The rise of diaspora banking: Best banking practices on a global scale

Jane Loginova
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Jane Loginova: SVP and Chief Strategy Officer, BPC, UK

Journal of Digital Banking, 2023, vol. 7, issue 4, 309-316

Abstract: How will the future of diaspora banking be delivered? An answer to this question necessitates examining the current best banking practices on a global scale that are spearheading the rise of diaspora banking. Although there has been a rapid rise in digital banking innovations, diaspora communities have historically remained underserved by FinTech products, but that is changing. This paper begins by providing historical context around the obstacles faced and explains how advanced technological innovations in diaspora banking bring new opportunities. Through detailed case studies from multiple corners of the world — from the Philippines to the Caribbean to Europe — the author explains how new FinTech products and services are achieving new levels of financial inclusion. Helping to solve the availability of money as well as the security of international transfers, these new products and services represent a more dedicated proposition targeting the growing segment of people moving between countries. It concludes that the essential elements of next-generation payment services include transaction speed alongside top levels of online safety and security.

Keywords: diaspora banking; digital banking innovations; technological innovations; next-generation payment services (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2023:v:7:i:4:p:309-316

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