The new alliance between CGAP, Foliume and Bankingly
In a world where inequalities are highly pronounced, CGAP (The Consultative Group to Assist the Poor) a global partnership housed at the World Bank, is working to improve the lives of people, especially women, through financial services.
The last Global Findex report showed that about 1.7 billion people remain unbanked, which means they do not have access to any bank, mobile money provider or other financial institutions.
One-third of adults worldwide are left behind in the financial ecosystem meaning that these people have fewer opportunities to change the way they live, which for some is a very poor way of living as they do not have any savings, access to loans, or insurance for medical protection. In cases where some of them do get an account, they do not see the real value in it and decide to leave the system.
Having this in mind, last October CGAP launched a call with the aim to partner with financial services providers (FSPs) and others involved in providing financial services using data-driven approaches to expand or improve the way they serve poor people.
A powerful alliance
Bankingly, as a digital banking solution provider, in partnership with Foliume, a churn prevention and cross-selling solution for financial services, submitted a project that fosters digital channel engagement for SMBs financial institutions across Latin America and Africa.
In this context, CGAP made the decision to award this project submitted by Bankingly and Foliume with financial support and technical expertise to run their pilot.
The next steps
The Bankingly-Foliume product is being deployed and will be tested in two important financial institutions in Latin America (two Bankingly customers) with the aim to predict and prevent digital customer churn/attrition.
Once the test phase is completed, this strong tool will be able to provide all financial institutions with the ability to anticipate customer churn, activate the right campaigns at the right time, thus fostering more digitally enabled customers.
Pablo Bernasconi, Chief Growth Officer at Bankingly, stated:
“At Bankingly, our driving force is to pursue our goal of democratizing people’s access to their money and better financial services. Working to provide these types of opportunities is something that motivates me and the entire team, even more, if you do it through the best technology and innovation.”
We are ready to take financial inclusion to the next level.
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