The document discusses two contrasting approaches to achieving universal financial inclusion: 1) A "product menu driven" approach where customers choose from standalone financial products offered by various providers with low emphasis on agent expertise. 2) A "financial well-being" approach where local financial institutions develop tailored propositions based on customer risk profiles and provide expertise to help customers choose strategies that meet their needs. 3) It argues the second approach holds more promise for meaningful inclusion but challenges include how to train large numbers of "wealth managers" and regulate for good customer outcomes at scale.

1. Nachiket Mor, Bindu Ananth and Suyash Rai October 23, 2009 Universalising Complete Access to Finance – Key Conceptual Issues