Designing Solutions for Financial Inclusion

The Challenge

In 2020, a major payment company expanded its financial inclusion ambition to address the 4.3 billion people worldwide who are either unbanked (don’t have a bank account) or are underbanked (lack access to credit). This lack of access limits people’s ability to build a solid financial future by making it more difficult to save money, invest, or run a business.

In 2024, the company’s leaders sought to go deeper by developing a strategy that went beyond expanding access—focusing more on supporting and improving the financial health of their customers.

Our Approach

To seize the opportunity, the company worked with BCG to conduct a comprehensive financial health study to support product strategy—one that leveraged data-driven insights to create tailored, impactful products and services.

Our approach included:

• Global Market Insights. We developed a financial health framework, analyzing key trends across multiple markets to identify the biggest barriers and opportunities for financial inclusion.
• Deep-Dive Analysis. We undertook a comprehensive assessment of financial inclusion trends, using Brazil as a case study. This included qualitative research from focus groups and surveys to capture the lived experiences and challenges of unbanked and underbanked populations. We also conducted a quantitative, pseudonymized analysis of transaction data from over 3 million customers of a leading digital bank in Latin America. This dual approach was crucial in addressing the unique financial journeys of the unbanked and ensuring that solutions were designed with their specific needs in mind.
• Product Innovation. Using these insights, we helped our client understand how it might design and refine financial products tailored to the needs of local markets, with a focus on financial education, accessibility, and sustainable usage. The insights included possible features that could be integrated into digital savings tools, credit-building programs, and financial literacy platforms. 
• Partnership Strategy. Recognizing the need for localized insights, we worked closely with the Latin American digital bank and leveraged insights from microfinance and broader financial inclusion efforts to ensure the solutions were not just globally scalable, but also contextually relevant.

The Impact

The collaboration between the company and BCG has set the foundation for long-term success in the client’s financial inclusion efforts. Key outcomes include:

• Defining the Financial Inclusion Journey. The client identified specific barriers and anxieties facing individuals as they move from access to financial health, as well as the enablers that smooth that transition. Understanding and addressing the unique needs of unbanked and underbanked populations in this way ensures that financial products are not only available but also support the financial health of those that need them most.
• Fast-Tracking Financial Health. Research with the Latin American digital bank underlined that access alone isn’t enough. Users also need simple, intuitive financial tools, along with guidance on how to use them effectively. Key factors like personalized financial coaching, targeted savings incentives, and transaction transparency play a crucial role in improving financial wellness. With that insight in mind, the client can explore solutions that accelerate financial stability.
• Scaling Impact with Data. The development of this approach and model allows for extrapolations and replications across different regions. By extending the use of the model and continuously gathering real-world insights, the client can refine its strategies to better serve diverse populations and improve financial outcomes over time.

This approach could yield benefits beyond its societal impact. Expanding access to and responsible use of financial services is a major business opportunity. It can drive transaction volumes, increase customer loyalty, and create new revenue streams. By integrating financial health initiatives deeper into its core business strategy, the company further enhances customer engagement, fosters healthy long-term financial behaviors, and deepens relationships with banking and fintech partners.

Financial inclusion is more than access—it’s about sustained financial health. With a clear strategy and innovative solutions, our client is helping to advance a future where financial well-being is within reach for everyone.