You’ve probably heard about the struggles many people go through just to set up a simple bank account. Sometimes it is not just about banks demanding for information about their customers as part of their internal procedures, but the long periods of waiting, which sometimes may also amount to nothing. Not to mention the high costs fees just And that can be quite frustrating for customers (Including potential customers)
This weekend i came across an interesting read from The Economist, which highlights limitations various groups of people including immigrants, refugees and people with low income across the world have to deal with, in terms of banking and finance. The article also highlights how digital technology is helping to solve the problem of “unbanked adults” not only in emerging countries but also in advanced countries. ( Read all about it here)
Other Interesting reads-
Financial inclusion for the Financially excluded- The High Cost, for the Poor, of Using a Bank ( Source New Yorker)
Financial health reality check- So What’s the cost of being unbanked? (Source Nerdwallet)
