The world has nothing to do with the exotic financial engineering in the middle of a banking revolution. In microfinance or provision of financial services for poor people all over the world.
For most people my I microfinance or microcredit loans to micro-enterprises in the developing world. In recent years but under $3000 is efforts to achieve a quarter of the world's population to expand a wider range of financial services with a per capita income-a so-called "pyramid"-hervorragende traction.
Delivery of the first Mikrolwan in Brazil in 1973 pioneers such as Acción international and Grameen Bank founded has been by Nobel Prize winner of Muhammad Yunus"last", which favours the poor, the responsibility of the micro-credit, credit risk is excellent and way users of financial services.
An increase in the experiments in the last five years, by the influx of investment capital, showed strong demand with the same base for savings, to facilitate payments insurance and tools such as bank cards and mobile phones.
The New York Times columnist Paul Krugman, said boring to make banks. Means "If" boring "-zurück of the fundamentals of the relationship banks, underwriting strong and transparent products, it is true." But there nothing about the expansion of service on the basis of are these principles on the basis of the boring.
A long-term challenge for the financial industry, multinational banks, is $5 trillion in purchasing power in search of new sources of sustainable growth of small microfinance institutions that try, expansion and diversification of their services. Statistics show that collective purchasing power of base is currently at $5 trillion.
Upgrading difficult challenges of microfinance. The most important of which is to achieve high cost deep into the rural background and slums in cities, and very small transactions. These challenges require creative alliances as well as cultural insight and technical innovation.
Recent successes:
-Partnerschaften for the delivery of last mile: in 2001, the Brazilian banks, authorities have correspondent banking model, organizational innovation, which radically changed the access to financial services in Brazil and is will be adopted by a regional variations in Latin America and to a lesser extent in India. Brazil allows each institution, such as supermarkets and pharmacies, lottery kiosks, post offices act as an agent for one or more banks.
In Brazil, factors today 95,000 channels for services such as deposits and new accounts and pay bills payments. The banking agent prior to the revolution, almost one-third of the municipalities in Brazil have no banks, now they all do. New savings accounts were open at least 13 million people.
A form factor can be the most powerful way to localize the banking services. Report of the banking authorities in Peru, the branch cost about $200,000 for the preparation, while costing only $5000 agent bank.
-Technology: one is the engine a prepaid credit card and my modest selling device, the card in your supermarket checkout read. Their point of sale costs usually less than $100 for thousands of customers use cards are sites with your point of sale, deposits, to make cash withdrawals, money transfers, pay bills and purchases.
To avoid A prepaid card and the risk of debt and the problems relating to the complex spoil currently charges in the United States market. For the poor, and the need, each invoice in cash and bank numbers, branch in person saves an enormous amount of time, cost and risk.
Your payment even more flexible and user-centered moved into parts of Africa and Asia: a mobile phone. In Kenya, the Philippines, South Africa, use phone text messages to withdraw millions of customers and where you buy air time deposit in the same outlets for their phones. You use also mobile phones get their salaries and repay loans as well as stored resources and procurement.
-Product design: micro insurance been particularly creative design products to meet the cultural needs adapted. In Latin America, many women are reluctant buy life insurance because they don't want to enrich the woman thought her second husband. Therefore, the benefits of the policy of "lifelong learning" in the form of school. Not pay other policies coupons for food in major grocery chains.
Large insurance companies often try to eliminate low income, markets reliance on specialized microfinance or partial insurance for the development and marketing of the products make sure. Zurich Financial Services has recently announced a partnership with global Bank "for insurance" caregivers, "covering a range of expenses for hospitalization for women microfinance group of women."
Progress in these areas. New technologies support new types of partnerships, for example, between financial institutions and retailers, which in turn could provide a wider range of services and service providers for the creative.
Advanced basic vision microfinance pioneers-help the poor themselves - on the concept of inclusive finance: delivery to the world of the poor in the basic financial structure on the basis of wealth and risk management. In turn, these pioneers break Silkli poverty in the world.
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