{"id":28265,"date":"2019-10-31T11:03:14","date_gmt":"2019-10-31T11:03:14","guid":{"rendered":"https:\/\/digileaders.com\/?p=28265"},"modified":"2019-10-31T11:03:14","modified_gmt":"2019-10-31T11:03:14","slug":"boost-financial-inclusion-for-citizens","status":"publish","type":"post","link":"https:\/\/digileaders.com\/boost-financial-inclusion-for-citizens\/","title":{"rendered":"How can we boost financial inclusion for our citizens using technology and innovation?"},"content":{"rendered":"<p>As we begin to re-imagine our current digital payment services through our Future Payments programme, we\u2019ll be putting the citizen front and centre. Technology and innovation may be one way to solve some of the issues our customers face. So why not join us at Hack the North 4.0, from 21-22 November in Manchester where we\u2019ll be generating ideas to boost financial inclusion.<\/p>\n<h4>Using new tech to support financial inclusion<\/h4>\n<p>Through our Future Payments change programme we are exploring how we can support financial inclusion using technology. This will include supporting vulnerable groups; such as those who do not have bank accounts, those who request advances, adults with learning difficulties, and others who don\u2019t or can\u2019t use existing services.<\/p>\n<p>We\u2019re keeping an eye on the changing payment landscape, and have seen a number of new financial products and services which people are using to help manage their money, supplement incomes, get control of their debt or provide saving solutions. For example, UK start-up\u00a0<a href=\"https:\/\/www.tully.co.uk\/\">Tully<\/a>\u00a0is helping people who are burdened with multiple debt repayments. It offers a flexible debt repayment plan that takes just one payment, and adjusts to the person\u2019s financial situation each month. And there\u2019s\u00a0<a href=\"https:\/\/www.yolt.com\/\">Yolt<\/a>, which is helping people by allowing them to see all their accounts in one place and set budgeting goals whilst giving advanced analytics on spending and income patterns, so that they can better manage their money.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-7156\" src=\"https:\/\/dwpdigital.blog.gov.uk\/wp-content\/uploads\/sites\/197\/2019\/10\/Screenshot-2019-10-28-at-11.08.50-copy-620x413.png\" sizes=\"auto, (max-width: 620px) 100vw, 620px\" srcset=\"https:\/\/dwpdigital.blog.gov.uk\/wp-content\/uploads\/sites\/197\/2019\/10\/Screenshot-2019-10-28-at-11.08.50-copy.png 620w, https:\/\/dwpdigital.blog.gov.uk\/wp-content\/uploads\/sites\/197\/2019\/10\/Screenshot-2019-10-28-at-11.08.50-copy-310x207.png 310w, https:\/\/dwpdigital.blog.gov.uk\/wp-content\/uploads\/sites\/197\/2019\/10\/Screenshot-2019-10-28-at-11.08.50-copy-435x290.png 435w\" alt=\"\" width=\"752\" height=\"501\" \/><\/p>\n<h4>How open banking is changing the payment landscape<\/h4>\n<p>These new products have been enabled by the open banking initiative, which was driven by the UK\u2019s Competition and Markets Authority (CMA) to encourage competition within financial services. At the hack, open banking will be one area we\u2019ll explore. Open banking is fuelled by technology, innovation and market forces. It uses open\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Application_programming_interface\">APIs<\/a>\u00a0to enable third-party developers to build applications and services around the financial institution allowing customers to access cheaper financial products and benefit from innovative applications and services.<\/p>\n<h4>Hacking for solutions<\/h4>\n<p>We\u2019ll also look at other solutions to help support citizens, for example, how we support our customers without a bank account. People who find it difficult to open a bank account include some migrants, those who cannot provide proof of a UK address, and individuals with poor credit histories. There are also some people who do not want a bank account.<\/p>\n<p>To support them, could we look at solutions to provide a product or service that would be a stepping stone to getting a bank account?<\/p>\n<p>In DWP\u2019s last\u00a0<a href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/789070\/financial_inclusion_report_2018-19_web.pdf\">Financial Inclusion Report<\/a><u>,<\/u>\u00a0we found there were 1.23 million people without bank accounts. Currently we provide a\u00a0<a href=\"https:\/\/www.gov.uk\/payment-exception-service\">Payment Exception Service<\/a>\u00a0to provide welfare payments to citizens without accounts. However, the unbanked potentially face additional costs that can be up to \u00a3485 each year for bills and basic services because they don\u2019t have the support of a bank.<\/p>\n<hr \/>\n<p>Originally published <a href=\"https:\/\/dwpdigital.blog.gov.uk\/2019\/10\/31\/how-can-we-boost-financial-inclusion-for-our-citizens-using-technology-and-innovation\/\">here<\/a>.<\/p>\n<p style=\"text-align: center;\"><span class=\"btn-container\"><a class=\"btn btn-md btn-primary\" href=\"#\">More thought leadership <i class=\"far fa-caret-right\"><\/i><wbr \/><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we begin to re-imagine our current digital payment services through our Future Payments programme, we\u2019ll be putting the citizen front and centre. Technology and innovation may be one way to solve some of the issues our customers face. So why not join us at [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":28267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"class_list":["post-28265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","topic-fintech","topic-government"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How can we boost financial inclusion for our citizens using technology and innovation? | Digital Leaders<\/title>\n<meta name=\"description\" content=\"As we begin to re-imagine our current digital payment services through our Future Payments programme, we\u2019ll be putting the citizen front and centre\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/digileaders.com\/boost-financial-inclusion-for-citizens\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How can we boost financial inclusion for our citizens using technology and innovation?\" \/>\n<meta property=\"og:description\" content=\"As we begin to re-imagine our current digital payment services through our Future Payments programme, we\u2019ll be putting the citizen front and centre\" \/>\n<meta property=\"og:url\" content=\"https:\/\/digileaders.com\/boost-financial-inclusion-for-citizens\/\" \/>\n<meta property=\"og:site_name\" content=\"Digital Leaders\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/digitalleadersprogramme\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-31T11:03:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/digileaders.com\/wp-content\/uploads\/2019\/10\/48179240782_68d11d1a31_o-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"helena.larsen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How can we boost financial inclusion for our citizens using technology and innovation?\" \/>\n<meta name=\"twitter:description\" content=\"As we begin to re-imagine our current digital payment services through our Future Payments programme, we\u2019ll be putting the citizen front and centre\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/digileaders.com\/wp-content\/uploads\/2019\/10\/48179240782_68d11d1a31_o-1.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@DigiLeaders\" \/>\n<meta name=\"twitter:site\" content=\"@DigiLeaders\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"helena.larsen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/digileaders.com\/boost-financial-inclusion-for-citizens\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/digileaders.com\/boost-financial-inclusion-for-citizens\/\"},\"author\":{\"name\":\"helena.larsen\",\"@id\":\"https:\/\/digileaders.com\/#\/schema\/person\/2da837c2b8c9912d5c8e0c6ba7458c1e\"},\"headline\":\"How can we boost financial inclusion for our citizens using technology and innovation?\",\"datePublished\":\"2019-10-31T11:03:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/digileaders.com\/boost-financial-inclusion-for-citizens\/\"},\"wordCount\":512,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/digileaders.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/digileaders.com\/boost-financial-inclusion-for-citizens\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/digileaders.com\/wp-content\/uploads\/2019\/10\/48179240782_68d11d1a31_o-e1572519678770.jpg\",\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/digileaders.com\/boost-financial-inclusion-for-citizens\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/digileaders.com\/boost-financial-inclusion-for-citizens\/\",\"url\":\"https:\/\/digileaders.com\/boost-financial-inclusion-for-citizens\/\",\"name\":\"How can we boost financial inclusion for our citizens using technology and innovation? 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