Things recently read, seen, and heard at Efma - Edition #6
NatWest Group's secrets to excellence in financial literacy programs for children
MoneySense is the largest and longest running financial literacy program in the UK (and possibly the world) in terms of reach and scale. Over half of UK schools are registered to use the program and more than 10 million young people across the UK and Ireland have had a MoneySense lesson since 1994, with over a million more being added each year. Island Saver video game has also been a great success since it was launched, with over 3.6 million downloads globally to date.?
Deutsche Bank's sweeping climate initiatives show the bank is taking sustainability seriously
In 2020 Deutsche Bank tightened its coal mining and coal power sectoral guidelines as well as established a dedicated oil & gas guideline. Under the revised coal mining and coal power guideline they set a target to end financing of thermal coal mining by 2025 at the latest. This commitment covers direct lending as well as capital market transactions. In addition, they committed to conducting a review of their coal power portfolio and restricting financing to energy companies that are more than 50 % dependent on coal, if they don’t present credible decarbonization plans.
Nigerian fintech Mamamoni offers micro loans for low-income female entrepreneurs
Mamamoni provides low-income female entrepreneurs living in rural and urban slum communities with micro loans to start and grow their small businesses, via their simple-to-use web and android applications. These women are also trained in financial, business and digital skills to help build their credit scores and aid loan repayment.
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Why innovating in insurance is uniquely challenging
Innovating in insurance is challenging. In reflecting on this challenge ahead of the 2022 awards, Rob Galbraith has found that there are 5 themes that are unique to the insurance industry that make it particularly difficult for innovators to succeed, particularly those working within a traditional incumbent (although insurtech startups certainly face many of these challenges in some form as well):
1. Highly complex products and services
2. Long history as an industry
3. Detailed nature of the main disciplines
4. Lack of customer engagement
5. Failure is seen as a sign of weakness
15th May is the deadline for May Banking Innovation of the Month
Efma and Accenture have begun collecting innovations for the Banking Innovation Awards 2022. The deadline to submit is September 30. But early submitters who are Efma members can win our monthly Innovation of the Month awards that guarantee them a nomination for the annual awards. To find out if your institution is an Efma member, please contact us at [email protected]
Submit your project to https://innovationinbanking.efma.com/
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