Innovations in the Banking Services Market and their Role in Counteracting Financial Exclusion

Piotr Abramek

Abstract

This article presents an analysis of the issue of financial exclusion, outlining how this phenomenon is defined, the causes of its occurrence, and its consequences for individuals and households. The study characterises approaches to counteracting financial exclusion through the implementation of innovations in the market for banking products and services, using examples of solutions introduced by selected banks in Poland. Based on an analysis of the content of banking reports from 2020–2023, the actions and solutions of selected banks were assessed with respect to factors playing a significant role in evaluating financial exclusion, with innovative banking products and services aimed at counteracting financial exclusion identified and categorised. The findings were then compared with the results of a survey designed to show how the issue of exclusion is perceived from the perspective of households and identify their expectations in this area, which was conducted using CAWI and CAPI methods and supported by computer-assisted data analysis tools. The results are presented in the form of charts, tables and a list of recommendations regarding financial exclusion and proposed future actions by relevant institutions.

Keywords: banking innovations, counteracting exclusion, banking products and services, banking sector, financial exclusion

Introduction

Financial exclusion is defined as a restriction or lack of access to the financial market, products and services (including banking, insurance, investment and advisory services), either for reasons beyond one’s control (e.g. economic circumstances, social exclusion, lack of access to technology) or by choice (self-exclusion). It primarily affects low-income individuals and older adults, who often struggle to keep pace with digital transformation, a phenomenon that exacerbates socio-economic inequalities, affects individuals’ mental wellbeing and limits their development opportunities, especially in societies that rely on modern financial solutions. Addressing financial exclusion should therefore be a key priority for contemporary financial institutions.

Financial exclusion has been studied in the context of the banking sector, with banks implementing innovations both to advance the financial sector and shape consumer behaviour and needs.

Research Methodology and Objectives

The research presented in this article addresses three key areas:

• a theoretical overview of the phenomenon of financial exclusion, including its definitions, classification and causes;
• the problem of financial exclusion from the perspective of banks, with examples of innovations introduced to counteract financial exclusion within the banking products and services segment in Poland, as well as their impact on the accessibility and quality of financial services for various recipient groups;
• findings from a comparison of information obtained from reports issued by selected banks with the results of a survey on financial exclusion.

The article posits that it is possible to identify areas of exclusion and categories of innovation that can guide banks in adopting a standardised approach to communicating their actions towards tackling financial exclusion, which would help them identify neglected areas of products and services and better align them with the real needs of excluded groups.

The research methods employed include: a literature review on financial exclusion and related studies, an analysis of banking reports and online content from banks’ websites, a comparative analysis of banking solutions aimed at counteracting financial exclusion, and a survey study.

The main objective of the research is to conduct a comparative analysis of innovations on banking products and services market in the financial sector using examples from selected Polish banks, as well as to demonstrate their role in preventing financial exclusion. The specific objectives include:

• identifying the types and causes of financial exclusion;
• identifying innovative solutions introduced by selected Polish banks in the area of financial products and services aimed at counteracting exclusion;
• presenting findings from the comparative analysis of financial products and services of selected banks in terms of their impact on financial exclusion;
• formulating conclusions and recommendations based on the survey results to combat financial exclusion.

Q1: What are the types and causes of financial exclusion in the context of today’s socio-economic conditions?

Q2: What product- and service-based innovations are being introduced by banks to counteract financial exclusion?

Q3: What issues related to financial exclusion are identified and communicated by individuals in this context?

The Nature of Financial Exclusion and Its Determinants

With the digitisation of banking services, cost reductions and sector consolidation, financial exclusion is no longer perceived solely as a matter of lacking access to a bank branch (Węcławski, 2015, pp. 196–197). It is increasingly linked to digital and technological exclusion, social and economic barriers, health-related factors (both physical and mental) and institutional actions (see Figure 1).

Figure 1
Financial Exclusion – Causes and Areas for Innovation Deployment

Source: author’s own work.

Digital and technological exclusion may arise from a lack of access to software, the Internet, devices (computer, printer, smartphone, tablet) and operational skills, as well as from limited knowledge or familiarity with modern information technologies and the digital world, or even fear of new technologies. Social and economic exclusion refers to the marginalisation of individuals or specific social groups (e.g. the elderly or low-income populations) from various aspects of social life due to remoteness, availability of services, economic conditions (e.g. unemployment, low income), lack of access to education, health constraints (such as pandemics, chronic illness or addictions), cultural background or housing conditions (e.g. homelessness, poor living standards or housing insecurity). Health-related exclusion may be physical (e.g. difficulty accessing a branch) or mental (e.g. fear of change, self-exclusion or the lack of tailored solutions for vulnerable groups). Banking exclusion may result from the pricing of services, limited availability to specific groups, product offering, branch and ATM location, absence of assistive features in ATMs for people with special needs (e.g. persons with disabilities), denial of credit applications, lack of interest in supporting or recognising the needs of certain social groups, lack of support for individuals in debt, insufficient staff training, and inadequate support mechanisms for socially excluded individuals.

Financial exclusion—as a scientific concept—emerged in the 1990s (Leyshon & Thrift, 1995) and refers to limited or a lack of access to financial resources or banking services and other financial instruments, including digital financial tools and services. It can involve difficulties experienced by individuals and households (Maciejasz-Świątkiewicz, 2013), or can stem from ineffective institutional strategies (Warchlewska, 2022). Those particularly vulnerable include the elderly, people with limited financial literacy, those in financial hardship, and individuals with limited capacity to save, invest or engage in financial planning.

The European Commission identifies four areas of financial exclusion (European Commission, 2008, pp. 11–14): banking exclusion – lack of access to bank accounts, failure to save, avoidance of banking transactions and electronic payments (Warchlewska, 2020, p. 133); savings exclusion – inability or absence of a habit of saving, lack of trust in banking institutions; credit exclusion – problems obtaining credit, insolvency, late repayments or lack of creditworthiness; insurance exclusion – lack of insurance coverage.

In academic literature, the phenomenon of financial exclusion is characterised according to criteria such as access-related, usage-related and quality-related (Warchlewska, 2022), where exclusion may refer to factors that hinder access to services (lack of resources, unemployment) or the use of financial resources (lack of financial knowledge, place of residence, beliefs, lack of trust) (Beck et al., 2009, p. 122). Another criterion is the scale of the phenomenon: macro – applies to countries and business activities, meso – applies to social, occupational and age groups (Folwarski, 2021, p. 132), as well as households (Tokarski & Kopczyński, 2024; Ustawa o narodowym spisie powszechnym, 1999), and micro – applies to individuals (Anderloni & Carluccio, 2007, pp. 6–7; Kuchciak, 2020, p. 42).

The National Bank of Poland (NBP) uses the concept of banking inclusion instead of financial exclusion. Another criterion is financialisation, which refers to the degree (extent) of use of financial products and services available at a given time (NBP, 2024).

The measurement of exclusion is a very important issue. Studies on the level of banking inclusion in Poland are mainly conducted by the NBP and take into account the results of other European Union countries (Kuchciak, 2020, p. 46). Referring to an amendment of the banking law, the Bank for International Settlements in its 2016 report (Gadanecz & Tissot, 2016) emphasised the difficulty of developing a universal method for measuring banking inclusion. Comparative results on the scale of financial exclusion can be obtained from the cyclical survey ‘The Global Findex Database’ conducted by the World Bank, which considers four types of banking exclusion: in terms of account ownership, payment transactions, savings products and credit products (Demirgüç-Kunt et al., 2015, p. 62).

Causes of Exclusion

Financial exclusion and its causes and effects may be based on various foundations, such as accidental factors, personality-based (individual) and structural (Maciejasz-Świątkiewicz, 2013, pp. 39–40), with exclusion influenced by social, supply-side and demand-side factors (European Commission, 2008, p. 45; Milic-Czerniak, 2019, p. 45; Warchlewska, 2022, pp. 49–56). The causes of exclusion can be divided into those stemming from the individual (lack of education, resistance to using services, fear of losing control over finances) and those resulting from institutions (assessment of creditworthiness and financial risk, terms and conditions, types and prices of financial products). The factors of financial exclusion may be permanent and temporary, or primary and secondary (Kempson & Whyley, 1999, p. 1; Wallace & Quilgars, 2005, p. 12). The cause of financial exclusion may be a mismatch between the offer of financial products and services provided by institutions and the needs and capabilities of clients. Financial exclusion may be the result of dynamic changes in the financial services market, as well as demographic and social changes (Maciejasz-Świątkiewicz, 2013, pp. 26–27).

In summary, the causes of financial exclusion are diverse and result in limitations in access to and use of financial products and services, difficulties in everyday functioning, an increase in social inequality, a lack of future security and psychological consequences.

Banking Innovations Aimed at Counteracting Financial Exclusion

Innovation is the introduction of ideas (evolutionary or revolutionary) concerning products, services, technologies, processes or business models into the market. Innovations in the area of finance may include: products and services, processes, marketing, methods of communication with clients, methods of promotion, product parameters, pricing strategies (fee-free account), work organisation or cooperation with internal or external stakeholders, information technologies (mobile, cloud-based, data analytics), transactions – acquisition, collection, sharing of data and information (API interfaces, blockchain, cashless payments), and projects in the form of initiatives or social campaigns. This includes both technological changes and innovative approaches to risk management (based on artificial intelligence, predictive analytics), as well as customer relations (using chatbots, biometrics). According to the Organisation for Economic Co-operation and Development (OECD), the following innovations can be distinguished in the field of banking (Ćwik, 2011, pp. 241–252): process, product, marketing and organisational, while banking innovations may also be classified as social, technological and strictly financial. Innovations in banking concern new products and services, as well as changes in processes and organisational structures, and have an impact on marketing and social functions. Innovations in the Polish banking sector can be divided into the following categories (Folwarski, 2021, p. 23; Solarz, 2024, p. 44): product, process, organisational, marketing and social; according to geographical scope; scale and pace of implemented changes; implementation period; benefits; reasons for the emergence of innovations; sources and originality of changes. The development of digital technologies has transformed banks ‘from a place clients visit to an activity they perform’. Modern innovations in banks differ from earlier ones – they are based on the analysis of customer needs and experiences, rather than solely on the bank’s objectives.

Banking innovations should include (Herbst, 2006, pp. 7–10): the discovery of a new business model (Miklaszewska & Folwarski, 2020, p. 149); the modification of existing tools and the development of new ones (Miklaszewska & Folwarski, 2020, p. 183); the discovery of methods to reduce risk; the creation of an environment enabling greater employee involvement in the development of work improvements. A key area of innovation in banking is the need for a shift in relationships with clients from Customer Relationship to Customer Experience (Miklaszewska & Folwarski, 2020, p. 49). Implementing innovations is costly and risky (Szustak et al., 2020, pp. 31–39), with innovations currently representing one of the most important factors in banks’ competitive strategies and determining market success or failure in the battle for customers (Kasiewicz, 2018, p. 21).

Product-Related Banking Innovations

Banking products include bank accounts, loans, payment cards, savings deposits and financial registers. Accordingly, product innovations include:

• new (better) contract terms concerning bank accounts (e.g. ‘selfie’ accounts),
• no account maintenance fees,
• savings deposits with an investment component,
• loans available via an app,
• contactless ATM cards with PayPass and PayWave technology,
• investment registers,
• shareholder registers – for companies with a bank account,
• digital wallets.

Selected banking product innovations are presented in Table 1.

Table 1
Banking Innovations – Related to Banking Products

Source: author's own work based on annual reports of BNP Paribas, ING, PKO BP (Raporty okresowe [Periodic reports], retrieved April 21, 2025, from https://www.bnpparibas.pl/relacje-inwestorskie/raporty-gieldowe/raporty-okresowe; Wyniki finansowe [Financial results], retrieved April 12, 2025, from https://www.ing.pl/relacje-inwestorskie/wyniki-finansowe; Wyniki finansowe i prezentacje [Financial results and presentations], retrieved April 21, 2025, from https://www.pkobp.pl/relacje-inwestorskie/wyniki-finansowe-i-prezentacje/ and bank websites of: Alior Bank, BGK, Millennium, Santander and VeloBank (Bilety i parkingi w Alior Mobile [Tickets and parking in Alior Mobile], retrieved May 6, 2025, from https://www.aliorbank.pl/klienci-indywidualni/uslugi/bilety-parkingi.html; Pożyczki unijne [European Union loans], retrieved May 6, 2025, from https://www.bgk.pl/produkty/pozyczki-unijne-2014-2020/; Program Lubię to polecam! [The "I Like It, I Recommend It" Program], retrieved May 6, 2025, from https://www.bankmillennium.pl/klienci-indywidualni/konta-osobiste/lubietopolecam; Raport ESG [ESG Report], retrieved May 6, 2025, from https://esg.santander.pl/; VeloFotka [VeloPhoto], retrieved May 6, 2025, from https://www.velobank.pl/klienci-indywidualni/kredyty/kredyt-velofotka.html).

The innovations concern digital products and related solutions, such as the availability of processes in banking applications (digitisation), simplification of document language, website and application accessibility according to the WCAG (Web Content Accessibility Guidelines), biometric data handling, behavioural verification, voice-based delivery of authorisation codes (voicecode), and second-factor authentication.

Service-Related Banking Innovations

In addition to banking products, banks also offer numerous services: basic, which include the initiation and servicing of banking products; advisory and educational; additional, also referred to as non-banking (e.g. Value Added Services) (Olechowski, 2024).

Banking services are client activities carried out by banks, provided through traditional methods at branches and via digital banking. Banking innovations in the area of basic financial services include, among others:

• simplified rules for opening an account online, including via ‘selfie’
• launching electronic banking based on a payment card;
• servicing deferred payments such as BNPL (buy now, pay later – pay in 30 days) or subscriptions (instalment payments);
• adding an account and card from another bank;
• providing e-identity;
• verification of customer service consultants;
• behavioural verification and second-factor authorisation (Universal 2nd Factor, U2F);
• biometric authorisation during login;
• blocking personal documents via the banking app or helpline;
• support service through virtual voice assistants (voicebots), text assistants (chatbots), and artificial intelligence (robo-advisors);
• enabling access to the Central Register and Information on Economic Activity (CEIDG);
• 24-hour support helpline in cases of fraud.

Banking innovations in the area of additional financial services (beyond banking) include such services as:

• BLIK (www.blik.com/pl);
• automated document signing;
• purchase of public transport tickets;
• parking or motorway toll payments;
• telemedicine;
• parcel tracking;
• purchase of gift cards;
• integration of services with land and mortgage registers, currency exchange services, brokerage;
• purchase of investment gold, bonds;
• purchase of life or car insurance;
• filing of public administration applications (child benefits);
• identity verification in public administration matters;
• support for business activity through basic accounting services;
• ATMs with the option of connecting audio headsets;
• ATMs with Braille markings.

Services aimed at supporting people with special needs include: sign language interpreter support, simplification of language in descriptions and documents, transcription of documents, adaptation of branches for persons with disabilities, self-service stations at bank branches, ATMs and deposit machines with the option of connecting headphones and changing the font and screen contrast, and combining the physical and digital world (phygital), such as checking one’s account balance via an ATM or ordering a payment card via a bank kiosk.

Research Findings

Based on the example of three selected banks in Poland, i.e. PKO BP S.A., ING Bank Śląski S.A. and BNP Paribas Bank Polska S.A., banking reports from the years 2020–2023 were analysed in terms of how banks counteract exclusion. In terms of the number of clients, these banks rank as follows: PKO BP – first, ING – fifth, BNP Paribas – eighth (Boczoń, 2023). The selection of banks was based on the transparency of the banks’ activities and access to the history of their banking reports, the representativeness of key trends in the Polish banking sector, and the diversity of banking models.

In the assessment of the impact of innovations on financial exclusion, a three-point scale was adopted to evaluate the banks’ solutions: positive (Table 2), neutral and negative. In the comparative analysis of banks, the following evaluation categories were adopted: (1) apps (product-service innovations), (2) education (educational innovations), (3) bank branches (organisational innovations), (4) assistance (social innovations), (5) operational processes (process innovations), and (6) projects (project-based innovations). Based on the solutions provided by banks in the specific categories, an assessment was made of the impact of banking innovations on financial exclusion, followed by relevant conclusions.

In the Apps category, it was found that all the analysed banks, due to the advanced digitalisation of processes, offer extensive access via remote channels in the form of a mobile or web app. With regard to the Education category, banks provide training and develop education in the area of finance. In the Branches category, the analysed banks reduce costs by eliminating ATMs and branches, or relocating them to more commercially attractive locations, justifying this with the progressing digitalisation of products and services, which limits access for older people. According to the Polish Central Statistical Office in 2023 there were nearly 8.8 million post-working-age persons (60/65+ years old) in Poland, and by 2050 the number of people over 60 is expected to reach approximately 13.7 million, accounting for around 40% of the estimated total population in Poland (GUS, 2024). In terms of the Assistance category, all the analysed banks declare that they provide help to their clients via remote service, branch service and customer support. With regard to the Processes category, the analysed banks offer additional, non-financial processes, such as the possibility to purchase a car or verify carbon footprint. They develop their processes, taking into account people with disabilities and the elderly, offering improvements for better perception of document content and the handling of financial products. In the Projects category, all banks show involvement in implementing projects mainly related to the financing of products and services for young clients, as well as startups.

Table 2
Summary of the Number of Positive Measures to Address Financial Exclusion by PKO BP, ING and BNP Paribas based on an Analysis of Banking Reports from 2020–2023

Source: author's own work based on banking reports from 2020–2023 BNP Paribas, ING and PKO BP (Raporty okresowe [Periodic reports], retrieved April 21, 2025, from https://www.bnpparibas.pl/relacje-inwestorskie/raporty-gieldowe/raporty-okresowe; Wyniki finansowe [Financial results], retrieved April 12, 2025, from https://www.ing.pl/relacje-inwestorskie/wyniki-finansowe; Wyniki finansowe i prezentacje [Financial results and presentations], retrieved April 21, 2025, from https://www.pkobp.pl/relacje-inwestorskie/wyniki-finansowe-i-prezentacje/).

In terms of areas relevant from the perspective of exclusion, PKO BP stood out in counteracting exclusion in the categories of Apps, Branches – the largest branch network, and Assistance. ING stood out in the areas of Apps – best stability, Assistance – robo-advisory, and Projects – conducting them for the benefit of society. BNP Bank stood out in the categories of Branches and Processes – in the field of digital optimisation.

In addition, as an extension of the study, a survey was conducted using a questionnaire (from April to May 2024). The study was carried out using the Computer Assisted Web Interview (CAWI – online questionnaire) and Computer Assisted Personal Interview (CAPI – computer-assisted face-to-face interview) methods, with a total of 68 respondents taking part, representing all age groups. The respondents’ households most often consisted of 2 or 3 people, with most of the respondents coming from cities with up to 50,000 inhabitants or from 150,000 to 300,000 inhabitants. An infographic was prepared (Figure 2) based on the answers to 22 single- and multiple-choice questions, including a grid of selection fields.

Figure 2
Infographic Presenting the Results of the Survey

Source: author’s own work.

Based on the research findings of banking reports and the survey, the following conclusions were drawn regarding financial exclusion:

• The issue of inflexible working hours of bank branches or their closure, resulting in the inability to contact a bank employee conveniently, as banks aim to optimise operational costs.
• The issue of communication and complex language. Banks declare that they introduce simplified language in documents and in communication with clients.
• Limitations related to age, disability and distance from branches. Banks offer staff training, as well as technical and technological facilities.
• Limitations related to fees for banking products or services. Banks declare that they also launch low-cost or zero-cost products.
• The issue of clients’ inability to use banking apps, lack of financial knowledge or experience. Banks offer demo versions of apps and support clients at branches.
• The lack of effective actions aimed at people who fear or are reluctant to accept changes. Banks mainly focus on educating children, youth and those professionally active, while neglecting the elderly or self-excluded individuals.
• Limitations in payment methods (respondents indicated contactless payments, in-branch transfers and BLIK code payments as the user-friendliest for financially excluded individuals).
• The problem of exclusion due to financial reasons. Respondents pointed to the need for maintaining free basic services and operations and establishing information points.
• Limitations in the integration of banking services with services of other institutions, the standardisation of procedures and technologies, and process automation. Banks are integrating their services with those of other entities, and standardising procedures using fintech solutions (Szpyt, 2024; Szustak et al., 2020, p. 23).

Summing up the above conclusions, banks should act in parallel (Figure 1) to address:

• Digital and technological exclusion – develop and communicate new solutions, organise activities, integrate and automate processes.
• Social exclusion – build trust in institutions, eliminate people’s fear of change (develop desirable attitudes, establish lasting relationships with clients or educational institutions to reduce financial exclusion, open information points for the elderly), ensure geographical accessibility (avoid closing branches, update their locations and adjust them to local transport or demographic needs).
• Economic exclusion – offer basic financial services free of charge to make it easier to acquire clients and apply fees only to advanced-level services or those requiring relational involvement by the bank.
• Health-related exclusion (physical and mental) – support people with special needs and the elderly.
• Banking exclusion – provide education on procedures, regulations, products and banking services through financial advisors, ambassadors and cooperation with social institutions.

The implementation of banks’ digital development strategies should not overlook social, economic or health-related aspects. The best approach would be to maintain a state of balanced integration (Davis, 2013; Szelągowska, 2019), that is a sustainable combination of the transactional (technological) and relational (social) approach – reconciling the goals of banks and their clients.

Summary

The article systematised knowledge on the definition of financial exclusion, its types, and which types of exclusion contribute to financial exclusion. The causes of financial exclusion were identified, providing insight into what types of innovation, in the division into products and services, are introduced by banks in order to counteract financial exclusion. Solutions offered by three selected banks were compared by analysing their banking reports from the years 2020–2023 and their websites, and the challenges faced by respondents in accessing and using banking products and services were presented.

The issue of exclusion is multidimensional (Figure 1). Financial exclusion consists of digital and technological, social and economic, health-related and institutional (e.g. banking) exclusion, with the causes of exclusion including one’s financial and social situation, psychological factors, lack of education in the area of finance, age, place of residence, health condition, credit history, and lack of technological knowledge. Banks attempt to take these aspects into account in order to counteract financial exclusion by offering solutions in the area of products and services.

The solutions proposed by banks relate to innovation in the areas of apps, education, branches, assistance, processes and projects (Table 2). Based on the analysis of annual reports from 2020–2023, it follows that banks were active in the analysed categories of innovation, undertook actions aimed at reducing financial exclusion, and digitalised products and services, but at the same time they closed branches, which is unfavourable for digitally excluded individuals, for whom the bank branch may be the only channel for accessing financial resources or paying bills.

The analysis of selected banks made it possible to verify the thesis by identifying areas of financial exclusion (Figure 1), categories of innovation (Table 2) and its contributing factors (Figure 2), showing that the issue of financial exclusion requires the unification of institutional guidelines regarding solutions aimed at counteracting financial exclusion, as banks pay attention to minimising exclusion in different categories of action. This would lead to banks taking an interest in categories in which they had not previously acted to reduce exclusion, and better tailoring products and services to the real needs of the financially excluded.

In conclusion, contemporary banks mainly focus on technological solutions, offering help and support in solutions related to the use of digital technologies, which this does not eliminate exclusion in access to products and services by individuals lacking knowledge of IT technologies, with weak financial literacy, or reluctant to change due to reasons that are either dependent on themselves (self-exclusion) or beyond their control.

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