Growing uncertainty in global financial markets and trade policy is causing disruption globally, with low-income people and small business owners facing the most severe consequences. This disruption is creating an urgent demand for leaders working to expand pathways to economic opportunity and resilience through digital innovation.

Leaders spanning insurance, fintech, microfinance, e-commerce, development finance, banking, and beyond all have a role to play in answering this need — and building a better future for financially underserved communities.

Since 2006, the HBS-Accion Program on Strategic Leadership in Inclusive Finance has fostered connections and insights for more than 1,200 of these leaders, representing more than 100 countries and more than 500 organizations. In March, the program welcomed 77 professionals from 38 countries to the Harvard Business School campus for a week of building cross-sector and cross-border learnings, while exploring case studies in financial inclusion, digital technology, and business management.

I spoke with five participants from this year’s program about the most urgent challenges they’re facing today — and what they need to achieve success in the future.

1. Geopolitical conflict and instability

A challenge frequently cited by these leaders: today’s unstable geopolitical climate affecting underserved populations. This challenge is acutely apparent to Amer Hidmi, General Manager of Vitas Palestine, which provides financial services for low-income clients in Gaza and the West Bank.

“We are going much more digital because of the situation,” he explained, adding that this shift has created the additional challenge of strengthening the cybersecurity of their products and services.

“We need to be available 24-7 to answer our clients’ needs,” Hidmi said. “Especially with our instant lending solution for our clients. We’re providing a $50 nano-loan for clients to use digitally and buy goods. We need to make this product more stable and reliable for our clients, so they can rely on us.”

“Our $50 nano-loan solution not only promotes financial inclusion, but also functions as an advance salary mechanism for employees and provides instant liquidation options for insurance claims,” Hidmi explained. “This dual-purpose offering enhances operational flexibility while maintaining our commitment to 24/7 availability. By ensuring seamless digital accessibility and transactional reliability, we aim to solidify trust and deliver uninterrupted support for both client and organizational needs.”

2. Lack of trust

A common challenge cited by these leaders was the distrust of digital financial services, which is prevalent among low-income communities that have had historically lower levels of digital connectivity. This is especially true for the insurance industry, where trust is perhaps the main selling point.

“To build trust, we need to build fast and transparent claims processes, so we can give confidence to clients to trust in insurance, and so we can better reach underserved populations in emerging markets,” said Claudia Hoyos Peniche, who focuses on Emerging Customer and Partnerships Strategy at AXA.

She added, “We also need to ensure affordability, human-centered product design, and efficient partnerships. When selling our products through distribution channels, it’s important to have products that are simple to understand and that are affordable for clients.”

Rosnita Wirdiyanti, Deputy Director of Information Analysis and Cooperation for Market Conduct Supervision, Education, and Consumer Protection at the Indonesia Financial Services Authority, shared similar thoughts.

“Our last survey showed that almost 80 percent of people are already included in the financial system in Indonesia,” Wirdyanti explained. “The problem is, many of these people only access basic products, and they are not fully educated in the financial system.”

Wirdiyanti pointed to the power of digital technology to help overcome this challenge. “Digitization is a double-sided sword,” she said. “If we can do this right, we can leverage the benefits of digitization to not only advance financial inclusion, but to educate people about how to apply financial services to their lives.”

She added, “The financial sector is a business of trust. Financial education is one of the most effective tools to build public confidence in the financial system. People often don’t trust what they don’t understand.” She further emphasized that adequate financial education is essential, particularly for new consumers, to help them make informed decisions and avoid falling into unsound financial practices that could lead to over-indebtedness.

3. Going digital in the modern economy

Leaders also pointed to the numerous challenges that come with modernizing companies and services for the digital age. Financial sector regulators must thread a particularly narrow needle. “As a regulator, you have to balance innovation and customer protection,” said Felicity Mabaso, Divisional Executive for Licensing and the Business Centre at the Financial Sector Conduct Authority (FSCA) of South Africa.

For example, Mabaso cited the FSCA’s work to ensure the responsible management of cryptocurrency assets within South Africa. The FSCA also established a dedicated fintech function and regulatory ‘sandbox’ to foster innovation while simultaneously managing consumer risks and ensuring compliance.

For established financial service providers, “digital transformation is inevitable,” said Shabnam Wazed, founder the startup Agam.ai, which is working to digitize microfinance and inclusive financial service providers in Bangladesh. “However, there are a lot of ‘ifs’ and ‘maybes’ when it comes to digital transformation.”

Wazed elaborated, “When we first launched, the idea that a loan could be completely digital with no physical signature required — that concept did not exist. We essentially opened and created a market that wasn’t there before.”

She added, “Successful digital transformation requires trust and experience. Not every startup can come in and help a financial service provider digitally transform; you need a fundamental understanding of how tech in banking works.”

Wazed’s experience on the HBS campus in March has helped her and her peers deepen this understanding — and build valuable connections to tap in the future. “It’s been fascinating to get to know so many different solutions,” she said.

She added, “For professionals in our field, there’s no other opportunity to see so many ideas exchanged from so many perspectives, all in one room. This is a once-in-a-lifetime experience.”

Learn more about the program and sign up to be notified when applications open for the 2026 cohort at this link.