|Promoting industry innovation
The Federal Government has backed up its $33.3 million investment in safe and affordable finance, with a further $800,000 two year commitment to establishing a Financial Inclusion Action Plan program.
These plans help organisations like banks, retailers and government departments to build products and services that promote financial inclusion – it is a way of contributing to a fairer, more just society while refining products and services.
In developing a Financial Inclusion Action Plan, an organisation develops a greater understanding of its client base and the impacts internal policies have on its clients. With this greater understanding, they can develop more innovative and tailored products, leading to improved customer satisfaction, loyalty and profitability.