Now encapsulating a focus on societal impact and the environment, the term ‘fintech for good’ has evolved from its initial meaning of charity. But it doesn’t stop there. This July, we are on the hunt to find out how the fintech industry is doing ‘good’ for local communities and the world, revealing current and future plans to make change.
As we near the end of our focus on accessibility, we turn our attention to what firms can do to bridge the accessibility gap. While we hear how fintechs in general can improve the financial accessibility gap, we were delighted to hear how some leaders reflected on their own companies and looked at the next step to be more inclusive.
Better communication
Svetlana Kouznetsova, an independent B2B accessibility strategy consultant
Svetlana Kouznetsova, an independent B2B accessibility strategy consultant explains that fintechs can be more accessible by acting on customer demands.
“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 service systems. This includes working with accessibility experts on optimising accessibility strategies, engaging with disabled users for feedback, and providing comprehensive training for their teams on accessibility best practices.
“Additionally, fintechs should offer alternative support services, such as dedicated email options, text messaging, and video calls with text chat and auto captions for customer service.
“They should also provide detailed guides on using their services with assistive technologies and accessible formats for all communications. These technologies need to be modern, not outdated. By prioritising accessibility, fintech companies can tap into the significant market potential of disabled people and their networks.”
Enhancing financial inclusion using emerging technology
Mitchell DiRaimondo, founder and lead project manager of SteelWave Digital
When asked how ‘your’ fintech could be improved, Mitchell DiRaimondo, founder and lead project manager of SteelWave Digital, the multi-purpose investment management firm, went one 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 enhance capital flows into underserved markets.
“By leveraging blockchain technology, SteelWave can ensure transparent, secure, and efficient transactions, democratising access to high-quality commercial real estate investments. Additionally, launching educational initiatives to increase financial literacy and awareness about digital assets and their benefits can empower more individuals to participate in the financial ecosystem.
“Exploring innovative solutions like tokenisation of real-world assets can also enable fractional ownership, making high-value investments accessible to a broader audience, thereby enhancing financial inclusion globally.”
Identifying groups that need inclusion
Deep Varma, chief technology officer Alkami
It is all well and good saying you want to be more accessible but as Deep Varma, chief technology officer Alkami, the digital banking solutions provider, points out, firms must know what groups they want to be more accessible to. Following this, they must then tailor education towards 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 hone in on supporting a diverse set of mobile devices, supporting the consumer’s demand for convenience and speed across multiple web experiences.
“These enhancements will allow more users to take advantage of a platform virtually and better position them for their success in an increasingly digital world.
“It is also critical for fintech leaders and teams to prioritise financial awareness and education to identify better groups under financial stress and ideate how digital channels can more successfully address their needs.”
Putting customers at the centre of the business
James Stokes, Head of Enterprise, UK & Nordics – Infobip
James Stokes, head of enterprise, UK and Nordics – Infobip, the omnichannel marketing platform, highlights how identifying a common goal with a partner is a surefire way to improve your fintech. He adds how it is important this goal keeps customers at the heart of any of innovation.
“Fintechs will continue to benefit from the radical transformation of the banking industry, rapid digital adoption, and eCommerce boom in developing economies. Banking, financial services, and insurance players who want to benefit from the opportunities presented by digital financial inclusion need the right technology partner to connect them seamlessly with customers.
“Firms that provide scalable full-stack solutions that can digitally transform financial institutions on a single platform while keeping businesses and their customers protected with various authentication methods that are unsusceptible to external attacks, companies that specialise in digital and omnichannel customer engagement, digital identity, and security will thrive in this environment and play a critical role in banking 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 centre of their business to keep customers and their businesses secure.”
The post What More Could Your Fintech be Doing to Bridge the Financial Accessibility Gap? appeared first on The Fintech Times.
