Financial Inclusion
My Financial Services Journey in Mobile Banking
My financial services journey wasn’t planned. When I retired, I decided to travel and foster entrepreneurship in developing countries. Little did I know that one trip to Africa would entice me back to work. I began to see how financial services technology, using mobile, would bring banking to the poor, while changing my belief in new possibilities. During a visit to the Congo in 2002, I stopped by a mobile phone store where locals added minutes to their cell phone SIM cards. I remember looking at the poverty and unwieldy payment system. Then I had an epiphany: mobile banking was the key that would transform how people exchanged money. I immediately started...
Read MoreThe Future of Online Mobile Banking
Many people confuse online mobile banking as the same thing. While they’re similar, there are several differences between the two. Primarily, online banking takes place from either a desktop or laptop, while mobile takes place from a smartphone. Understanding Mobile Banking & Its Advantages Mobile banking can be conducted anywhere there’s a phone network connection. Because phone networks extend over larger areas than WiFi networks, it provides a more reliable access to a customer’s finances. As with online banking, mobile systems include Interactive Voice Response (IVR), Short Message Service (SMS) and increasingly Smart Phone Applications, so...
Read MoreHighlights from Bitcoin in Emerging Markets Twitter Chat
On Sept. 9, I facilitated a Twitter discussion focused on the potential of Bitcoin and crypto currencies in emerging markets. Some highlights from the discussion include the following: To start we looked at the conditions in emerging markets Cash is still dominate and typical represents 80% of transactions. There are large unbanked or underbanked populations Those who can afford it the least, pay the most for banking services like remittances, bill pay. The cost is time, travel, and fees. Banks are much better at serving the elite then the mass market. Many products and services that scale well in developed markets struggle in emerging markets for a number of reasons...
Read MoreWhat to Expect at the upcoming Bitcoin Twitter Chat on Sept. 9 at 12 Noon Eastern
Currency has evolved and come a long way from the days of bartering and paying with precious metals. And as cryptocurrencies, such as Bitcoin, continue to rise and flourish in the Digital Age, markets and layman consumers will have more questions than answers about how this new monetary system operates. On September 9th, Carol Realini will tackle some of those difficult questions circulating around Bitcoin, one of the most prominent cryptocurrencies in recent years, to start a discussion on the ways that this form of electronic currency is making an impact on emerging markets and the banking system, broadly. During this Twitter Chat, Carol will cover hot topics such as:...
Read MoreFinancial Inclusion 2014: Mastercard Foundation Addresses a Growing Concern
In theory, financial services should be available to everyone, regardless of economic status. However, reality paints a different picture. The lack of financial inclusion that extends to all classes is a serious cause of concern, which has prompted Mastercard to host the Mastercard Foundation Symposium on Financial Inclusion.Held in Turin, Italy from July 16 to 18, this symposium focused on the fact that there are still at least 2.5 billion people who don’t have affordable and convenient access to financial services despite modern technology. Big-name speakers discussed ways to reach out to excluded groups in spite of the challenges and issues that hinder their...
Read MoreFinancial Inclusion in India through Small Banks and Payment Banks
Not every bank is constructed with large Corinthian columns and granite facades. In reality, smaller banks are far more numerous and influential than the big boys in the banking industry. When it comes to making financial inclusion a reality for billions of people around the world, smaller banks, telecommunication providers, and retailers are in a great position. Small Bank’s smaller stature makes them more nimble, and their location primarily within rural communities gives them a level of trust that larger banks simply don’t have. Non-banks like telecommunication providers and retailers have great reach to people who live far from bank branches. Non-banks...
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Serial Entrepreneur, Mobile Payments and Banking Pioneer, Author, Board Member Carol Realini is a successful Silicon Valley executive and expert infinancial service innovation.