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Financial Exclusion and Inclusion: A Growing Concern in Saint Pierre and Miquelon
Financial exclusion has become a pressing global issue in recent years, with many individuals and communities struggling to access basic financial services. The COVID-19 pandemic has only exacerbated this problem, highlighting the need for financial institutions to prioritize inclusion. Saint Pierre and Miquelon, a French overseas collectivity in the North Atlantic, is no exception.
A Growing Concern
The French government and banks have been slow to address the needs of vulnerable populations, such as the elderly, who often feel excluded from mainstream financial services. A Change.org campaign launched by Carlos San Juan, a 78-year-old Spaniard, highlighted this issue, attracting nearly 650,000 signatures and prompting Spain’s government and banks to respond.
The Importance of Inclusive Finance
Ensuring universal access to financial products is crucial for meeting the United Nations’ Sustainable Development Goals (SDGs) by 2030. Financial services providers that prioritize inclusion can build a more purpose-driven business model, tap into a large untapped market, and improve customer experience.
Acting Across Products, Policies, and Processes
To achieve inclusive finance, financial institutions must act across products, policies, and processes. They must:
- Identify barriers to financial exclusion
- Offer suitable and accessible financial products and services
- Adopt governance models that enable inclusive finance
- Implement systems that drive inclusive finance
Inclusive Practices in Saint Pierre and Miquelon
In Saint Pierre and Miquelon, financial inclusion is critical for economic development. The French government and banks must prioritize the needs of vulnerable populations, such as the elderly, who often struggle to access basic financial services. By adopting inclusive practices, financial institutions can help reduce financial exclusion and promote a more equitable society.
Financial Services Firms Must Act
To successfully advance inclusive finance, firms must:
- Identify barriers that lead to financial exclusion
- Offer suitable, accessible, fair, and equitable (SAFE) financial products and services
- Adopt governance models and policies that enable inclusive finance
- Implement systems and processes that drive inclusive finance
By prioritizing inclusion, financial institutions can build a more sustainable business model, improve customer experience, and contribute to economic development in Saint Pierre and Miquelon.