Dorae on Financial Inclusion

1. Do you think Financial Inclusion is an issue in the UK and why?

Yes.  Like in most countries, there are regional and social segmentations that leave some people with less access to the tools and systems that can be used for economic advancement.

2. Among all the Financial Inclusion challenges, which area would you recognise has the greatest problem?

That’s a tough one.  I think right now, process is a big issue — when resources and services are complex to access (lots of forms, multiple ID/proof of address/etc requirements), some people may be defeated by the process and end up without the access they should have.  Another issue I see looming, is with increased dependence on electronic access for many services, older people may become disenfranchised, or reliant on others to help them access unfamiliar systems (but i think this is more a future problem than a now problem).

3. What other aspects do you think could bolster Financial Inclusion?

4. Do you think that the technology needed to benefit from Fintech Services might be another obstacle to Financial Inclusion?

Potentially, as I’ve mentioned — because technology is rapidly evolving, those who don’t move as quickly as the latest interface may end up disenfranchised.  However, as long as technology is used as a ‘broadening’ tool and not only as an efficiency tool (eg, making the only way to communicate with a company be via twitter, with no in-person or phone option), then I think that fintech infrastructure effectively creates another another channel for people to access services, which is a good thing.