Globalization of the Financial Market

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By FINTECH Books Contributor, Igor Kostyuchenok
Follow: @igor_kosta

In today’s fully globalized world where you can order physical goods online to be delivered from China or literally from anywhere else in the world, it’s really startling how local the world of financial products is.

The globalization of financial providers and products took quite a weird turn, where being global for a bank means being present in another country with it’s branch and staff.

With the current state of technology, we believe it is about time to change that.
Just think about it for a moment: 45% of people worldwide don’t have access to formal financial services.

At the same time banks are struggling to get new customers. In some parts of the world the loan rates are so high that it doesn’t make any sense to take one – in other parts though the rates for the same loans are heading towards.

We know it all has to do with the state of the economy, regulations etc. but it’s time to let technology work for the people and support the financial inclusion.

Everyone should have access to the full range of financial products at the best possible rate. It would help us to drastically reduce the number of underbanked people worldwide and help some of the banks to battle the financial crisis.