Fintech
What more could your FinTech do to bridge the financial accessibility gap?
Now, with a focus on social and environmental impact, the term “fintech for good” has evolved from its initial meaning of charity. But it doesn’t stop there. This July, we’re on the hunt to discover how the fintech sector is doing “good” for local communities and the world, revealing current and future plans to make changes.
As we approach the end of our attention on accessibilitywe turn our attention to what companies can do to close the affordability gap. As we hear how fintechs in general can improve the financial affordability gap, we were pleased to hear how some leaders reflected on their own companies and explored the next step to be more inclusive.
Better communication
Svetlana Kouznetsovaindependent consultant for B2B accessibility strategies, explains that fintech companies can be more accessible by acting on customer requests.
“As an accessibility consultant, I believe fintech companies can do more to improve accessibility for their disabled customers.
“They need to incorporate accessibility into every stage of product development and their customer support systems. This includes working with accessibility experts to optimize accessibility strategies, engaging disabled users for feedback, and providing comprehensive training for their teams on accessibility best practices.
“Furthermore, fintechs should offer alternative support services, such as dedicated email options, text messaging, and video calls with text chat and automated captions for customer service.
“They should also provide detailed guidance on how to use their services with assistive technologies and accessible formats for all communications. These technologies must be modern, not obsolete. By prioritizing accessibility, fintech companies can tap into the significant market potential of disabled people and their networks.”
Improving financial inclusion using emerging technologies
When asked how your fintech could be improved, Mitchell DiRaimondofounder and main project manager of Steel Wave Digitalthe multipurpose investment management firm, has taken it a step further and identified how SteelWave Digital can evolve.
“SteelWave Digital can further bridge the financial accessibility gap by expanding its strategic partnerships with global liquidity providers to improve capital flows in underserved markets.
“By leveraging blockchain technology, SteelWave can ensure transparent, secure and efficient transactions, democratizing access to high-quality commercial real estate investments. Additionally, launching educational initiatives to increase financial literacy and awareness of digital assets and their benefits can enable more individuals to participate in the financial ecosystem.
“Exploring innovative solutions such as tokenization of real-world assets can also enable fractional ownership, making high-value investments accessible to a wider audience, thereby improving financial inclusion globally.”
Identify groups that need inclusion
It’s fine to say you want to be more accessible, but how Deep Varmatechnical director Alcamithe digital banking solutions provider, emphasizes that companies need to know which groups they want to be most accessible to. Then, they need to tailor their education to them.
“FinTechs working to bridge this gap should focus on developing a superior user experience within the online platform and mobile channel. They should continue to invest and focus on supporting a diverse set of mobile devices, supporting the consumer demand for convenience and speed across multiple web experiences.
“These enhancements will enable more users to leverage a platform virtually and better position them for success in an increasingly digital world.
“It is also critical that fintech leaders and teams prioritize financial awareness and education to better identify groups experiencing financial distress and devise how digital channels can more successfully meet their needs.”
Putting customers at the center of business
James StokesHead of Business, UK & Nordics – Informationomnichannel marketing platform, highlights how identifying a common goal with a partner is a sure way to improve your fintech. He adds how important it is for this goal to keep customers at the center of any innovation.
“Fintechs will continue to benefit from the radical transformation of the banking industry, rapid digital adoption and the boom in eCommerce in developing economies. Banking, financial services and insurance players who want to take advantage of the opportunities presented by digital financial inclusion need the right technology partner to connect seamlessly with customers.
“Companies that provide scalable, full-stack solutions that can digitally transform financial institutions on a single platform, while keeping businesses and their customers protected with multiple authentication methods that are not susceptible to external attacks, companies that specialize in digital and omnichannel customer engagement, digital identity, and security will thrive in this environment and play a critical role in banking for the unbanked.
“In the world of finance, technology should and can serve people. By using modern technology and taking proactive security measures, fintechs must put customers at the center of their business to keep customers and their businesses safe.”
