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Open banking – a new stage in financial inclusion

January 19, 2022


While in some parts of the world banks and clients form long-term relationships which persist even over generations, there are still a lot of people out there fitting under the qualificatives of “unbanked”, “underbanked”, and “underserved”.

Financial exclusion doesn’t affect only the developing countries. Unbanked and underbanked individuals are located across the world in both wealthy countries and undeveloped countries. According to data from the World Bank, as of 2017 — the most recent year for which figures are available — 1.7 billion people were unbanked globally.

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