Incumbent banks have traditionally been independent entities, serving customers within tight silos. With digital challengers invading their space, banks are discovering the benefits of recomposing their banking operations. In their quests for greater value, banks are increasingly forming profitable partnerships and leveraging technology.
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A significant segment of the world’s population remains excluded from banking. Yet as physical cash retreats, it is increasingly important to hold at least a current or checking account. How can society in general, and banks in particular, reduce the proportion of unbanked individuals, and reap the rewards of financial access for all?