Information technology that continues to grow to more accessible internet services have a positive impact on various aspects of human life, not apart in the financial sector.
World bank data says 69% of the 3.8 billion youth population worldwide have access to financial services in the form of accounts or accounts in digital banking and financial services.
This position is already much higher than 2014's position which is only 62% in 2014 and only 51% in 2011. Interestingly, in just 4 years ie 2014-2017, the number of teenage population that opened new account reaches 515 million people.
"In the past few years, we have seen tremendous growth across the globe connected to formal financial services (such as banking and insurance)," World Bank President Jim Yong Kim said in his presentation at Washington's IMF Building on Thursday (19/4). / 2018).
He said the achievement is not separated from the increasingly easy access to financial services from the simplest to the most complex such as taking care of insurance only via mobile phones supported by internet technology.
"Having access to finance is the most fundamental step to addressing challenges and inequalities, and the internet network and data services on mobile phones have demonstrated tremendous opportunities in technology utilization to achieve wider disclosure of financial services," he continued.
Globally, there are 1.7 billion young people who have not been touched by banking services. In fact, 2-3 of them have mobile phones that can help access financial services. Digital technology can replace transactions using cash.
For example, the payment of civil servant pensions, cash transfers to accounts can provide financial services to more than 100 million young people globally, including 95 million in developing economies. In addition, there are opportunities to increase account ownership and utilization of digital payment systems.