Exclusion still a big challenge for the financial services sector
The industry is rigid and lacks the innovative thinking required to tap into such a diverse market
After the shock of the 2008 collapse, the World Economic Forum (WEF) set out to define the normative social role financial services should play in an economy.
“Finance plays a critical role for society at large, serving individuals, families, businesses, governments and civic institutions,” says the report. “The financial sector performs indispensable functions such as enabling saving and investment, providing protection from risks and supporting the creation of new jobs and enterprises. It is critical that the sector operates to provide these functions for society in a stable, sustainable way.”