Global Future Council on Responsive Financial Systems: Three ways to accelerate a digital-led recovery

The World Economic Forum (WEF) published a new report on the ways to accelerate a digital-led recovery with a special focus on the vital role of the financial system in facilitating the recovery from the COVID-19 crisis. The proposed solutions are defined by members of the WEF’s Global Future Council (GFC) on Responsive Financial Systems who believe that the shift towards digital solutions presents stakeholders across the financial system with numerous opportunities. The three proposed ways are:

Accelerator 1: Digital ID as the catalyst of our digital future. The development of digital identification systems will play a critical role in enabling many of the opportunities that the digital delivery of financial services presents as it will facilitate access to services

Accelerator 2: Supporting the recovery of small and medium enterprises (SMEs). The plight of SMEs during the crisis has highlighted the need to make both capital and e-commerce solutions available to small enterprises as they struggle to compete with larger e-commerce platforms and more digital-savvy brands.

Accelerator 3: Enhancing access to digital products with an example from the Chinese experience. New evidence shows that digital services have meaningfully transformed consumer habits and delivered tangible benefits to individuals during the height of the pandemic in China.