In the world of finance, change is the only constant. Millions of years ago, the early cavemen didn’t have any concept of personal assets as they were foragers who lived on a day-to-day, hand-to-mouth basis. Then civilization came, and people started collecting and storing valuable resources. But even in the late medieval era, the resources were mostly the state’s property, aka the king and the aristocrats.
The common people were only to keep working and continue producing. Then, finally, the modern era has introduced the concept of individual savings, where you get what you deserve, worth your hard work.
The nature of resources to be considered has changed as well. Once, affluence was determined by the number of cattle or slaves under one’s belt, but many things have changed. Billionaires are buying NFT with Bitcoins, lands on the moon are open to sale (literally!), and influencers are getting rich by doing comedy (or sometimes, nothing, just sitting by the window and playing some games) online. Yeah, the concept of resource building has changed a lot.
At the same time, certain things have not changed, and these never will, such as – the concept of money intertwined with social power, the basic mechanism of profit and loss that runs the economy, and so on. Financial Inclusion is one such vital thing that has been neglected for long.
But before we delve deeper- does this term sound a bit Greek? It might be, we guessed. Then why not read a thing or two about Financial inclusion first? Promise it, you will read till the end.
Financial Inclusion: What is this thing?
Financial Inclusion is, literally, including all parties in financial activities. Theoretically, it denotes the remarkable efforts to make financial products and services open to all commoners and businesses, regardless of their assets, socioeconomic net worth, or enterprise size.
As the World Bank notes on its website, financial inclusion
“facilitates day-to-day living and helps families and businesses plan for everything from long-term goals to unexpected emergencies.”
The article also points to some crucial info,
“As account holders, people are more likely to use other financial services, such as savings, credit, and insurance, start and expand businesses, invest in education or health, manage risk, and weather financial shocks, all of which can improve the overall quality of their lives.”
Financial Inclusion: Why do we need that?
Financial Inclusion aims to remove the barriers that stop people from participating in the finance sector and utilize various services to improve their lifestyle. It is also called inclusive finance. This is the most popular and widely used policy advised by economists and followed by ministries globally.
Financial Inclusion is not just a term or hypothesis; it is a spectrum with many faces. It comprises a decentralized economy, free banking services, an open market, financial literacy, consumer protection, and inclusive credit scoring. It focuses on less discussed areas, such as gender disparities in wealth distribution and the financial sector in general.
Financial Inclusion is much needed, especially in today’s world, as it can :
- Fight inequality and poverty in developing countries like India
- Promotes fair economic growth
- Promotes small businesses, innovative start-ups, and marginalized communities
- Also patronizes digital technology.
Smart AI tools: revolutionize personal finance with FINTAP®™
Financial Inclusion needs real work, as it can’t be achieved overnight. To make these things accessible to the masses, a very handy tool can be the internet itself. With data packs and smartphones cheaper than ever, digital technology is the essence of our daily lives. So, experts focus more on developing free, easy-to-learn, practical technologies to aid the financial revolution. Cool people call this by the name FinTech, i.e., financial technology.
A smart example is Arktan AI Tools in the financial sector. Companies like https://fiaglobal.com/.
Have their R&D teams solely assigned to this purpose. And look now – they’ve developed a great mobile application- FINTAP®™.
FINTAP™ is something you call a part of the Neo Banking sector, a popular banking branch where you utilize smart technologies to aid faster and more efficient operation. Such stuff is needed in countries with huge populations, such as India. FINTAP®™ works for the banking corporation ( by helping them access new markets and clientele) and the agents (who operate on the field level). The app has been specially designed for low literacy settings, keeping in mind the rural masses who will likely use these all-in-one banking solutions on their smartphone.
The features they offer are unmatched indeed. Just have a look:
- Savings Account Opening In Under A Minute
- Smooth Cash Deposit And Withdrawal From 35000 FIA Points
- No Registration Fees Whatsoever
- Easy Steps for Overdraft Procuring Working Capital For Your Business
- Simple and Transparent Investment for Everyone
- Insurance made Accessible and Easy
- Easy to Set Up Payments for Personal Bills and Automate It
So now, fulfilling your financial target has gotten easier than ever. Because FIA global’s FINTAP®™ assures you of Financial inclusion, fulfilling the target has been simplified for everyone. Be a part of this journey, experience this new horizon, and earn back the financial power you’ve always dreamt of.
You deserve this, friend.
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