Fintech offers a welcome new paradigm for fair and accessible financial services and opportunities and is reshaping the financial landscape in powerful ways:
- Modern payments systems reduce costs and quicken delivery of funds, which may be the difference between having to pay an overdraft fee or not;
- Lending platforms and innovative approaches to underwriting expand fair access to capital for consumers and small businesses;
- Personal finance apps help consumers improve their financial health by helping prioritize paying back high-cost debt, managing personal cash flows, and avoiding fees;
- AI/ML, cloud, and blockchain-based innovations upgrade financial infrastructure to reduce costs and drive efficiencies; and
- Fintech platforms are expanding equity ownership, offering long-term investing strategies, and providing low-cost access to advice and opportunities previously available only to a select few.