In a world saturated with technological innovations and economic development, the issue of access to banking services remains relevant and significant. Despite the widespread presence of financial institutions, a substantial number of companies find themselves deprived of the opportunity to avail banking services. This phenomenon presents a complex mosaic in which economic, social, and structural aspects intertwine. In this article, we will explore the reasons certain types of companies encounter difficulties in accessing banking services and endeavor to identify ways to create a more inclusive and equitable financial environment.

Lack of funds

Banks often charge fees for access to services such as account opening, monthly account maintenance, mandatory minimum balances, and payment services. Many residents in developing countries lack the financial means to cover these expenses.

Lack of trust in banks

According to a survey conducted by Statista, trust was identified as the most crucial aspect in choosing a bank. One-third of respondents without a bank account do not trust financial institutions and, therefore, refrain from using their services.

Limited access to banking infrastructure for some industries

In many countries, companies face limited access to banking infrastructure for their industry due to the high risk, ect. Companies should look for an alternative solution in order to keep their business alive.

For those excluded from banking services, three primary needs emerge: access to electronic funds, a debit card, and the ability to quickly access cash. Since traditional financial institutions cannot meet these needs, fintech companies are addressing this challenge by minimizing fees and creating accessible online financial tools for users.

Collect & Pay is an international fintech company that provides payment solution for corporate clients all around the world. If you would like to get information about payment account opening, please contact us via contact@collect-group.com