Arjuna Costa and Tilman Ehrbeck对于世界各地的许多人来说，获得储蓄、汇款和信贷等基本金融服务可能是解除贫困的关键。毕竟，贫穷比匮乏要复杂得多;它还具有不稳定性的特点。研究表明，无论是在发达国家还是在发展中国家，低收入家庭的收入不仅低，而且很可能不规律。当家庭能够储蓄、获得信贷、获得保险、安全地汇款和收款、轻松付款时，他们就能更好地管理现金流高峰和抵御可能使他们重新陷入贫困的冲击。过去几年，世界在通过普惠金融消除贫困方面取得了切实、可衡量的进展。世界银行(World Bank)今年在其2014年Findex调查中报告称，20亿处于工作年龄的成年人没有银行账户，低于2011年的25亿。这是全球发展的一项伟大成就，主要得益于利用市场和创新技术的力量。如今，全球62%的成年人至少拥有一个正式金融账户，而三年前这一比例仅为51%。在宏观层面，普惠金融对经济增长也至关重要，它推动了许多其他发展优先事项，如卫生、教育和增强妇女权能。随着越来越多的人获得管理资金的工具，他们建立资产和平稳消费的能力不仅提高了自己家庭的福利，也扩大了整个经济的可能性。正是由于这一系列好处，联合国在2015年9月通过的几项新的可持续发展目标明确呼吁普惠金融。自2011年以来，数亿人进入银行系统是一项巨大的成就，但工作还没有完成。联合国的目标要求确保所有男性和女性，“特别是穷人和弱势群体”，都有平等的机会获得金融服务(以及产权、技术和其他经济资源)。
She passed away when I was nine, too young to understand the complex and dangerous nature of life in poverty. At that time, I had to muster everything inside of me just to survive the avalanche of sorrow and change in our family life. It was only as an adult that I came to terms with my painful childhood. I see it now as the source of the deep empathy I have for people who suffer and struggle in the world. That is why I’ve dedicated my life to working against poverty, and it is how I became the founding CEO of Mission Asset Fund (MAF), a nonprofit organization that strives to create a fair financial marketplace for hardworking families. When I joined MAF in 2007, the organization was a nonprofit start-up with plans to help low-income immigrants in San Francisco’s Mission District. Eight years later, MAF is nationally recognized for developing Lending Circles, a social loan program based on people coming together to lend and borrow money. With cutting-edge technology, we transformed this invisible practice into a force for good. Program participants are freeing themselves from the grasp of predatory lenders by opening bank accounts, building credit histories, paying down highcost debt, and increasing their savings. They are investing in businesses, buying homes, and saving for a better future. Lending Circles brings to light what’s already good in people’s lives. And within that light, participants are forging a sure path into the financial mainstream, unlocking their true economic potential every step of the way. The program’s success is serving as a model in the fight against poverty, demonstrating new and effective ways of helping low-income people without belittling them in the
{"title":"Making the Invisible Visible: A Strategy for Inclusion (Innovations Case Narrative: Mission Asset Fund)","authors":"José A. Quiñonez","doi":"10.1162/INOV_A_00238","DOIUrl":"https://doi.org/10.1162/INOV_A_00238","url":null,"abstract":"She passed away when I was nine, too young to understand the complex and dangerous nature of life in poverty. At that time, I had to muster everything inside of me just to survive the avalanche of sorrow and change in our family life. It was only as an adult that I came to terms with my painful childhood. I see it now as the source of the deep empathy I have for people who suffer and struggle in the world. That is why I’ve dedicated my life to working against poverty, and it is how I became the founding CEO of Mission Asset Fund (MAF), a nonprofit organization that strives to create a fair financial marketplace for hardworking families. When I joined MAF in 2007, the organization was a nonprofit start-up with plans to help low-income immigrants in San Francisco’s Mission District. Eight years later, MAF is nationally recognized for developing Lending Circles, a social loan program based on people coming together to lend and borrow money. With cutting-edge technology, we transformed this invisible practice into a force for good. Program participants are freeing themselves from the grasp of predatory lenders by opening bank accounts, building credit histories, paying down highcost debt, and increasing their savings. They are investing in businesses, buying homes, and saving for a better future. Lending Circles brings to light what’s already good in people’s lives. And within that light, participants are forging a sure path into the financial mainstream, unlocking their true economic potential every step of the way. The program’s success is serving as a model in the fight against poverty, demonstrating new and effective ways of helping low-income people without belittling them in the","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"344 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124244164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
world for centuries. Members of the group help each other pay for short-term goals by leveraging the capital resources of their community. Just as some people turn to a credit card when they need to make a large purchase, others turn to money pools. In one form or another, the money pool concept has always been part of my family’s life. As a child, I often went to my Aunt Silvina’s house after school, where I would wait until my mom got off work. I occasionally saw my aunt go to the front door and exchange money with her friends. I was too young to understand what was going on, but that was my introduction to a money pool. How do traditional money pools work? A small group of people, usually ten, contribute money to a common fund, from which they take turns receiving the entire lump sum. A group member with an immediate need draws from the pool first, then repays the group in regular installments. A group member with a less urgent need will choose a later turn while making contributions to the pool up front, effectively using it as savings tool. When their scheduled turn comes around, they draw from the pool to pay for whatever they choose. It’s a tightly synchronized dance, where everyone knows ahead of time when their payments are due and when it’s their turn to draw from the pool. This allows them to plan ahead for large purchases or life events. Surprisingly, the vast majority of participants say that saving money is the main benefit of participation. So why choose a money pool over a savings account? Because unlike traditional savings accounts, money pools offer participants access to funds before they could have saved for a purchase on their own. Lets imagine that John and Jessica both put away $100 a month. It will take John ten months to save $1,000 using a regular savings account. Jessica, on the
{"title":"Leveraging the Capital of the Community (Innovations Case Narrative: eMoneyPool)","authors":"Francisco Cervera","doi":"10.1162/INOV_A_00237","DOIUrl":"https://doi.org/10.1162/INOV_A_00237","url":null,"abstract":"world for centuries. Members of the group help each other pay for short-term goals by leveraging the capital resources of their community. Just as some people turn to a credit card when they need to make a large purchase, others turn to money pools. In one form or another, the money pool concept has always been part of my family’s life. As a child, I often went to my Aunt Silvina’s house after school, where I would wait until my mom got off work. I occasionally saw my aunt go to the front door and exchange money with her friends. I was too young to understand what was going on, but that was my introduction to a money pool. How do traditional money pools work? A small group of people, usually ten, contribute money to a common fund, from which they take turns receiving the entire lump sum. A group member with an immediate need draws from the pool first, then repays the group in regular installments. A group member with a less urgent need will choose a later turn while making contributions to the pool up front, effectively using it as savings tool. When their scheduled turn comes around, they draw from the pool to pay for whatever they choose. It’s a tightly synchronized dance, where everyone knows ahead of time when their payments are due and when it’s their turn to draw from the pool. This allows them to plan ahead for large purchases or life events. Surprisingly, the vast majority of participants say that saving money is the main benefit of participation. So why choose a money pool over a savings account? Because unlike traditional savings accounts, money pools offer participants access to funds before they could have saved for a purchase on their own. Lets imagine that John and Jessica both put away $100 a month. It will take John ten months to save $1,000 using a regular savings account. Jessica, on the","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131083746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
ment are poised to deliver huge impact by bringing formal, accessible, and affordable credit to hundreds of millions of aspiring middle-class consumers in emerging markets. At the forefront of this change is a burgeoning new field that we’re calling “Big Data, Small Credit” (BDSC). Around the world, many emerging-market consumers remain severely limited in their access to formal financial services, particularly unsecured credit. In India alone, in 2014, more than 400 million people borrowed money—but fewer than one in seven were approved for a formal loan.1 Indeed, this experience of being “invisible” to formal lenders is prevalent among billions of “thin file” or “no file” consumers living in nearly all of today’s emerging markets. But these consumers may not remain “invisible” to formal lenders for long, thanks in part to their rising use of technology. Well over 650 million adults in India—four out of every five—already have a mobile phone in their pocket, and most of these will be smartphones by 2020. More than 240 million Indians have access to the Internet and social media.2 Seven in 10 users of mobile broadband smartphone in India regularly stream videos on their phones; six in 10 use social networks.3 And every time these individuals make a phone call, send a text, browse the Internet, engage social media networks, or top up their prepaid cards, they deepen the digital footprints they are leaving behind. These digital footprints are helping to spark a new kind of revolution in lending. In the last few years, a cluster of fast-emerging and innovative firms has begun
{"title":"Big Data, Small Credit: The Digital Revolution and Its Impact on Emerging Market Consumers","authors":"Arjuna Costa, Anamitra Deb, M. Kubzansky","doi":"10.1162/inov_a_00240","DOIUrl":"https://doi.org/10.1162/inov_a_00240","url":null,"abstract":"ment are poised to deliver huge impact by bringing formal, accessible, and affordable credit to hundreds of millions of aspiring middle-class consumers in emerging markets. At the forefront of this change is a burgeoning new field that we’re calling “Big Data, Small Credit” (BDSC). Around the world, many emerging-market consumers remain severely limited in their access to formal financial services, particularly unsecured credit. In India alone, in 2014, more than 400 million people borrowed money—but fewer than one in seven were approved for a formal loan.1 Indeed, this experience of being “invisible” to formal lenders is prevalent among billions of “thin file” or “no file” consumers living in nearly all of today’s emerging markets. But these consumers may not remain “invisible” to formal lenders for long, thanks in part to their rising use of technology. Well over 650 million adults in India—four out of every five—already have a mobile phone in their pocket, and most of these will be smartphones by 2020. More than 240 million Indians have access to the Internet and social media.2 Seven in 10 users of mobile broadband smartphone in India regularly stream videos on their phones; six in 10 use social networks.3 And every time these individuals make a phone call, send a text, browse the Internet, engage social media networks, or top up their prepaid cards, they deepen the digital footprints they are leaving behind. These digital footprints are helping to spark a new kind of revolution in lending. In the last few years, a cluster of fast-emerging and innovative firms has begun","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126499554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
great idea and the entrepreneurial skills to bring it to life could operate on a level playing field—in other words, if entrepreneurship were more democratic—our society would be much better off. From the customer’s perspective, a pedigree doesn’t matter, but from an investor’s perspective it often matters far too much. A top investment bank or consulting firm will care where you went to school and what your grades were, and your CV may determine whether a Fortune 500 company will “buy” your expertise. But these things won’t matter to your customers—as long as you are giving them a great product or an outstanding service. We have learned the value of empowering entrepreneurs who have lived experience, and the competitive advantage this offers forward-thinking investors. Locating and supporting entrepreneurs with varied life experiences can lead to more successful companies. We believe that it can, in fact, lead to the development of products and services that the majority of people actually need and are asking for, rather than those that a small segment of investors think people want. This competitive advantage is particularly true with financial services technology, or the FinTech sector, where new ventures are more likely than those in other fields to be business-to-consumer enterprises. Many EdTech companies, for example, deal with schools and school boards or offer their services to major companies like Pearson. In the health sector, entrepreneurs are more likely to deal with hospitals or insurance companies than to be at a patient’s bedside. FinTech is different. While there are certainly plenty of business-to-business financial services, many of the most innovative ventures deal directly with the consumer—investment advisor and money manager services, fraud protection, and, increasingly, alternatives to predatory check-cashing and lending companies. Therefore, the product seller and the product user are likely to have a stronger connection, due to their lived experiences. FinTech also addresses the needs associated with small businesses, which many aspiring entrepreneurs are familiar with. In this essay, we introduce a number of entrepreneurs from backgrounds and regions that traditionally have received too little investment, but who nevertheless
{"title":"Lived Experience: The X Factor in Finding Great Companies","authors":"R. Baird, Jason Towns","doi":"10.1162/INOV_A_00236","DOIUrl":"https://doi.org/10.1162/INOV_A_00236","url":null,"abstract":"great idea and the entrepreneurial skills to bring it to life could operate on a level playing field—in other words, if entrepreneurship were more democratic—our society would be much better off. From the customer’s perspective, a pedigree doesn’t matter, but from an investor’s perspective it often matters far too much. A top investment bank or consulting firm will care where you went to school and what your grades were, and your CV may determine whether a Fortune 500 company will “buy” your expertise. But these things won’t matter to your customers—as long as you are giving them a great product or an outstanding service. We have learned the value of empowering entrepreneurs who have lived experience, and the competitive advantage this offers forward-thinking investors. Locating and supporting entrepreneurs with varied life experiences can lead to more successful companies. We believe that it can, in fact, lead to the development of products and services that the majority of people actually need and are asking for, rather than those that a small segment of investors think people want. This competitive advantage is particularly true with financial services technology, or the FinTech sector, where new ventures are more likely than those in other fields to be business-to-consumer enterprises. Many EdTech companies, for example, deal with schools and school boards or offer their services to major companies like Pearson. In the health sector, entrepreneurs are more likely to deal with hospitals or insurance companies than to be at a patient’s bedside. FinTech is different. While there are certainly plenty of business-to-business financial services, many of the most innovative ventures deal directly with the consumer—investment advisor and money manager services, fraud protection, and, increasingly, alternatives to predatory check-cashing and lending companies. Therefore, the product seller and the product user are likely to have a stronger connection, due to their lived experiences. FinTech also addresses the needs associated with small businesses, which many aspiring entrepreneurs are familiar with. In this essay, we introduce a number of entrepreneurs from backgrounds and regions that traditionally have received too little investment, but who nevertheless","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134083532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Traditional financial services are rapidly being reformed by technology. Small- and medium-sized enterprises (SMEs) account for more than one-half of the world’s GDP and employ two-thirds of the global workforce, however a key barrier to growth faced by SMEs around the globe is access to financing. This is not a new issue, as the onerous information, administration, and collateral requirements associated with traditional loans have inhibited SMEs from seeking or securing financing. The 2008 financial crisis only exacerbated the problem, as many local retail banks (often the primary providers of SME financing) closed their doors and the appetite for taking on high-risk SME loans was quelled. Online business lending may be stepping in to fill this gap by resolving many of the barriers associated with traditional SME financing. This paper analyzes data from PayPal Inc., a company best known for its global online payment system, and from Kiva, a crowdsourcing platform. PayPal Working Capital launched in late 2013; it is a product that enables SMEs to apply for and obtain short-term credit. Our objective is to understand how technology is impacting SMEs’ ability to access financing. Our findings suggest the following: (i) online business loans have stepped in to fill the SME funding gap left in the wake of the 2008 financial crisis; (ii) young and minority-owned businesses with low and moderate income benefit particularly from online business loans; and (iii) online business loans can boost the growth of SMEs in under-served counties. Based on increased sales of businesses that have received PPWC loans, we estimate that programs like this have the potential to boost economic activity considerably.
传统的金融服务正在迅速被技术革新。中小企业占全球GDP的一半以上，雇佣了全球三分之二的劳动力，然而，全球中小企业面临的一个关键障碍是融资渠道。这不是一个新问题，因为与传统贷款相关的繁重的信息、管理和抵押品要求阻碍了中小企业寻求或获得融资。2008年的金融危机只是加剧了这一问题，因为许多本地零售银行(通常是中小企业融资的主要提供者)关门大吉，对高风险中小企业贷款的兴趣被抑制了。通过解决与传统中小企业融资相关的许多障碍，在线商业贷款可能会填补这一空白。本文分析了以全球在线支付系统闻名的贝宝公司(PayPal Inc.)和众包平台Kiva的数据。PayPal Working Capital于2013年底推出;它是一种使中小企业能够申请和获得短期信贷的产品。我们的目标是了解技术如何影响中小企业获得融资的能力。我们的研究结果表明:(1)网络商业贷款填补了2008年金融危机后中小企业的资金缺口;(ii)低收入和中等收入的年轻和少数族裔企业尤其受益于在线商业贷款;(三)网络商业贷款可以促进服务不足县中小企业的发展。根据获得PPWC贷款的企业销售额的增长，我们估计这类项目有可能大大促进经济活动。
{"title":"Filling the Gap: How Technology Enables Access to Finance for Small- and Medium-Sized Enterprises","authors":"Usman Ahmed, T. Beck, C. McDaniel, Simon Schropp","doi":"10.1162/inov_a_00239","DOIUrl":"https://doi.org/10.1162/inov_a_00239","url":null,"abstract":"Traditional financial services are rapidly being reformed by technology. Small- and medium-sized enterprises (SMEs) account for more than one-half of the world’s GDP and employ two-thirds of the global workforce, however a key barrier to growth faced by SMEs around the globe is access to financing. This is not a new issue, as the onerous information, administration, and collateral requirements associated with traditional loans have inhibited SMEs from seeking or securing financing. The 2008 financial crisis only exacerbated the problem, as many local retail banks (often the primary providers of SME financing) closed their doors and the appetite for taking on high-risk SME loans was quelled. Online business lending may be stepping in to fill this gap by resolving many of the barriers associated with traditional SME financing. This paper analyzes data from PayPal Inc., a company best known for its global online payment system, and from Kiva, a crowdsourcing platform. PayPal Working Capital launched in late 2013; it is a product that enables SMEs to apply for and obtain short-term credit. Our objective is to understand how technology is impacting SMEs’ ability to access financing. Our findings suggest the following: (i) online business loans have stepped in to fill the SME funding gap left in the wake of the 2008 financial crisis; (ii) young and minority-owned businesses with low and moderate income benefit particularly from online business loans; and (iii) online business loans can boost the growth of SMEs in under-served counties. Based on increased sales of businesses that have received PPWC loans, we estimate that programs like this have the potential to boost economic activity considerably.","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117134199","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
everyone the power to share information. Why is it so important for people to connect? Connectedness puts information at people’s fingertips. Connectedness equals participation in the knowledge economy, which is the source of future growth, jobs, and productivity. Connectedness creates opportunity. There are approximately seven billion people on the planet today. Only around one-third, an estimated 2.7 billion people, are connected to the Internet. About half of those, 1.3 billion people, are on Facebook, with one billion accessing the site from a mobile device. In emerging markets, where connectivity is currently lowest, most people use only mobile devices. In developed countries, average Internet connectivity is around 74 percent of the total population, compared to around 13 percent in India, 20 percent in Africa and 21 percent in South East Asia. There are many barriers to connectivity in different parts of the world. For the majority of people not yet connected, the main obstacles are social and economic. The cost of data and devices is too high, and demand for Internet services may be low among people who have yet to understand their value. For a smaller population, mostly in remote regions, it is the absence of basic Internet infrastructure that holds back the spread of the Internet – cell towers have yet to be constructed and communities don’t yet have electricity. These are enormous problems, and they rightly deserve a great deal of attention from those working to close the digital divide. But another important challenge that is often overlooked is just as critical to getting more people to use the Internet and participate in the global knowledge economy. It’s the language barrier.
{"title":"The Internet's Language Barrier","authors":"Iris Orriss","doi":"10.1162/INOV_A_00223","DOIUrl":"https://doi.org/10.1162/INOV_A_00223","url":null,"abstract":"everyone the power to share information. Why is it so important for people to connect? Connectedness puts information at people’s fingertips. Connectedness equals participation in the knowledge economy, which is the source of future growth, jobs, and productivity. Connectedness creates opportunity. There are approximately seven billion people on the planet today. Only around one-third, an estimated 2.7 billion people, are connected to the Internet. About half of those, 1.3 billion people, are on Facebook, with one billion accessing the site from a mobile device. In emerging markets, where connectivity is currently lowest, most people use only mobile devices. In developed countries, average Internet connectivity is around 74 percent of the total population, compared to around 13 percent in India, 20 percent in Africa and 21 percent in South East Asia. There are many barriers to connectivity in different parts of the world. For the majority of people not yet connected, the main obstacles are social and economic. The cost of data and devices is too high, and demand for Internet services may be low among people who have yet to understand their value. For a smaller population, mostly in remote regions, it is the absence of basic Internet infrastructure that holds back the spread of the Internet – cell towers have yet to be constructed and communities don’t yet have electricity. These are enormous problems, and they rightly deserve a great deal of attention from those working to close the digital divide. But another important challenge that is often overlooked is just as critical to getting more people to use the Internet and participate in the global knowledge economy. It’s the language barrier.","PeriodicalId":422331,"journal":{"name":"Innovations: Technology, Governance, Globalization","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129351173","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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