As digital adoption and purposeful strategy accelerate, the concept of financial inclusion is becoming more measurable, and some of the world’s most influential finance leaders are reimagining business models to focus on one of the most unaddressed customer groups: the underserved. Whether it’s a major global bank or a nimble fintech, these entities and institutions are showing that it is not only the right thing to do but also a good business choice to reach clients who would not otherwise be served.
Previously, the concept of “corporate social responsibility” is now an important part of strategy, growth and profitability.
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A New Vision of Financial Access through Digital Innovation
Ten years ago, financial inclusion was primarily defined as opening bank accounts. Now, leaders are taking it to the extreme. In 2024, 79% of adults in all countries had a formal financial account, up from just over 50% in 2011, largely due to the expansion of digital channels and mobile money.
This progress wasn’t natural. The leaders are leveraging mobile technologies, digital wallets, AI-powered credit scoring, and other data to connect with the unbanked. Nearly 80% of microfinance institutions today are leveraging digital lending tools to streamline their onboarding process and reduce costs, enabling them to offer credit where physical outlets were limited or nonexistent, according to Intel Marketing Research.
Fintechs are making a significant contribution. They are also growing their service offering to underserved populations, such as low-income and rural populations, and micro, small and medium enterprises (MSMEs), with 48% of firms serving MSMEs compared with 58% in 2023.
The real beauty is the fact that these innovations are very practical. For many, paying their first visit to a bank is their first encounter with formal finance. Rather it is a “quick and easy” QR code payment at a local store, a microloan in a few minutes or a savings objective on a simple application.
Profit Beyond Purpose: Including In Strategy focuses on embedding Inclusion into your business plan
Leaders who think ahead are bringing financial inclusion and purpose and profit together. Fintechs and innovation in customer service are ways banks and financial institutions can increase access, according to Deloitte’s research. This method brings about the actual economic and social value. This has nothing to do with charity. Incorporating inclusion into a company’s business model allows for the creation of new customer base and the growth of new markets without negatively impacting the company’s bottom line.
A lot of people still think it’s expensive to serve the undeserved, but this is not the case, it can actually push growth. Today’s leaders are not asking ‘should we expand into these markets?’, but ‘how soon and how sustainably can we do this?’.
Tradition meets technology as the field of microfinance develops
Microfinance is still an important component of inclusive finance. The GlobalNewswire data points to explosive growth in the global microfinance market, which will reach over $215 billion in 2024 and even more impressive figures by 2028.
It is the evolution of microfinance that is exciting. The digital wallet and mobile payment segment is making transactions easier and cheaper, and some segments have witnessed almost a 28% growth in the adoption of digital wallets among the underserved communities in a year, according to Finance Outlook India.
The role of microfinance is very important because it can reach people who are not served by traditional financial institutions. According to the Economic Times, in India alone, the gross microfinance loan portfolio was valued at ₹3.75 lakh crore in early 2025 and was availed by almost 79 million borrowers, who would otherwise remain financially invisible.
These are not mere numbers but they are the investments made by small business owners, savings built by families and financial empowerment for women.
Gender and Equity: Addressing structural barriers
Access to financial services is on the rise, however there is still a large gap, especially for women. Visa’s own latest statistics, from corporate.visa.com, reveal that although there has been a dramatic rise in account ownership, there are still significant disparities between men and women in many LMICs.
Leaders of the financial community are working on the ground to address these challenges. Efforts spearheaded by, among others, Merry Ellen Iskenderian are set to increase access to banking products for almost a billion women not yet in the formal sector and fill a gap in funding for women-owned enterprises estimated at $300 billion per year.
These leaders know the difficulties it entails. It is not just about technology, it’s about context, it’s about trust, it’s about creating products that fit into the women’s experience when it comes to financial products.
The Remaining Obstacles to Face: Trust, Literacy and Infrastructure
While there is some progress achieved, there are still barriers to the actualisation of inclusion. Some of the major challenges mentioned by leaders include a lack of trust among underserved communities, low digital literacy, and poor infrastructure.
Harvard Business School research has shown that while access may be the biggest problem for individuals in low-income and rural communities, it is not the only problem – it’s also a problem of confidence. Millions of people would be inclined to open a financial account if they were more comfortable with it and knew how to make it work for them, reflecting the need for trust.
Finance leaders are working to solve these problems by investing in education, working with human-centred approaches and community partnerships. The personal touch, whether it be branchless services, local language or culturally sensitive financial education, makes access a true form of inclusion. Trust-building and the provision of confidence is crucial to make sure financial services are for everyone especially the most vulnerable, and technology is for those who are in need most.
