WSBI and CECA Explore New Solutions for Financial Inclusion
Isidro Fainé, president of the World Savings and Retail Banks Institute (WSBI), and José María Méndez, general director of CECA, held a meeting with Rebeca Romero, president and CEO of the Independent Community Bankers of America (ICBA), to explore the best ways to access financial services in sparsely populated areas.
Isidro Fainé, president of WSBI, CECA, and the banking foundation “la Caixa,” and José María Méndez, general director of CECA, met with Rebeca Romero at the headquarters of this institution in Washington.
ICBA is one of the main members of WSBI, representing the interests of over 5,700 community banks in the United States. Community banks, with nearly 50,000 locations, are the only physical banking presence in one out of three counties in the United States, which gives them an essential role in the U.S. economy. With almost $5.9 trillion in assets, more than $4.9 trillion in deposits, and over $3.5 trillion in loans to consumers, small businesses, and the agricultural community, community banks are the only source of banking services in many rural communities in the United States.
During the meeting, they reflected on the best solutions to provide access points for banking services in areas with very low population density, where it is necessary to combine the advantages of digital channels with the closeness of physical presence. In particular, they shared experiences of implementing such solutions on both sides of the Atlantic, such as mobile offices or cash-in-shop. These exchanges are very useful for implementing and monitoring the recent roadmap adopted by the three banking associations (AEB, Unacc, and CECA) to strengthen financial inclusion in rural areas.
Another issue addressed in the meeting was the importance of sustainable finance. Rebeca Romero expressed her interest in the advancements in the development of the European taxonomy due to its potential influence on the classification of activities globally.
They also reflected on the role of banking in an environment of high inflation and market volatility, as well as the support measures for vulnerable groups.
“It was an honor to meet and discuss the unparalleled role of community banks in the U.S. economy,” said Rebeca Romero. “I appreciate the opportunity to learn more about WSBI’s commitment and innovative efforts and how we can learn and support each other in our common goal: to build prosperous communities. It was an instructive and productive conversation that reaffirmed the power of community banks,” explained the ICBA president.
WSBI “Rooted in the community. Globally responsible”
The World Savings and Retail Banks Institute, chaired by Isidro Fainé and which includes CECA among its main members, was established in 1924 and represents over 6,000 savings banks and retail banks from around the world, with total assets amounting to $15.6 trillion, serving nearly 2 billion customers and providing financial services primarily to SMEs and families.
