Technology Innovation to Bridge the Gap Between Banks and Unbanked Population in the European Union
This paper aims to present a possible solution to the problem of financial exclusion. Banks are mainly focused on
serving clients with high life-time value and on trimming costs, while unbanked people, due to several psychological,
cultural and educational factors, are not interested in banking products and services. This article focuses on a particular
segment of population, that is exposed to a greater risk of financial and social exclusion – migrant workers and their
families. The study presents an innovative instrument of receiving remittances – as a possible mechanism to bridge the gap
between banks and unbanked population in the European Union (EU).
Keywords: technology innovation, banks, unbanked population, migrants, remittances