Financial Inclusion

Financial Inclusion
Self-Serve and Digital-First Channels Can Populate ‘Banking Deserts’
May 17, 2024

Banks have been fine-tuning their branch efforts as the pandemic recedes, shuttering locations in some markets and building new outposts in others. The Federal Reserve said in a recent blog post that in some cases, “banking deserts” have emerged, impacting 12 million individuals in the...

Financial Inclusion
VantageScore Unveils Credit-Scoring Model That Includes Alternative Open Banking Data
May 15, 2024

VantageScore unveiled a new credit-scoring model that uses both traditional credit data and alternative open banking data. The combination gives lenders a predictive lift of up to 10% compared to the VantageScore 4.0 credit score, which itself gives an 8% lift over conventional scoring models, the company said in...

Financial Inclusion
OCC’s Hsu Encourages FIs to Help Immigrants Gain Access to Credit   
April 11, 2024

This week, Michael Hsu, acting comptroller of the currency at the Office of the Comptroller of the Currency (OCC) called on U.S. financial institutions (FIs) to take steps to serve newly arrived immigrants before they can slip into the ranks of the country’s unbanked.  “The OCC encourages...

Financial Inclusion
Intuit Introduces Financial Literacy Courses and Tools for High Schools
April 02, 2024

Intuit launched a financial literacy program that provides U.S. high school educators with resources to teach their students about personal and entrepreneurial finance. The new Intuit for Education program covers budgeting, saving, managing credit and other essential skills, the global financial technology platform said in a Tuesday (April...

Financial Inclusion
Bank Branches Evolve Into Financial Education ‘Magnets’
March 29, 2024

Last year, banks shuttered 2,300 branches. The move should come as no surprise, given the fact that banks, like any other business, have been examining their cost structures. At the same time, they’ve been investing aggressively in technology and digital experiences, fending off challenges from...

Financial Inclusion
Uber Lets Parents Put the Brakes on Teen Spending
February 29, 2024

Last year, Uber began offering highly supervised services to young passengers. Now, the ride-hailing and delivery company is giving parents even more oversight into how their kids use the app, with a monthly spending limits feature announced Thursday (Feb. 29). “With spending limits, you can set a custom budget...

Financial Inclusion
Visa and GSMA Team to Boost Financial Inclusion
February 26, 2024

Visa has teamed with the GSMA Mobile for Development Foundation to improve financial inclusion. The newly announced Digital Finance for All (DFA) Initiative is aimed at helping 20 million people in low- and middle-income countries in Africa, Asia and Latin America, including women, small-holder farmers (SHFs), and nano, micro...

Financial Inclusion
Zillow Adds Credit-Building Payment Reporting Program for Renters
January 17, 2024

Real estate website Zillow added a feature that allows renters to build their credit history at no cost. All renters who use the Zillow platform to pay rent can opt in to this new credit-building payment reporting program at no cost to them or their...

Financial Inclusion
M-Pesa/Microsoft Pact Underscores Tech’s Role in Small Business Financial Inclusion  
January 16, 2024

The recent announcement of joint efforts by Microsoft to build new financial services for businesses hints at a multipronged effort to boost financial inclusion … … Including financial inclusion for smaller businesses, leveraging the M-Pesa platform. As reported, the two firms will “offer digital services...