the global voice of savings and retail banking 22 - 23 march 2010 bangalore, india mr. adinan maning...
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The global voice of savings and retail banking
22 - 23 March 2010Bangalore, India
Mr. Adinan ManingGM/Chief Executive,
Bank Simpanan Nasional, MalaysiaPresident WSBI Asia Pacific
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The global voice of savings and retail banking
Presentation Outline
Introduction
Financial Inclusion and Education
Managing Conflicts of Interest
Responsible Selling Practices
Core Guidelines
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The global voice of savings and retail banking
World Savings Bank Institute110 banks & national associations from 92 countriesWSBI Asia Pacific – 23 members in 16 countriesMembers’ large outreach – accessibility of financial
services to allFocus – access to finance and banking & providing
financial education to the low income and underserved customer groups
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The global voice of savings and retail banking
WSBI - Financial Inclusion & EducationIncrease access to financial services, especially the
poorProvide basic information about moneyEstablish trust between financial institutions and
customersRun financial education initiatives and programsCollaborate with stakeholders i.e. government,
private and public companies
A Policy Priority4
The global voice of savings and retail banking
WSBI Members’ Experiences in Financial Education
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The global voice of savings and retail banking
Bank Simpanan Nasional, Malaysia - Educating the Community
48 Micro Finance CentersAdvisory centers for micro entrepreneurs
380 BranchesAccess to various financial
products & services
6 Mobile BanksBasic banking knowledge & facilities for rural areas
Various school programsInculcate savings habits from young
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The global voice of savings and retail banking
Government Savings Bank, Thailand – Bank for the People
Dissemination of basic financial knowledge - “GSB’s Learning Centers”o launched in communities to :
o encourage people develop a sense of learning.o develop a better life for the communityofoster good relationships between the bank & community
o provide learning materials i.e. books, e-learning media etc.
Financial Education for children – School-based banking schemeo“School banks” established since 1998 to promote savings habits among childrenoModel bank operated by students – children play roles of different bank staff; GSB acts as advisor and auditor
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The global voice of savings and retail banking
Postal Savings Bank, Philippines
Financial Education for children – Educating Youths on Savings
oprovide training to teachers on how to work with children on savings.odistribute manuals & handouts on social and financial education (in co-operation with Aflatoun).oprovision of teaching guides on Financial Literacy to all public elementary schools across the country.
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The global voice of savings and retail banking
National Savings Banks, Sri LankaInculcate savings habit among children – School-based BankingoInteractive project where children design their school bank and play roles of bank staff.oNSB plays an advisory role for teachers & students.
Raise awareness of savings among childrenoNSB conducts tailored seminars for children to encourage savings.
National Savings Institute, IndiaPromotes MOF’s tailored savings products for small saverso Focus on people in rural areas.oDisseminate information on concept and role of small savings via TV, radio, newspapers and other channels.
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The global voice of savings and retail banking
Balancing dual objectivesProfitability and Sustainability vs. Social Responsibility
Paradigm shiftShort Term Investment vs. Investment for Future
Have in place procedures and guidelines
Involvement and Support of Central Bank and Government
Managing Conflicts of Interest
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The global voice of savings and retail banking
Disclose essential information on financial products and services to enable comparison.
Increase product transparency and disclosure whilst encouraging product innovation and maintaining flexibility.
Ensure that the financial products and services sold are appropriate to needs and resources of the consumer.
Responsible Selling Practices
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The global voice of savings and retail banking
Accountability and Responsibility in the provision of information and advice
Procedures available in addressing potential conflicts between business goals and educating customers
Fair, transparent and unbiased involvement
WSBI encourages OECD to consider developing guidelines or recommendations for financial education on savings
Core Guidelines
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The global voice of savings and retail banking
THANK YOUTHANK YOU
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