With millions of Americans still struggling to access traditional credit options, achieving full financial inclusion will be neither quick nor easy. With an estimated 307 million smartphone users in the U.S., however, the emergence of mobile technologies has created opportunities to expand credit access to...
Nearly 60% of millennials report subprime credit scores, making it harder for them to get credit from traditional sources and build a credit profile. A new PYMNTS report highlights the role of FinTechs in creating new products that balance credit risk with credit-building outcomes.
With concerns over the banking system dominating the news after the collapse of Silicon Valley Bank and others, it can be easy to lose sight of another consequential problem: financial access. Although the challenge of financial inclusion is most acute in developing countries, it remains...
Personalized assistance could help the credit marginalized from slipping further behind. Having good credit is a near necessity for U.S. consumers. Maintaining a good score matters in facets of daily life ranging from rental applications and automobile purchases to mortgage loans. However, for the 25%...
The traditional ways and means of scoring credit risk — and extending credit — are leaving significant swaths of consumers disenfranchised. And it’s the emergence of platforms, and alternative data sources, that can help fill the gaps and broaden financial inclusion for the individuals and...
New York’s financial regulator is expanding its program to provide banking access to underserved customers. The New York Department of Financial Services (NYDFS) announced Thursday (April 13) it had approved the addition of a branch of Popular Bank into its Banking Development District (BDD) in...
Budget-focused FinTechs and innovative financial institutions (FIs) may have a golden opportunity to meet consumer need. The Federal Reserve released its latest monthly snapshot of the U.S. economy March 10, and consumers’ ability to save seems grim. While the personal savings rate went up from...
Visa Foundation says it wants to help Africa’s underfunded female-led startups take off. Visa Foundation announced Thursday (March 2) that it would give $1 million from its $200 million Equitable Access Initiative to help women-owned small and medium-sized businesses (SMBs) in Sub-Saharan Africa grow. The...
Family-centric FinTech Greenlight has debuted its first employer-centric financial literacy tool. The company announced in a Tuesday (Feb. 28) press release that it is making its Greenlight for Work program available nationwide to “organizations committed to supporting the financial well-being of employees and their families.”...
