Dock launches an eBook that discusses priorities for true financial inclusion in Latin America

Over the years, Dock has been a part of the major advances towards financial inclusion in Latin America. The company is now taking another step on this journey, and releasing the eBook “7 priorities for true financial inclusion in Latin America,” a guide to understanding the role of the payments and banking market in this transformation.

• The book contains knowledge from Dock and market specialists, with the objective of understanding the priorities for accelerating financial inclusion.
• Subjects include access to fair credit, fraud prevention, the regulatory environment, financial inclusion in practice, and much more.

The Latin American region saw the largest increase in the number of people with bank accounts between 2017 and 2021, according to Global Findex 2021, a World Bank study.

This is excellent news. But this news comes with an enormous challenge: as that study shows, Latin America and the Caribbean still have more than 94 million unbanked.

This type of data underlines the fact that there is still a long way to go towards true financial inclusion. Against this backdrop, the material Dock has prepared proposes an analysis of the benefits of a society that is increasingly included, both digitally and financially, and with the help of specialists, it lays out the priorities for evolving in this direction.

Download the eBook 7 priorities for true financial inclusion in Latin America | A guide for understanding the role of the payments and banking market in accelerating financial inclusion.

Why does financial inclusion impact society as a whole?

It is a well-known fact that Latin America has been experiencing a profound transformation in how people perform transactions, moving from cash to electronic payments.

As mentioned in Dock’s e-Book, in two years, the use of cash has fallen 29% in payments at retail.

Today we understand this phenomenon better; its effects and challenges, and the direct impacts on numerous market segments.

At first glance, this might even look like a superficial change that only impacts people’s daily lives. But in fact, there is something much deeper at play, and the benefits to society as a whole are enormous.

Reducing transaction costs for those receiving payments, facilitating social policies, and decreasing tax evasion are some examples of the positive impacts affecting everyone.

What are the 7 priorities for true financial inclusion in Latin America?

Pegged as the next trend in the payments sector in Latin America, expanding access to credit by offering fairer and more transparent financial services should create new opportunities not only for individuals, but for entire economies.

Dock and market specialists also see prevention of fraude as a priority to true financial inclusion.

Access to quality Internet is another priority in achieving financial inclusion, as nearly 60% of the Latin American population has access to mobile Internet (2021). To transform this reality, the sector’s big bet is on the new generation of mobile technology, 5G.

Embedded Finance, as a way for companies in different sectors to drive financial inclusion, is also highlighted in the material. In Brazil, the businesses that bet on embedded finance can together capture revenues of R$23 billion/year within five years, according to a Deloitte estimate.

Rounding out the list of priorities analyzed in Dock’s eBook is the evolution of the regulatory environment , with a framework that promotes innovation and financial education content as the responsibility of all participants in the payments and banking market, and cultural change in the way that Latin Americans relate to means of payment .

Financial inclusion in practice: how are different players contributing with their solutions?

Contributing to the advance of true financial inclusion is not a role reserved only for governments.

To advance inclusion in Brazil and in Latin America, technology companies,banks and fintechs must take on the challenge of further democratizing access to financial servicesin order to create positive impacts for society as a whole.

Dock’s guide also talks about the importance of creating an ecosystem in which companies in different segments take a leading role in the mission to drive economic and social transformation.

The eBook also contains a section on success cases that show how companies from different sectors have been working to create more equity in the financial ecosystem.