Inclusive Innovation: Reaching New Markets Through Technology

CONTRIBUTORS

Jenny Johnson

Chief Executive Officer
Franklin Templeton

Sandy Kaul

Head of Innovation
Franklin Templeton

Regina Curry

Chief Global Inclusion Officer
Franklin Templeton

Paul Mielczarski

Head of Macro Strategy
Brandywine Global

Brishni Mukhopadhyay, CFA

Product Specialist
Western Asset

Jackie VanderBrug

Head of Sustainability Strategy
Putnam Investments

Executive summary

Artificial intelligence (AI) and cryptocurrency (crypto) are reshaping financial services, unlocking new avenues for investment and widening the door to inclusion. Despite these advances, today more than 700 million women and 600 million men still lack a digital wallet (a secure mobile tool for storing payment methods and making electronic transactions) or an account at a financial institution. These 1.3 billion individuals outside the formal financial system represent a significant opportunity to better serve and empower people through accessible financial tools and inclusive solutions.¹ Lower-cost solutions, more tailored products, and simpler onboarding processes are not only reducing barriers but also creating momentum for broader participation in the financial system. These innovations are expanding access to accounts, savings, insurance, and investment opportunities, laying the groundwork for the rapid growth in account ownership and digital engagement seen over the past decade.

Account ownership and digital engagement have grown significantly

Over the past decade, account ownership and digital engagement have risen steadily, driven by factors such as mobile penetration and government initiatives. In low- and middle-income economies, for example, women’s account ownership grew from 50 percent in 2014 to 73 percent.¹ Today, 84 percent of women own a mobile phone and

62 percent have a smartphone.² Together, these shifts show how financial access and engagement are expanding, delivering growth for financial service providers and investors while advancing inclusion.

AI and blockchain are central to financial innovation, and market investment is surging

AI and blockchain-based technologies are expected to grow significantly in the years ahead. These two technologies are not only reshaping finance but also driving a broader global shift that is transforming industries worldwide.

The scale of this momentum is evident in market investment. The AI sector was valued at USD 38 billion in 2024 and is projected to exceed USD 190 billion by 2030. The blockchain market is estimated at USD 33 billion in 2025 and expected to grow to nearly USD 393 billion by 2030.³ Within this space, stablecoin transfer volumes reached USD 28 trillion in 2025, surpassing the combined annual transactions of Visa and Mastercard.⁴ These figures highlight not only the rapid pace of growth but also the transformative potential of AI and blockchain.

Collaborative brainstorming and research empower and unlock opportunities

To address these opportunities, we conducted months of research and collaborative brainstorming, including a roundtable convened by Women’s World Banking and Franklin Templeton. The discussions brought together experts in financial inclusion and women’s economic empowerment alongside investors and industry leaders who, while not traditional impact investors, are committed to pursuing opportunities with both commercial value and social impact. Their combined perspectives underscore how these technologies can deliver meaningful inclusion alongside measurable returns.

Key finding: AI and blockchain are advancing available technology and creating a crucial pathway for inclusion and new commercial opportunities in financial services.

AI has four key applications for advancing financial inclusion and commercial value:

Reducing bias in credit decisions to make lending fairer and more profitable
Automating onboarding to expand reach at lower cost
Integrating climate and natural disaster data into credit models to build more resilient portfolios
Providing personalized financial recommendations to strengthen customer relationships and retention

Blockchain, especially cryptocurrency, is transforming financial systems—with a focus on:

Stablecoin-based remittances for faster, lower-cost cross-border transfers
Tokenized savings mechanisms for greater transparency, yield, and scale in informal savings

To reach the addressable market, a women-centered approach must be leveraged

Product design should align with inclusive design principles, an example of which is Women’s World Banking’s women-centered design methodology, which we will discuss in more detail in the design principles section
Thoughtful design, accountability, and inclusive leadership are essential for leveraging AI and crypto to unlock new markets and deliver social impact for women and families

With thoughtful design, shared accountability, and inclusive leadership, AI and crypto can unlock new markets and drive deeper engagement with financial services. These innovations open new opportunities for business growth and economic development, while delivering meaningful social impact for women and families.

Endnotes

Klapper, L., Singer, D., Starita, L., & Norris, A. (2025). The Global Findex Database 2025: Connectivity and financial inclusion in the digital economy. World Bank.
GSMA. (2025). The mobile gender gap report 2025.
MarketsandMarkets. (2025). AI in finance market size, share, growth, latest trends.
World Economic Forum. (2025, March). Stablecoin surge: Reserve-backed cryptocurrencies are on the rise.

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