The Fintech Times: Biometric Authentication: Bridging the Gap for Financial Inclusion
8 October 2018
By Stan Swearingen, CEO, IDEX Biometrics
Financial inclusion is the pursuit of making financial services accessible at affordable costs to all individuals and minorities. Whilst many of us take our bank accounts for granted, without one, the ability to engage in the economy and wider society is virtually non-existent. There are limited ways to pay bills, a lack of consumer protection, limitations on employment, zero credit record, and very few lending opportunities. Universal Credit, which will be distributed through bank accounts, could also prove problematic for those currently without them.
Despite this, globally, about 1.7 billion adults remain unbanked today, that’s more than a third of the world’s adult population who are making little or no use of formal financial services.