For the unbanked and underbanked, BaaS means easy access to financial services that meet their specific needs. By combining fintech's approach with the capabilities of traditional banks, BaaS fosters financial inclusion.
Digital bank G10 is the first of its kind in a Brazilian favela, low-income areas which together account for roughly 17 million citizens.
Fintechs have touted the importance of cashflow data in underwriting. This week, the CFPB published their evidence to support the approach.
While DeFi, could be powerful in improving lending, it has collateral limitations that on-chain reputation could solve.
In Plend's recent Report, solving the ongoing cost of living crisis was considered critical as the situation deteriorates further.
The number of fintechs in Mexico has grown to nearly 1,000 as of 2023, with U.S. startups commanding a lead among foreign fintechs.
The US is ranked highly for financial inclusion, but it faces dropping further amidst waning Government and Employer support.
Earned wage access can provide a solution to an underserved population in need of cash, but fee structures may need clarification.
Business considerations may prevent large banks from tackling financial inclusion, but the tech supporting inclusion program exists.
The desire for increased financial inclusion is a primary driver behind the increased use of alternative data in lending decisions, a new report from LexisNexis Risk Solutions finds.