WSBI members play an essential role in the large and cost-effective distribution of basic savings services, both in developed and emerging economies. WSBI members are the biggest providers of savings accounts in the world. They provide 1.1 billion accounts of the 1.4 billion accessible accounts existing at financial institutions that target the mass market.
As solid financial intermediaries operating in the formal sector, WSBI members have proven to be instrumental in setting a vigorous savings mobilization policy. A combination of factors like proximity, accessibility, attractive products and services and safety has proven a key to their success in mobilizing savings deposits.
The World Savings Banks Institute advocates the importance of the mobilization of domestic resources and recognizes the potential for development and the reduction of poverty that arises from it. We emphasize that our members are principal agents in their local economies, as they mobilize savings into the formal financial sector, effectively channeling resources for investment opportunities in local, regional or international markets.
The World Savings Day, is celebrated yearly on 31 October by the World Savings Banks Institute (WSBI), on the occasion of its inception in 1924. The World Savings Day honours the vertue of savings as a prerequisite for financial stability and economic growth. Furthermore it recognizes the importance of savings banks in their role as promoters and facilitators of savings.