MasterCard, The Emerging Payments Association, PPS, GPS, SkyParlour and Manifesto Growth launched a new charity named The Inclusion Foundation (TIF), aims to fight financial exclusion in the UK.
TIF´s come at the time when the society´s most vulnerable are in the greatest need of vital financial services as they cope with the COVID-19 pandemic, potentially unlocking £1.8bn in benefits for low income households.
The foundation pretends to be a movement for social good that bring the financial services industry together to tackle financial exclusion. The research highlights that 1.23m of the UK´s most vulnerable do not have access to a bank account and such disadvantaged segments of society find it very challenging to pay and get paid. The current situation of COVID-19, exasperates the problem which is having an unintended consequence for the socially vulnerable who also have less access to cash than ever before.
The mission of TIF´s that the industry plays their part in giving every person in the UK access to financial services and lift those least fortune in society out of the poverty trap. As well as provided better access to information on financial services that´s more inclusive and signpost people to the right products.
The Inclusion Foundation provides three core services:
- Inclusion Signpost accreditation for financially inclusive institutions
Help financially underserved identify the institutions and products that best suit their needs. It is a trusted source to raise the standard of payment products and bank accounts by enabling greater transparency and choice for traditionally excluded customers.
- Signpost Now- trusted banking comparison website for consumers in need
Is a banking comparison site that allows excluded groups, and the intermediaries who advise them, to compare financial products that meet their specific needs. Product attributes could include access to savings, obtaining credit, gain benefits from loyalty discounts and cashbacks, and improving their credit rating.
- Inclusion Academy & Hub – education for banks and the government
These educative initiatives aim to help the industry and governments understand how to accelerate financial inclusion through the widespread adoption of inclusion Signpost and Signpost Now.Resources will help banking institutions build inclusion Signpost-accredited products that meet the needs of marginalized groups, unlocking the financial potential of these new customers.
A payment account is a key utility; with this access, the user can benefit from social mobility enabling them to pay for their rent, purchase goods and services and build a credit rating. Consequently, TIF is dedicated to joining the dots between the fintech industry and the mainstream financial services sector, government bodies and charities to bring awareness of the accredited solutions available and enable more people into the banking system.