SDG 8, one of the 17 Sustainable Development Goals, calls for Decent Work and Economic Growth. The success of this goal is dependent on the expansion of banking and financial services for all. This was a focus at the social capital conference SOCAP this year, with several participants emphasizing the importance of reaching the underbanked and mobilizing investments for refugees.

Based on information and experiences shared by fintech experts at SOCAP, here are three recommendations:

  1. Build trust: Consumers need to trust that their money will continue to hold value and be an accepted form of payment for transactions. But to maintain this level of stability, consumers must place their trust in the institution, not the money itself.
  2. Utilize user centric design: It is important for the product to speak for itself so that it: 1) aligns with what the customer is already doing; 2) helps build trust; and 3) promotes financial literacy.
  3. Create innovative solutions to break down barriers: By creating solutions to break down barriers we will be able to serve more unbanked, refugee, and migrant populations to better their economic growth and development.

Read the source article on building financial products by Kelly Diggins at Rockefeller Philanthropy Advisors.