Fintech as a force for good

There is an enormous opportunity to create a more inclusive global society through the powers of fintech and cryptocurrency. The rate of development of new technology will surely lead to enormous societal impact over time.

This is not to say fintech or blockchain technologies might ‘solve’ financial exclusion by their very nature. However, there are many consequences to consider and there is a need to resist building technology for its own sake in such an exciting new industry.

“Fintech startups can use technology to increase access to and improve the quality of financial services for those who are currently un-banked or under-banked.”

According to The World Bank, over 1.7 billion people worldwide don’t have access to adequate banking services. In Australia alone, there are approximately 3 million people severely or fully excluded, according to Good Shepherd Microfinance.

Many people are excluded due to myriad traditional barriers including the inadequacy of banking infrastructure, a lack of technology or geographic remoteness. But even in the most remote regions of the world, the emergence of smartphone technology and other innovations means those traditional barriers are falling.

Acting strategically, fintech startups can use technology to increase access to and improve the quality of financial services for those who are currently un-banked or under-banked.

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Source: Fintech as a force for good