Financial inclusion, and its link to fintech, is high on the development agenda globally. Inclusive fintech needs to be on the US agenda as well.
Seizing 4 key opportunities can accelerate both financial access and financial wellness in the US’s own emerging market for fintech solutions.
- Credit unions can be innovation hubs to serve the underserved: Arguably, they should be on the front lines of serving the millions who either lack bank accounts today or who are otherwise financially vulnerable.
- Employers can turn financial services into returns on investment: In 2018, we hope to see more discussion of the risks and tradeoffs for employees from the shift of financial services and management to the workplace.
- Chatbots can fill a financial education gap for millions: We’re not there yet! But machine learning, artificial intelligence, and big data analytics are coming, for better and worse.
- Combine financial needs and advocacy in one convenient app: As an example, one initiative aimed at simplifying access to a financial service specifically for low-income Americans ran a pilot to collect data on how welfare payments were being used. The hope was that using the data in aggregate to advocate for greater funding.
Read the full article on inclusive fintech by Andria Thomas at ImpactAlpha
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