IBM powers and empowers banking in growth markets

One of the foundational requirements for economic growth is a modern, reliable, secure banking system. For emerging economies, developing such a banking system is both a challenge and opportunity -- in many cases, large portions of their populations don't have bank accounts or use banks regularly, creating an impediment to growth and development.

 

McKinsey & Company reports that more there are more than a billion people in emerging nations who have cell phones but not bank accounts. These unbanked citizens are left to store and transfer money using informal networks, which often charge high transaction fees and are prone to theft or loss.

 

These untapped potential customers provide a huge market that can drive growth for local banks in these emerging economies, as well as for the communities and nations they serve. But it requires that these organizations invest in new technologies to enable banking services that are secure, reliable and available, and incorporate new technologies such as mobile and social applications. More and more of these financial institutions are turning to IBM to provide the technology to power and empower their banking solutions.

 

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