I read this statement and then went back to re-read it. I would challenge every person involved in financial services to read this article – https://www.forbes.com/sites/davidbirch/2021/09/11/unbank-the-banked/?sh=20cb447e783a

Well done David on a great piece!

Some additional highlights from the article:

  • Maybe “unbanked” isn’t the problem and maybe banks aren’t the solution.
  • Maybe it’s because banks don’t provide anything useful for them.
  • Banks are really not providing what people need.
  • We have a situation where some of the banked, most of the underbanked and all of the unbanked are turning to alternative providers because banks cannot, or will not, deliver the services that these customers want.
  • The issue is not banking the unbanked, but serving the underserved. And there is no reason to imagine that banks are, or should be, the solution.
  • What the underserved need isn’t  banks or cards but new kinds of regulation. Financial institutions that deliver the modern services needed to support a 24/7 always-on economy.

WIZZIT has been preaching this for the last 17 years and today is focussed on the following:

  • The crucial utility (that is, the service that should be provided to all) is not banking, but payments.
  • And this applies to consumers and merchants alike.
  • A safe and secure way to get paid and to pay for goods and services.
  • We, and I include David and Chris Skinner and others, have been saying this for more than a decade.

This means that bank accounts are an expensive and inflexible way of solving the problem of the underserved. So we should let the banks focus on their important role in society and let others take care of payments.

Enjoy the article and let WIZZIT help you, as we have been helping others over the last 16 years re-invent themselves for the new world.

Contact us on LinkedIn https://www.linkedin.com/company/wizzitdigital or email us at support@wizzitdigital.com