Ms Dorothee Delort
Senior Financial Sector Specialist

Dorothee Delort is a Senior Financial Sector Specialist in the Payment Systems Development Group (PSDG) of the Finance, Competitiveness and Investment (FCI) Global Department of the World Bank. Dorothee specialises in national payments system reforms, financial market infrastructures, digitalisation of payments, Fintech and innovation. She provides technical assistance to financial sector authorities and participates in World Bank projects in developing economies. Before joining the World Bank, Dorothee’s background was in central banking, having held various positions in forex markets and payment systems at Banque de France in Paris, the European Central Bank in Frankfurt and the Board of Governors of the Federal Reserve in Washington DC. She is a member of several working groups of the CPMI and the FSB. Dorothee holds a Master Degree in Political Sciences from the Institut d’Etudes Politiques in Paris (Sciences Po Paris) and a post-graduate degree in International affairs from the University Paris-Dauphine.

The International FinTech Review 2024/25

Fintech, through its contribution to the digitalisation of financial services and money, has had a major impact in enabling access to financial services for households and firms and promoting economic development. The World Bank Findex data show global financial account ownership grew to 76 percent from 51 percent between 2011 and 2021 and the share of adults making or receiving digital payments grew to 57 percent in 2021 from 35 percent in 2014.

Fintech is profoundly reshaping the structure of the financial sector, with new providers, products, access channels, and business models. Examples from the World Bank Fintech and the Future of Finance report (2023) include the rapid ascent of mobile money, bank apps, financial services provided by Bigtechs and neobanks, and ongoing explorations in crypto-assets and central bank digital currencies. Very few countries have stayed apart from this global phenomenon. Policy makers are walking the line in trying to manage evolving policy tradeoffs, to reap the benefits of Fintech while managing potential risk to financial stability and consumer protection, as per the World Bank- IMF Bali Fintech Agenda recommendations in 2018.

Yet too many people and firms still lack access to essential financial services that could help them thrive. 30% of adults in Emerging Markets and Developing Economies (EMDEs) do not have an account (with a bank or other regulated entities); 50% of adults in EMDEs do not make/ receive a digital payment. It is therefore more crucial than ever that policy makers embrace Fintech opportunities and implement policies that enable and encourage safe and inclusive financial innovation.

But the ball is also in the Fintech firms’ court. Fintech should work harder at bridging the gender gap. The IFC study Her Fintech Edge (2024) highlights how unlocking the potential of digital financial services is crucial for women’s financial inclusion and empowerment. The study shows that the unique and intertwined barriers that women face – including low digital literacy, social and cultural norms, and access to digital financial services. It calls for Fintech firms to offer differentiated solutions to women, and in doing so, to unlock the full potential of the women’s market.

According to the IFC study, many fintech firms report that women constitute less than a fourth of their customers today. Fifty-nine percent of fintech firms collect sex disaggregated data, but few use it. Less than a third tailor their products and services towards women, even though Fintech firms who tailor products/services towards women report higher lifetime value. Fintech firms need to deepen their understanding of women’s financial preferences and needs, identify and track the performance of women customers, develop markets specific knowledge, and leverage best practices to create value propositions that resonate with women.

It is also very clear that these Fintech products tailored to women are only possible in the context of an enabling legal framework, with adequate supervisory capacity and consumer protection, so that women don’t fall prey to unsafe products and predatory practices. Other critical requisites for Fintech to reach underserved segments, especially women, include fair and transparent access to financial infrastructures, effective monitoring of competition conditions and, last but not least, efficient cross-border coordination. A tall order indeed, but the goal is within reach, and definitely worth the effort.