In Quest for Financial Inclusion: The Pivotal Shift towards Universal Inclusivity

The finance sector has seen tremendous progress in expanding access to financial services over the past decade, with a notable 50% increase in adults worldwide enjoying access to financial products and services. However, experts argue that a more significant milestone lies ahead - making financial systems inclusive for all individuals, regardless of their abilities.

A pressing need for inclusivity is acknowledged by the 1.2 billion people worldwide living with disabilities. The current generation of financial technology, while groundbreaking in its own right, must now embrace "universal inclusion" as a fundamental design principle to truly serve everyone's needs.

Innovative solutions such as tap-to-phone technology, which enables merchants to accept payments without the need for payment terminals, are already yielding benefits not only to the buyers and sellers but also to individuals with disabilities. Similarly, voice-activated payments have demonstrated the potential to unlock financial opportunities for those with visual impairments or mobility challenges.

Despite these successes, however, financial-product development often prioritizes accessibility as an afterthought rather than a core consideration. As a result, missed economic opportunities abound - $13 trillion in disposable income from previously underserved markets waiting to be tapped. Moreover, embracing universal inclusion would make businesses more attractive not just to people with disabilities but also to younger generations increasingly attuned to social values.

To unlock the full potential of financial services for all, experts propose a radical shift towards a new innovation framework built on three key pillars:

1) A universally inclusive design approach prioritizing accessibility from the start. 2) Data that goes beyond just access and tracks quality of services and changes in financial well-being across different segments of society. 3) Clear accountability and reporting standards that make universal-inclusion metrics integral to regulatory frameworks, driving transparency and progress reports.

Financial institutions adopting such an innovative framework may not only contribute positively to the global economy but also experience long-term benefits by catering to the needs of their most underserved customers - in essence harnessing the power of "universal inclusion".