Some people and business owners still do not have bank accounts, most in rural communities of developing nations. But the situation is improving as technology opens doors to financial inclusion for the previously excluded. In what specific ways is increased banking access being achieved, with governments working alongside financial firms?

The pandemic has helped to fuel an increase in fraudulent activity, with more people engaging and transacting with organisations online. In the banking industry this has been borne out by figures from the Office for National Statistics (ONS) which has found a 68 per cent increase in remote banking fraud in 2020.

The digital customer experience has become a key differentiator for banks, particularly for big players seeking to stay relevant against their nimbler counterparts. This has become even more important during COVID-19, when institutions have been expected to provide clear and transparent services to support and protect customers as they navigate the pandemic’s many challenges.

Some regulators have initiated innovative payment solutions, while others lag behind. The traditional view that sustainability can be left to market forces is faltering, as our developing payment landscape leaves millions behind, raising concerns about the impacts of cashless societies. The remedy: an efficient, inclusive payment model.