stating they trust the national government. Engagement characteristically means long queues, paper forms and system crashes. It’s an uphill battle. New initiatives and service overhauls will only be met with disinterest if the red tape and inefficiency aren’t resolved.
Automated reminders for benefit renewals, targeted educational programs based on specific requirements or personalized alerts for upcoming public health initiatives means the public sector can reconnect with communities on the ground to better understand their needs. The benefits extend beyond public convenience. Embedded finance can revolutionize the back end of government operations. Streamlined tax collection, automated disbursement of subsidies and grants, and real-time data analysis for better resource allocation are just a few examples. Embedded finance can also automate the reconciliation process for government grants, freeing up valuable staff time spent on manual data entry and verification.
Additionally, consider proposing pilot projects to test embedded finance solutions within government operations on a smaller scale. This approach allows businesses to demonstrate the value of their solutions and make necessary adjustments before a broader rollout.estimates some 1.1 million adults in the U.K. are unbanked. The number of 18-to-24-year-olds who are unbanked is more than double that of those aged 25 and over.
Business leaders can invest in local initiatives to help educate unbanked individuals on digital financial tools and data usage. Businesses can contact their local councils to begin building an investment relationship.