How Fintech can democratize opportunity in the pandemic era and beyond

The Fintech situation in pandemic:

This informative book provides several examples of fintech startups in action and shows how business leaders should use a sense of purpose rather than simply turning a profit.

The arguments for fintech innovation and broader financial inclusion are clearly set out in the book Beyond Good: How Technology is Leading a Purpose-Driven Business Revolution, by Theodora Lau and Bradley Leimer.

It is divided into ten chapters and provides informative lessons for beginners, financial services, and business leaders. There are also 22 pages of references and resources.

One of the most important elements of man is the feeling of hope. We want to think that the future will be better, that what we do in our lives matters, that we are part of something bigger than ourselves, ”warn the authors, calling for a new social contract between companies and their ecosystems.

Large corporations need to look beyond profitability as a measure of success, and becoming a unicorn doesn’t have to be the company’s sole goal. All stakeholders are important, not just shareholders. Business for good is the philosophy according to which profit can be pursued by achieving social and sustainable development goals.

Today’s need is a personal responsibility to others, changing business models and solving challenges such as the digital and economic divide.

Theodora lives in Washington DC, while Bradley, former head of innovation and strategy at Fintech, lives in Santander, California.

The past decade has been the most revolutionary period in the history of financial services.

The deliberate application of technology can be the catalyst for greater social inclusion and equality, in the foreword. Financial inequality undermines social cohesion and increases political polarization.

Digital technologies are interconnected in the era of the pandemic and can improve financial security, dignity, and resilience on the way to economic recovery, he adds.

The pandemic crisis

Nothing reveals inequality in the world more clearly than a crisis.

Humanity is being tested like never before, they add, describing the brutal challenges of the COVID-19 pandemic. It takes urgency and optimism to deal with the greatest global shock since World War II.

The lack of financial buffer is devastating for small businesses, especially the concert team, and affects their financial, physical, and mental health. The delivery of food and groceries provided convenience and safety but also increased environmental waste.

Activities flexibly define the workforce and save time and travel, but also increase wear and tear and create more workload for mothers. The digital divide is removing large sectors of society from the pressure on online education, healthcare, and commercial services.

At the same time, according to GSMA studies, payment platforms also played an important role in collecting and distributing aid funds.

As a society, we no longer offer the social contract in the light of contemporary reality and megatrends. The events of 2020 have shown how damaging it is to continue with legacy systems and business models, ”said the CEO of NCOA.

The fintech event

Lack of access to money can lead to loss of control and security and to fewer opportunities. The talent is evenly distributed, not the opportunities, the authors note.

“There is a growing concern that people are losing ground in the new digital age, with financial services retreating behind a glass screen and black-box algorithms,” the authors warn.

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