Highlights of the conference “Financial Inclusion: The Next Move Forward”, London, 19 January 2015

Highlights of the conference “Financial Inclusion: The Next Move Forward”, London, 19 January 2015

InFiNe.lu participated in the conference entitled “Financial Inclusion: The Next Move Forward”, which took place in London on 19 January 2015.

The conference was organised by City & Financial Global and sponsored by both HSBC and Lloyds Banking Group. It brought together close to 300 participants from the public and private sectors. Its main objectives were to examine the progress made in promoting financial inclusion worldwide, specifically in the UK, as well as to SMEs. The conference also examined trade finance and set out to identify upcoming challenges.

The conference showed beyond a doubt that financial inclusion has become a major policy concern. The role of the voluntary and private sectors is crucial to providing financial services and products to excluded people.  During this one-day conference, the speakers and panellists underlined the importance of innovation and financial education while also stressing the appropriate regulations necessary to promoting further financial inclusion.

Key note addresses were made, inter alia, by Justin Welby, Archbishop of Canterbury, and the UN Secretary-General’s special advocate for inclusive finance for development, H.M. Máxima of the Netherlands. Justin Welby mentioned the necessity to recognise the role financial inclusion plays in “the fundamental infrastructure of a good society.” In addition, he urged banks “to ensure that financial services are people-centred”. The UN Secretary-General’s special advocate for inclusive finance for development repeated this call to the bankers. In her opinion, “Client-centricity is key” and “products and services offered by banks and other financial services providers ought to be designed according to client needs”. In addition, she stated that “the next move forward in financial inclusion will be driven by innovation, led by the private sector in partnership with many other stakeholders.” However, advancing inclusive finance goes hand-in-hand with adopting appropriate measures to prevent fraud and protect consumers. The role of regulators for more financial inclusion was stressed. H.M Queen Máxima emphasised as well the importance of financial literacy and making sure that new customers entering the formal financial system have the basic decision-making skills.

The keynote addresses were followed by three streamed sessions on “Banking the under-banked”, “Transnational issues” (including correspondent banking and trade finance), and “Funding prosperity/Financial inclusion and business – SMEs, CDFIs”. These streamed sessions highlighted the three main challenges to attaining universal access to financial services by 2020: Pursuing further innovation, financial literacy and better coordination between regulators, public policies and the financial actors.