Fintech Solutions That Drive Personal Financial Success
Our Opportunity
Advance Diversity in the Fintech Ecosystem
People of color and women of all backgrounds are particularly underrepresented among fintech leaders. Investing in startups founded and run by people with lived experiences that reflect those of the customers who would benefit from their offerings, including people in low-to-middle wage jobs, immigrants, young people, and others, will bring a broad range of perspectives to the market and spur innovations that drive economic inclusion and foster personal financial success.
Spread the Word
Engage employers to ensure that they’re aware that offering workers financial wellness benefits can pay off in many ways, including improvements in employee engagement, increases in retention rates, and decreases in absenteeism.
Expand Access to Retirement Savings Accounts
Millions of U.S. workers are eligible for 401(k) and 403(b) accounts and other types of retirement savings but aren’t enrolled. According to the Economic Innovation Group, a nonprofit public policy organization, more than 50% of the people in the U.S. workforce lack access to employer-supported retirement plans. Employers should ensure that all workers have access to retirement accounts. Policymakers and other leaders should push for changes like those proposed in the Retirement Savings for Americans Act, which called for the creation of retirement savings accounts for workers without employer-sponsored plans and includes provisions for automatic enrollment in those accounts.
Leverage the Power of Artificial Intelligence
Using artificial intelligence (AI) to unlock data can expand access to financial services for workers with low-to-moderate incomes. For example, many of these workers may not have robust credit histories, but some might be better able to qualify for loans or access other financial services if lenders and other institutions used AI tools to access their wage and payment records data across disparate systems and conduct more holistic risk calculations.
Work Toward a Just Transition to a Green Economy
Efforts to promote personal financial success through access to innovative new fintech solutions should also include programs designed to ensure that people of all backgrounds have access to clean energy infrastructure, products, and services, like renewable energy generating systems, solar panels, electric vehicles, and heat pumps—all of which can deliver long-term financial savings for people with low incomes.