In an increasingly interconnected digital world, cloud technology and SaaS advancements present a unique opportunity to impact global financial inclusion, according to the International Monetary Fund (IMF). In response to the pandemic, businesses across industries and continents made sudden and drastic changes to respond to the global public health crisis effectively.
Millions of unbanked individuals have greater access as financial organizations move to improve digital services, which can also provide economic growth on all sides. With worldwide mobile smartphone use and digital accessibility on the rise pre-pandemic, cloud and SaaS providers have an opportunity to drive both inclusive financial services and company growth and profit.
The advantages of cloud-based infrastructure and user-friendly digital platforms could be game-changing for the institutions and organizations leading the push for financial inclusion in developing countries. Switzerland-based Temenos, a world-leading banking software vendor, offers a cooperative SaaS platform with a shared support system for community-banking and other smaller financial institutions, especially in developing and underserved regions. With its industry-leading core banking technology serving as the backbone for many more fintech providers and innovative banking solutions, Temenos has an extensive global footprint in the financial inclusion fight.
For example, the company has teamed with tech titan Microsoft and The Union Bank of the Philippines (UnionBank) to bring the country’s digital banking services onto the Azure Cloud and further enhance financial opportunities for underserved Filipino communities. Through the bank’s subsidiary, UBX, partner institutions can access Temenos’ scalable and integrated core software (hosted on the Azure Cloud), providing greater inclusion in the Philippines, where digital transformation is occurring slower than other countries in the region.
Cloud-computing and SaaS platforms provide a hyper-efficient cost model, elastic scalability, and long-term flexibility for individuals and small enterprises, driving greater financial inclusion in emerging regions and developing nations alike. In Indonesia, Southeast Asia’s largest country, banking network LinkAja recently closed a $100 million funding round, with access and inclusion at the top of its objectives.
It is apparent that cloud-based technology, including and especially SaaS, holds the key to successful digital banking transformation and financial inclusion and equality around the world.