Looking forward

While this report reviews and highlights a large body of research, it also identifies many gaps in our knowledge. 

• Much more research is needed to measure and track access to financial services, to evaluate its impact on development outcomes, and to design and evaluate policy interventions. 
• Building data sets on access to finance that benchmark countries annually would help focus policymakers’ attention and allow us to track and evaluate reform efforts to broaden access. 
• Better data on the firm and household level are important in improving our understanding of the impact of access.  Indeed, household surveys are often the only way to get detailed information on who uses which financial services from which types of institutions, including informal ones.

In evaluating impact, randomized field experiments are promising.  By introducing a random component to assignment of financial products, such as financial literacy training or random variation in the terms or availability of credit to micro-entrepreneurs and households, such research can illustrate how removing barriers and improving access affects growth and household welfare. 

Finally, careful evaluations of direct interventions would also help improve design of policies to build more inclusive financial systems.