For many around the world (especially those in rural areas), access to financial services represents a major problem; however, FinTech is bridging that gap and helping more and more consumers access them. Here a few ways FinTech is helping the unbanked and underbanked access financial services in 2018:
- Online lending – online lending has enabled almost anyone with an internet connection the ability to access financial services. Moreover, FinTech’s innovative approaches to decision-making also allows those with little or no credit histories to demonstrate their creditworthiness through other factors such as income, employment stability, bank account history and length of residence.
- Online banking – beyond just lending, online and mobile banking offer consumers the ability to remotely access a full range of banking services previously only available at branch locations.
- Business banking integration – much as with individual consumers, FinTech has also allowed remote businesses the opportunity to easily access financial services through apps and the internet. Furthermore, FinTech also allows businesses to streamline their accounting and financial operations and even remotely apply for small business loans.