Recently, the debate on financial inclusion has intensified, a principle that aims to ensure that every individual, without discrimination, has access to essential financial tools, including bank accounts, savings services, credit, or insurance.
On January 24th, the report was presented in Rome by the Finanza Etica foundation “Financial inclusion and microcredit. With communities to combat poverty and exclusion.The analysis highlights an alarming reality: approximately 1.1 million households (equivalent to 2.3 million individuals) do not have any type of deposit account and lack access to basic financial instruments. A figure above the European average, which becomes even more concerning when considering the disparities among Italian regions.
In Southern Italy, 78.2% of families reside in a situation of financial exclusion, and the regions of Southern Italy and the Islands show significantly higher rates of rejection for mortgage and loan applications compared to the national average.
Even microcredit instruments fail to fully offer disadvantaged individuals or those at risk of marginalization an opportunity for financial and social inclusion, as well as economic security.
Therefore, there is an increase in the number of excluded Italians, deprived of the possibility to seek assistance from banks and increasingly distant from actual participation in the country’s economic life: individuals dangerously exposed to criminal or abusive financial practices, such as usury.
An unstoppable banking desertification
The distance between citizens and banking institutions is also, and above all, physical.
According to information provided by Fabi and the Observatory on Banking Desertification, about 4 million people reside in municipalities completely devoid of bank branches, while another 6 million Italians live in areas with only one available bank branch.
The survey by the Uilca Conference ‘”Branch closures? No, thank you“, held in Rome on January 18th, reveals that 9 out of 10 Italians are dissatisfied with the closure of bank branches in their municipality.” Only in 2022, indeed, 2.6% of the branches closed their doors.
Economic development is also at risk. Banks play a crucial role in generating wealth for a country: they provide financing to businesses, offer various forms of credit to consumers, and provide money management and investment services to help individuals earn returns on their savings.
For 70% of Italians, the proximity of a bank branch significantly influences their propensity to invest in financial products.
The introduction of homebanking has not fully solved this problem.
Only one out of four customers uses the digital channels of banks, and the areas most affected by banking desertification are also those with less digitalization and computer literacy. Another obstacle is represented by the significant number of elderly individuals who encounter difficulties in using digital systems.
Despite the progressive decline in the physical presence of banks and the acceleration of digitalization, the research conducted by Uilca clearly emphasizes how many citizens, savers, and businesses continue to prefer direct contact with a physical interlocutor. However, it is natural to wonder: who to turn to for advice or suggestions, with whom to openly discuss such delicate issues, when the number of bank branches is constantly decreasing and digital banks appear as distant and unengaging entities?
The role of the financial advisor
A serious financial advisor, with advanced and continuously updated training in finance, registered with the National Single Register and regularly licensed for the profession, is the only professional who, thanks to their specialized skills, can replace bank branches to work directly with citizens in managing their finances.”
The financial advisor provides clear and consistently updated explanations to their clients regarding the functioning of financial instruments: even segments of the population with low digital literacy, who lack access to bank branches, or who are unfamiliar with more complex financial procedures can be correctly guided in their financial journey and instructed about regulatory changes, market trends, and new investment opportunities
But his task is not limited to analyzing data and numbers.
The financial advisor is, first and foremost, a listener: thoroughly understanding the needs, goals, and concerns of the clients is the first – and most important – step in creating an effective and enduring financial management strategy.
The main goal of the financial advisor is, above all, to establish a trustworthy and, above all, human relationship..
The constant presence of the advisor by one’s side, combined with their ability to respond rationally to the doubts and uncertainties of their clients, ensures that no one is ever neglected or isolated in decisions concerning their assets or savings.
Through his ability to provide personalized support and ensure accessibility and security in financial services, the financial advisor emerges as an indispensable resource to enable everyone to fully leverage the opportunities offered by the financial sector, overcoming the phenomenon of banking sector desertification and digitalization.