Within the framework of the Guadalajara International Book Fair 2023, the FAIR Center for Financial Access, Inclusion and Research of the Tecnológico de Monterrey Business School led the panel "Transforming the financial landscape: Fintech, financial inclusion, female empowerment and remittances ", with the aim of analyzing how fintech are playing a crucial role in the transformation of the financial landscape, offering innovative channels that support the development of business ideas and generate a better quality of life.
Participating in the panel were Felipe A. Pérez Sosa, director of the FAIR Center, Verónica Salcedo, Western region leader of the FAIR Center and professor of the Business School, Adriana García, professor of the Business School and member of the FAIR Center, and Adriana Ramírez , director of the Department of Accounting and Finance at the Guadalajara campus of Tec de Monterrey.
At a crucial time for Mexico's economic development, the discussion focused on how innovations in the financial sector are not only changing the way we manage our finances, but also offer unique opportunities to address persistent challenges in terms of gender equality. gender.
Dr. Felipe Pérez highlighted that "financial inclusion, understood as equitable access to financial services, has become a central issue in the conversation about economic and social development. In this context, fintech emerges as agents of change by leveraging technology to overcome traditional barriers and reach segments of the population that have historically been excluded from the financial system.
On the other hand, Ms. Verónica Salcedo commented: “Although women constitute a significant part of the workforce and the business sector, they face specific barriers that limit their access to financial services and entrepreneurial opportunities. If we consider the data provided by the National Financial Inclusion Survey (ENIF) 2021 in Mexico, it is revealed that 67.8% of the Mexican population has some degree of financial inclusion. However, when segmented by type of service, especially savings, credit, insurance and pension funds, a worrying disparity emerges in women's access to these financial services. Of every 10 women over 18 years of age, only four have a savings account, and barely one has insurance.”
Lack of access to basic financial services such as savings accounts and insurance can have profound consequences for women, as they are limited in taking advantage of essential tools for financial planning and protection against unexpected events. In particular, the low proportion of women with insurance leaves them more exposed to financial risks, which can exacerbate their vulnerability in times of economic crises or emergency situations.
Additionally, Dr. Adriana García shared the results of research carried out in Bolivia. This research aimed to identify key elements for the success of financial aid programs promoted by both private and public institutions, and how these could contribute to improving the quality of life of beneficiaries.
According to the results presented by Professor García, “the virtuous triangle is the three fundamental components for the success of a financial program: the direct granting of financing to producers, training on financial and business planning and the link with the markets to the sale of products.” These elements create a comprehensive ecosystem that not only provides financial resources, but also empowers beneficiaries to make the most of these resources.
In summary, experts were able to share with the panel audience how fintechs can play a transformative role by incorporating these principles into their business models and collaborating with institutions to design inclusive programs that address the specific needs of beneficiaries, thereby closing the gap. in financial inclusion and promoting sustainable economic development.
This activity was not only a platform for discussion, but also a tangible demonstration of the commitment of the FAIR Center, the Business School and the Tecnológico de Monterrey in addressing current and future challenges in the financial and social sphere.