Financial Inclusion from the Perspective of Social Innovation: The Case of Colombia
Financial inclusion has become a crucially important
factor in debates on economic inequality posing challenges to the
financial systems of countries around the world. Nowadays
governments and banks are concerned about creating products that
allow access to wide sectors of the population. The creation of
banking products by the financial sector for people with low incomes
tends to lead to improvements in the quality of life of vulnerable parts
of the population. In countries with notable social and economic
inequalities, financial inclusion is a key aspect for equitable
economic growth. This study is based on the case of Colombia, which is a country
with a strong record of economic growth over the past decade.
Nevertheless, corruption, unemployment, and poverty contribute to
uncertainty regarding the country’s future growth prospects. This study wants to explain the situation of financial exclusion and
financial inclusion with respect to the Colombian case. Financial
inclusion is going to be studied from the perspective of social
innovation.
[1] B. Marulanda, M. Paredes, and L. Fajury, Colombia 2010-2014 :
Propuesta de Política Pública. 2014.
[2] Nobel Price, “The Nobel Peace Prize 2006,” 2006. (Online). Available:
http://www.nobelprize.org/nobel_prizes/peace/laureates/2006/.
(Accessed: 29-Mar-2015).
[3] Superfinanciera, “Reporte Inclusión Financiera,” 2013. (Online).
Available:
https://www.superfinanciera.gov.co/descargas?com=institucional.
(Accessed: 18-Feb-2015).
[4] J. Midgley, “Financial Inclusion , Universal Banking and Post Offices in
Britain,” Area, vol. 37, no. 3, pp. 277–285, 2005.
[5] J. N. Marshall, “Financial Institutions in Disadvantaged Areas: A
Comparative Analysis of Policies Encouraging Financial Inclusion in
Britain and the United States,” Environ. Plan. A, vol. 36, no. 2, pp. 241–
261, 2004.
[6] C. Bernad, L. Fuentelsaz, and J. Gómez, “Deregulation and Its Long-
Run Effects on the Availability of Banking Services in Low-Income
Communities,” Environ. Plan. A, vol. 40, no. 7, pp. 1681–1696, 2008.
[7] M. Chibba, “Financial Inclusion, Poverty Reduction and the Millennium
Development Goals,” Eur. J. Dev. Res., vol. 21, no. 2, pp. 213–230, Apr.
2009.
[8] The World Bank, “Global Financial Development Report 2014:
Financial Inclusion,” World Bank, no. 82556. Washington, DC., pp. 1–
224, 2014.
[9] T. M. Solo, “Financial Exclusion in Latin America - Or the Social Costs
of not Banking the Urban Poor,” Environ. Urban., vol. 20, no. 1, pp. 47–
66, Apr. 2008.
[10] D. Marron, “Governing Poverty in a Neoliberal Age: New Labour and
the Case of Financial Exclusion,” New Polit. Econ., vol. 18, no. 6, pp.
785–810, Dec. 2013.
[11] S. Carbo, E. P. M. Gardener, and P. Molyneux, “Financial Exclusion in
Europe,” Public Money Manag., vol. 27, no. 1, pp. 21–27, 2007.
[12] A. Hannig and S. Jansen, “Financial Inclusion and Financial Stability:
Current Policy Issues,” Asian development Bank institute, no. 259. pp.
1–33, 2010.
[13] Asobancaria-CIFIN-DANE, “Banca de las Oportunidades,” 2014.
(Online). Available: bancadelasoportunidades.gov.co/
documentos/.../bdo_cifras.ppt. (Accessed: 20-Nov-2014).
[14] B. Marulanda and M. Paredes, “Acceso a Servicio Financieros en
Colombia y Políticas para Promoverlo a Través de Instituciones
Formales,” USAID - Serv. Gr., 2006.
[15] Banco de la República, “Informe Especial de Estabilidad Financiera:
Inclusión financiera,” 2014.
[16] Superfinanciera and BdO, “Reporte de Inclusión Financiera,” 2013.
(Online). Available: https://www.superfinanciera.gov.co/jsp/
loader.jsf?lServicio=Publicaciones&lTipo=publicaciones&lFuncion=loa
dContenidoPublicacion&id=10083368. (Accessed: 04-Dec-2014).
[17] I. Karpowicz, “Financial Inclusion , Growth and Inequality : A Model
Application to Colombia,” Colombia, 2014.
[18] Multilateral Investment Fund (MIF), Inter-American Development Bank
Group (IDB), Development Bank of Latin America (CAF), Center for
Financial Inclusion, and Citi Microfinance, “Global Microscope 2014
The Enabling Environment for Financial Inclusion.” pp. 1–87, 2014.
[19] C. Lee, “Modelos de Negocio para la Inclusión Financiera,” 2011.
[20] D. Adams and M. Hess, “Social Innovation and Why it has Policy
Significance,” Econ. labour relations Rev., vol. 21, no. 2, pp. 139–156,
2010.
[21] P. Dawson and L. Daniel, “Understanding Social Innovation : A
Provisional Framework,” Int. J. Technol. Manag., vol. 51, no. 1, pp. 9–
21, 2010.
[22] M. J. Bouchard, “Social Innovation, an Analytical Grid for
Understanding the Social Economy: The Example of the Québec
Housing Sector,” Serv. Bus., vol. 6, no. 1, pp. 47–59, Dec. 2012.
[23] G. Cajaiba-Santana, “Social Innovation: Moving the Field Forward. A
Conceptual Framework,” Technol. Forecast. Soc. Change, vol. 82, pp.
42–51, Feb. 2014.
[24] M. del P. Pastor Pérez, “Microcrédito en México: Una Mirada desde la
Innovación Social,” Int. Rev. Bus. Res. Pap., vol. 9, no. 2, pp. 32–42,
2013.
[25] Asobancaria-CIFIN, “Reporte Bancarización,” 2014. (Online).
Available:
http://www.asobancaria.com/portal/page/portal/Asobancaria/publicacion
es/economica_financiera/reporte_bancarizacion/2014. (Accessed: 01-
Apr-2015).
[26] H. Cuasquer and R. Maldonado, “Microfinanzas y Microcrédito en
Latinoamérica Estudios de Caso: Colombia, Ecuador, El Salvador,
México y Paraguay.,” Cent. Estud. Monet. Latinoam., pp. 1–56, 2011.
[1] B. Marulanda, M. Paredes, and L. Fajury, Colombia 2010-2014 :
Propuesta de Política Pública. 2014.
[2] Nobel Price, “The Nobel Peace Prize 2006,” 2006. (Online). Available:
http://www.nobelprize.org/nobel_prizes/peace/laureates/2006/.
(Accessed: 29-Mar-2015).
[3] Superfinanciera, “Reporte Inclusión Financiera,” 2013. (Online).
Available:
https://www.superfinanciera.gov.co/descargas?com=institucional.
(Accessed: 18-Feb-2015).
[4] J. Midgley, “Financial Inclusion , Universal Banking and Post Offices in
Britain,” Area, vol. 37, no. 3, pp. 277–285, 2005.
[5] J. N. Marshall, “Financial Institutions in Disadvantaged Areas: A
Comparative Analysis of Policies Encouraging Financial Inclusion in
Britain and the United States,” Environ. Plan. A, vol. 36, no. 2, pp. 241–
261, 2004.
[6] C. Bernad, L. Fuentelsaz, and J. Gómez, “Deregulation and Its Long-
Run Effects on the Availability of Banking Services in Low-Income
Communities,” Environ. Plan. A, vol. 40, no. 7, pp. 1681–1696, 2008.
[7] M. Chibba, “Financial Inclusion, Poverty Reduction and the Millennium
Development Goals,” Eur. J. Dev. Res., vol. 21, no. 2, pp. 213–230, Apr.
2009.
[8] The World Bank, “Global Financial Development Report 2014:
Financial Inclusion,” World Bank, no. 82556. Washington, DC., pp. 1–
224, 2014.
[9] T. M. Solo, “Financial Exclusion in Latin America - Or the Social Costs
of not Banking the Urban Poor,” Environ. Urban., vol. 20, no. 1, pp. 47–
66, Apr. 2008.
[10] D. Marron, “Governing Poverty in a Neoliberal Age: New Labour and
the Case of Financial Exclusion,” New Polit. Econ., vol. 18, no. 6, pp.
785–810, Dec. 2013.
[11] S. Carbo, E. P. M. Gardener, and P. Molyneux, “Financial Exclusion in
Europe,” Public Money Manag., vol. 27, no. 1, pp. 21–27, 2007.
[12] A. Hannig and S. Jansen, “Financial Inclusion and Financial Stability:
Current Policy Issues,” Asian development Bank institute, no. 259. pp.
1–33, 2010.
[13] Asobancaria-CIFIN-DANE, “Banca de las Oportunidades,” 2014.
(Online). Available: bancadelasoportunidades.gov.co/
documentos/.../bdo_cifras.ppt. (Accessed: 20-Nov-2014).
[14] B. Marulanda and M. Paredes, “Acceso a Servicio Financieros en
Colombia y Políticas para Promoverlo a Través de Instituciones
Formales,” USAID - Serv. Gr., 2006.
[15] Banco de la República, “Informe Especial de Estabilidad Financiera:
Inclusión financiera,” 2014.
[16] Superfinanciera and BdO, “Reporte de Inclusión Financiera,” 2013.
(Online). Available: https://www.superfinanciera.gov.co/jsp/
loader.jsf?lServicio=Publicaciones&lTipo=publicaciones&lFuncion=loa
dContenidoPublicacion&id=10083368. (Accessed: 04-Dec-2014).
[17] I. Karpowicz, “Financial Inclusion , Growth and Inequality : A Model
Application to Colombia,” Colombia, 2014.
[18] Multilateral Investment Fund (MIF), Inter-American Development Bank
Group (IDB), Development Bank of Latin America (CAF), Center for
Financial Inclusion, and Citi Microfinance, “Global Microscope 2014
The Enabling Environment for Financial Inclusion.” pp. 1–87, 2014.
[19] C. Lee, “Modelos de Negocio para la Inclusión Financiera,” 2011.
[20] D. Adams and M. Hess, “Social Innovation and Why it has Policy
Significance,” Econ. labour relations Rev., vol. 21, no. 2, pp. 139–156,
2010.
[21] P. Dawson and L. Daniel, “Understanding Social Innovation : A
Provisional Framework,” Int. J. Technol. Manag., vol. 51, no. 1, pp. 9–
21, 2010.
[22] M. J. Bouchard, “Social Innovation, an Analytical Grid for
Understanding the Social Economy: The Example of the Québec
Housing Sector,” Serv. Bus., vol. 6, no. 1, pp. 47–59, Dec. 2012.
[23] G. Cajaiba-Santana, “Social Innovation: Moving the Field Forward. A
Conceptual Framework,” Technol. Forecast. Soc. Change, vol. 82, pp.
42–51, Feb. 2014.
[24] M. del P. Pastor Pérez, “Microcrédito en México: Una Mirada desde la
Innovación Social,” Int. Rev. Bus. Res. Pap., vol. 9, no. 2, pp. 32–42,
2013.
[25] Asobancaria-CIFIN, “Reporte Bancarización,” 2014. (Online).
Available:
http://www.asobancaria.com/portal/page/portal/Asobancaria/publicacion
es/economica_financiera/reporte_bancarizacion/2014. (Accessed: 01-
Apr-2015).
[26] H. Cuasquer and R. Maldonado, “Microfinanzas y Microcrédito en
Latinoamérica Estudios de Caso: Colombia, Ecuador, El Salvador,
México y Paraguay.,” Cent. Estud. Monet. Latinoam., pp. 1–56, 2011.
@article{"International Journal of Business, Human and Social Sciences:71125", author = "Jaramillo G. Maria Luisa and Turriago H. Álvaro and Thoene Ulf", title = "Financial Inclusion from the Perspective of Social Innovation: The Case of Colombia", abstract = "Financial inclusion has become a crucially important
factor in debates on economic inequality posing challenges to the
financial systems of countries around the world. Nowadays
governments and banks are concerned about creating products that
allow access to wide sectors of the population. The creation of
banking products by the financial sector for people with low incomes
tends to lead to improvements in the quality of life of vulnerable parts
of the population. In countries with notable social and economic
inequalities, financial inclusion is a key aspect for equitable
economic growth. This study is based on the case of Colombia, which is a country
with a strong record of economic growth over the past decade.
Nevertheless, corruption, unemployment, and poverty contribute to
uncertainty regarding the country’s future growth prospects. This study wants to explain the situation of financial exclusion and
financial inclusion with respect to the Colombian case. Financial
inclusion is going to be studied from the perspective of social
innovation.", keywords = "Colombia, financial exclusion, financial inclusion,
social innovation.", volume = "9", number = "11", pages = "3724-4", }