EXCLUSIVE: Fintech leaders on expanding reach, inclusiveness and democratizing access
A major challenge for fintech leaders is to expand the reach of the sector so that it becomes more inclusive.
Lule DemmissieCEO of eToro US, said her company is making progress in increasing accessibility to the space, but there are many communities out there that are still underrepresented in the investment world.
“This is not going to be a destination, but a journey. And I think the fight is not about whether we get to that destination or not, but making sure that we guard with absolute ferocity the ability to get there,” Demmissie said on Thursday at Benzinga’s 2022 Global Fintech Deal Day in New York City.
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The challenge for underserved local communities is that space is digital. However, there has been a lot of progress on this front with the development of smartphones, Demmissie said during the panel, “How Leaders Can Make Fintech More Inclusive.”
But it’s not just about giving underrepresented local communities access to the space.
UNest founder and CEO Ksenia Yudinawho joined Demmissie on stage at the event, said the company’s mission is to democratize access to financial services for families.
“I totally agree that many communities are still not engaged and involved in fintech… in my mind the biggest reason for that is education,” Yudina said.
Financial literacy in this country is so low, “it’s embarrassing,” she said, adding that the majority of people don’t have access to financial advisors or know the right ways to save for their children.
“Young people graduate into adulthood burdened with all kinds of debt, student debt, credit card debt and so that’s what we’re trying to fix,” Yudina said.
Myles Gageco-founder of Rapunzelsaid his company offers a solution to the problem of digital financial education.
Rapunzl’s platform allows customers to create simulated stock portfolios and also provides access to a full financial education curriculum, which is key to making fintech more inclusive, he said, echoing comments from Demmissie and Yudina.
“I think it’s just a matter of how we educate the next generation of leaders … and I think it just comes down to the intentionality of how we govern or how we market, but also the decision makers that are in these rooms creating these products,” said Gage.
Check out the full event below:
