FINANCIAL INSTITUTIONS in the Philippines should target the elderly and marginalized groups in expanding their customer base to boost inclusion, a report from the Asia-Pacific Economic Cooperation (APEC) showed.
“One webinar speaker noted the tendency of financial service and product providers to focus their marketing efforts on easy targets — the millennials who are tech-savvy. As such, in a few years, this market may be over-served,” the report said.
Industry players and regulators should also connect with marginalized groups in order to cater to their speci“Dialogues are best continued throughout the lifecycle of the products and services. The feedback from these customers would help assess the usefulness, suitability and effectiveness of the services and products,” the report read.
According to the report, access to affordable financial services would help empower the vulnerable and underserved sectors that include women, youth, thenancially underprivileged, rural communities, informal workers, migrant workers, and micro, small, and medium enterprises. “Fraud, data misuse, network downtime and agent risks are directly linked to cyber security. Agent issues and network downtime both tend to impair the delivery of digitalAccording to the report, the harmful eect of these risks is not limited to the loss of money of one user from a transaction, but also their tendency to erode the trust and confidence of the public in the“The digital financial ecosystem thrives on trust.
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