GAUGING THE MARKET be brought under regulatory supervision to better protect users .
When are FinTechs a ‘ force for good ’?
A FinTech that is a force for good needs to reach wider communities than just those using their institution . FinTechs can be innovative in their approaches , having both the ability and potential to help people in need . We ’ re already seeing examples of this where FinTechs have encouraged financial inclusion , launched sustainability initiatives and helped customers in times of crisis .
I would argue that FinTechs just being FinTechs has had a hugely beneficial impact . By coming into the market with new products and services , FinTechs have caused banks to rethink their way of working , improve customer care and take on a faster approach when introducing new products . These days , even the biggest bank wants to be seen as FinTech !
What will ‘ good ’ FinTechs look like in the future ?
In recent years , financial services have been made both intuitive and more accessible by FinTechs – and we ’ re only at the start of their capabilities .
To stay attractive to this market , purpose and profit should go hand in hand . If this doesn ’ t become the case , we will see a growing number of consumers move to providers who can better align with their
Having access to credit allows consumers to build up their credit score and become eligible for more traditional types of finance .
needs and their values . There is little consumer loyalty , FinTechs should pay attention and look into how they can adapt their offering to have more of a social purpose . � www . intelligentfin . tech
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