MetLife's Innovation in financial products to enhance people’s resilience
MetLife Foundation and MSC (MicroSave Consulting) along with its partner UNCDF hosted the i3 (innovate, implement, impact) global learning event on “Innovation in financial products to enhance people’s resilience” in Dhaka, Bangladesh on 17th May 2023.
The learning event also explored practical lessons around financial resilience and security in four markets: Malaysia, China, Vietnam, and Bangladesh. The event intended to help steer a shift in approach from financial inclusion to financial health with a focus on innovative products among practitioners, providers, donors, and regulators.
The event offered participants representing regulators, government officials, practitioners, and think tanks key insights, and some of the major outcomes of the event are: the i3 program’s impact in increasing awareness and helping improve financial health; lessons from the ecosystem to innovate, evolve, and build the financial resilience of LMI segments; and identification of critical areas that need more focus now beyond access, which will be the next focus for the industry, such as digital credit, insurance, transformation, protection, and privacy. Through i3 program partners such as aspire to innovate (a2i), Shakti Foundation, Women & e-Commerce Ltd, and leading MFS providers among others, the program could make an impact over 12.8 million clients in Bangladesh itself and over 43 million low-income individuals indirectly.
More than 80 industry experts attended this international event with participants from Malaysia and Vietnam.
The panel deliberated what innovations are required in the financial sector to enhance people’s financial health and what are the biggest lessons from the pandemic, and how do we build for a more resilient future.
The dialogue surrounding financial inclusion has intensified over the last decade. With the focus now on financial health, key stakeholders have started to explore how best to engage prospective customers in ways that meet the needs of both customer service providers and the industry itself.