion, an organisation dedicated to promoting inclusive financial systems for low-income individuals worldwide through rigorous research and advocacy, hosts Financial Inclusion Week each year.
In a time when electronic systems are becoming increasingly sophisticated, setting criteria for financial acceptance and perpetuating disparities, the importance of financial inclusion cannot be overstated.
Monevium is committed to addressing this issue by taking an inclusive approach, offering secure and user-friendly accounts through a mobile application to any individual over the age of 18, regardless of their financial history.
Participating in the world of digital financial services is now necessary. Monevium's secure mobile application ensures that account holders can track their transactions in real time, with the added layer of security provided by two-factor authentication and virtual cards allowing seamless internet or point-of-sale transactions.
Inclusion in the digital transaction sphere is increasingly vital in an era when cashless transactions are the norm. Being able to access these benefits without facing the scrutiny of one's financial history is a significant step towards ensuring practicality and convenience in daily financial activities.
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