Issue #264 -Fintech to spur financial inclusion

The adverse impact of the coronavirus crisis has exacerbated a problem that many Americans were struggling with even before the crisis: How to pay the monthly bills.

There are then, moments in time, that act as trigger points for a series of interconnected events that result in significant human progress, whether through a new technology or a period of transformative societal change.

According to a Chinese proverb, when the winds of change blow, some people build walls and others build windmills.

Partnerships between incumbent banks and fintechs are not yet bearing fruit, and collaboration is proving to be far from seamless, according to Capgemini and Efma's World FinTech Report 2020 seen by Business Insider Intelligence.

This week, fintech startup Propel and nonprofit GiveDirectly announced their role in carrying out Project 100, an initiative to send $1,000 cash transfers directly to 100,000 COVID-impacted American families within the next 100 days.

For decades now, technology has been transforming how people manage and spend their money.

Someone asked me what the coronavirus pandemic means for the future of FinTech. I’ve blogged a bit about that already, referring specifically to this great presentation by Finch Capital:

As retail businesses scramble to get online and banks and exchange houses shutter their doors for the foreseeable future, the one solution for consumers and businesses alike to conduct their financial services, has been financial technology (fintech).

Money management apps are just the tip of the iceberg. The arrival of algorithm-driven autonomous banking is closer than many banking leaders realize. They should understand the significance now rather than have to catch up once the pandemic downturn ends.

In honor of Earth Day, Jason Henrichs explores climate risk and the potential for disruption to financial structures with the very passionate and knowledgeable Jacqueline Jackson Senior Account Director, Corporate Business at Trucost, part of S&P Global. Then he sits down with Aspiration CEO Andrei Cherny to discuss the importance of banking for a better earth, and the great strides Aspiration has made on the frontlines for a sustainable future.