Fintech expert Kathryn Chin See says although Jamaica and the wider Caribbean have made strides towards financial inclusion, more needs to be done to strengthen it in order to empower citizens and provide them with greater economic opportunities and opportunities through asset acquisition.
Ms Chin See, who is product manager at leading Jamaican tech company, MC Systems, said financial inclusion is not only about access to financial services, such as banking, investments and insurance. Rather, it is the ability of individuals and businesses to also meaningfully use a wide range of financial products and services that meet their very specific needs. She believes more education is essential in driving the process towards improvement.
“When we think about financial inclusion, we need to think beyond transactions including investment, credit, insurance and financial advice,” she opined.
“The Caribbean has made strides but there is a lot of room for improvement. We must educate ourselves and we must educate our community to drive adoption by providing thought leadership,” she added.
The expert was speaking at Phoenix International’s webinar on Financial Inclusion in Emerging Markets streamed live from the Corporate Offices of The Jamaica National Group recently. She explained that technology must be at the heart of driving financial inclusion because having a population with access to efficient financial services would benefit regional economies.
“Financial inclusion drives empowerment and economic opportunity,” she said. “It enables individuals to build assets, businesses to grow and communities to thrive.”
Ms Chin See opined that in the current financial environment, which evolves every day, Caribbean institutions have two choices: adapt or be disrupted. She said for this reason transformation of banking services is necessary.
“We need to embrace transformation to build a more inclusive, resilient and innovative financial sector that can serve our customers,” she argued.
“Imagine Maria, a farmer in the countryside struggling to secure a loan for better seeds, or Joseph, a young entrepreneur who is forced to use in informal channels because traditional requirements to access a loan exclude him. It’s not just about profits and losses, it’s about people. We have the power to unlock their potential, to build stronger communities and economies, but it starts with rethinking or own institutions,” she added.
Ms Chin See opined that many regional financial institutions lose out on the opportunity to capitalise on the potential of the unbanked and underbanked because they have not digitally transformed their services.
“It’s not just about profit and losses, it’s about people,” she said. “We have the power to unlock the potential to build stronger communities and economies, but it starts with rethinking our own institutions.”
She emphasized that the question was not if the banking sector should transform. Rather, it was how quickly and strategically it was done.
“The future of Caribbean financial services depends on decisions we make right now,” she said.
“We also have to think about engagement as a part of inclusion. We have to let people see the opportunities that exists and educate them about some of the products and services that exists,” she added.