DataKind introduces three new data-driven products to enhance financial inclusion. These tools, developed with support from the Mastercard Center for Inclusive Growth, aim to address challenges faced by financial institutions and communities in accessing and utilizing financial services. The products include the Economic Opportunity Datascape, which provides a platform for accessing financial well-being data, the Climate Finance Navigator, which offers insights on climate-related financial opportunities, and the Data Insights for Financial Inclusion Toolkit, which helps financial service providers leverage data to better serve their clients. Learn more below!
In an increasingly digitized world, financial inclusion is no longer just about granting access to banking or credit services, it’s also about leveraging data to open doors to economic empowerment, provide tools to equitably distribute financing, and equip individuals, families, and communities with the tools to build long-term financial resilience.
At DataKind, we know that overcoming barriers to financial inclusion can benefit from technological innovation, but we also know it requires a deep understanding of the pain points that organizations, communities, and individuals face when trying to provide, access, and sustainably use financial products and services.
Over the past two years, DataKind has worked to expand our knowledge of the sector and translate these insights into actionable solutions. Today, we’re excited to introduce three new products that support financial inclusion efforts.
These products were developed based on invaluable learnings from our cohort of projects, and refined through Discovery Days, landscapes, and in-depth conversations with subject matter experts and practitioners in the field. This information shaped our understanding of the broader financial inclusion ecosystem, from the challenges faced by financial institutions in reaching underserved or underrepresented populations, to the difficulties providers face in strategically leveraging data to develop advanced business insights.
With this knowledge, we focused on developing solutions that address these challenges while leveraging the transformative power of data science and AI. Our goal was to create practical, scalable tools that can be used by stakeholders to amplify their impact.
Read about our three products below!
Economic Opportunity Datascape
The Economic Opportunity Datascape (EO Datascape) is a platform dedicated to enhancing financial well-being through the power of data. Recognizing that financial inclusion actors often struggle with a lack of accessible, geographically standardized data, hindering their ability to make informed decisions and effectively serve their communities, the EO Datascape offers:
- A comprehensive data platform that aggregates public datasets on financial well-being
- Normalized data at 2020 U.S. Census tract boundaries
- The ability to customize data selection, preview, and download the tailored datasets
This solution ensures stakeholders have access to high-quality, up-to-date, and relevant data that supports strategic decision-making and service delivery.
Climate Finance Navigator
The Climate Finance Navigator (CFN) aims to enhance the financial and environmental resilience of low-income and disadvantaged communities across the U.S. through data-driven insights. CFN offers two key features:
- An interactive map of the U.S. where stakeholders can explore data from various demographic, financial, and environmental sources at 2020 Census tract boundaries
- The low-income and disadvantaged communities (LIDAC) evaluator provides stakeholders with the information to cross-reference potential projects with the EPA’s LIDAC criteria to ensure eligibility for and compliance with the EPA’s Greenhouse Gas Reduction Fund
This product ensures stakeholders have access to high-quality, relevant data that supports strategic decision-making and effective resource distribution at the intersection of climate and finance.
Data Insights for Financial Inclusion Toolkit
The Data Insights for Financial Inclusion Toolkit (DIFIT) is designed to empower financial service providers (FSPs) with the data-driven insights to make informed decisions and offer tailored support to their clients. In the digital age, FSPs are increasingly reliant on data to drive their business strategies and customer engagement efforts. However, these providers face challenges in determining the right data to collect to develop advanced business insights that support both organizational growth and the financial journeys of their clients. With DIFIT, users can:
- Evaluate their current datasets for completeness and relevance
- Access interactive tutorials that guide them through the application of data science models and the interpretation of key insights for customer segmentation and customer retention
This solution empowers financial service providers to strengthen their data collection practices, develop targeted strategies, and ultimately drive financial inclusion for their clients.
What’s next?
With the launch of the three financial inclusion products, our focus will now shift to fostering user engagement and gathering valuable feedback. The next step is to seek input from early adopters (like you!) to understand their experiences and refine the product based on real-world use. To connect with us to get a tailored demonstration of our tools, or to provide feedback on potential additional features, contact with us via our product pages (linked above). This insight will help ensure that our solutions remain responsive to user needs and the impact they’re driving across different regions. For updates, follow us on LinkedIn, X/Twitter, and Facebook.
Header image courtesy of iStock/Olegsnow.
Join the DataKind movement.
- Interested in supporting our work? Donate here.
- Interested in sponsoring a project? Partner with us.
- Interested in volunteering with DataKind? Look no further.
- Interested in working at DataKind? We’re hiring!
- Interested in submitting a project? Go for it!
