Fintech has blossomed far beyond convenient digital payments and card acceptance. Startups are taking on every aspect of the traditional banking system, introducing better, faster, and cheaper financial services to the world. Technology can level the playing field, creating access to finance for those who have traditionally been turned away.
A new Wave of Innovation
We are living through a boom of innovation in finance, fueled not by traditional players, but a new generation of financial startups that leverage technology. These Fintech companies have built new loan products, automated savings and investment algorithms, and instant payment solutions that are as intuitive to use as a food delivery app
A Billion Possibilities
Where fintechs in the US have made great strides to improve our financial system, they have made parabolic changes for people in the developing world. Mexico, India, China, and Kenya are natural hotbeds for financial innovation: millions of their citizens have been excluded by traditional banks who have never been able to serve the base of the pyramid profitably.
Mohammed Yunus, founder of microfinance and Nobel prize winner, proved to the world that the poor are better at paying back their loans than the rich.
Startups are now leveraging smartphone penetration to reach people far beyond the nearest branch, using big data and automation to offer affordable, transformative financial services.
In Mexico, Uber drivers can access a digital line of credit based on their driving history, helping them cover basic expenses during a week of low earnings.
In India, small farmers can use an app to monitor their crop, receive technical assistance to improve yield all while generating data which is used to underwrite an agricultural loan.
In the United Arab Emirates migrant workers are denied checking accounts, but a fintech has sprung up to give them a debit card tied to an app which enables them to send low-cost remittances to their families.
Before blockchain, it was very expensive to move money in and out of Africa.
One fintech working in Ghana and Kenya leverages cryptocurrency to enable instant transfers 90% cheaper than the banks.
While big banks have been wasting their money on bricks and mortar, Washington lobbyists, and legions of outsourced call center reps, startups are serving the people banks have long ignored.
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