The financial services sector is facing rapid change. New technology and differing consumer expectations are creating demand for financial services that are tailored to individual needs and delivered in different ways. This is creating real opportunity for new entrants to the sector who are revolutionising the quality, range and accessibility of services.
The long established retail banks are struggling to keep up and remain relevant, especially for younger consumers. Changes to the market have potential to increase accessibility to appropriate financial services for all consumers. But yet again poorer consumers are in danger of being left behind.
On Monday 20th April, CIC will bring together experts on financial exclusion and innovators from the FinTech sector who are developing products that will specifically help those on low incomes.
- Alex Letts from FFrees, which provides digital jam jar accounts with money management support.
- Mutaz Qubbaj from Squirrel, a financial wellbeing platform that empowers employees to regain control of their financial lives. It does this by partnering with responsible employers to provide simple and intuitive tools to help people save, budget and manage their bills directly from their payroll.
- Frank Mukahanana from QuidCycle, a financial services company that provides a platform of mutually beneficial products and financial education to both borrowers and lenders.The event will discuss how the UK can harness technology and other forms of innovation to provide financial services to low income communities. It will consider what regulators, government and investors can do to accelerate this type of innovation.
Jennifer Tankard, Director of the Community Investment Coalition, said:“The revolution in mobile phone payments in parts of Africa shows how technology can really benefit those living on low incomes by revolutionising access to financial tools. Mobile payments and savings accounts, integrating money management advice with financial products are just some of the ways that innovation can help to tackle financial exclusion and make people financially resilient. Ffrees, Squirrel and Quidcycle have all developed innovative products and services geared towards those who are struggling to make ends meet. But we need to make sure that regulators, government and investors are supporting these new players and encouraging their growth.”
For more information contact Jennifer Tankard on 020 7812 5573 or 07545 609 020 or at Jennifer.firstname.lastname@example.org
About the Community Investment Coalition
The Community Investment Coalition is a partnership of national organisations, which aims to increase access to affordable finance for all communities. Membership includes the Community Development Foundation, the Centre of Responsible Credit (CfRC), the New Economics Foundation (nef), CCLA, the Community Development Finance Association (CDFA) and Local Trust.
CIC campaigns for:
- Increased transparency and public accountability of financial service providers to support consumer choice and allow effective intervention in under-served markets.
- Increasing diversity of providers and choice for consumers in the financial services sector, with more providers offering a wider range of fair and affordable products.
- More innovation in the financial services sector so that affordable financial products are delivered accessibly to all communities.
- Sustainable local economic growth with a greater share of locally generated income remaining within communities.
- Improvements in financial literacy.