Jason Martell discusses how FinTech and financial tech companies are working to help close the banking gap around the globe. For the full blog post, visit http://jasonmartell.info/how-fintech-is-helping-to-close-the-banking-gap/

1. How Fintech Is Helping To
Close The Banking Gap

2. Two billion people are
unable to access banking
services on a global scale

3. At the forefront of this group are people
with a poor or lack of credit history, bad
credit, or limited access to financial
services in general.

4. In the Philippines, less than a third of
adults have a bank account, and in Africa,
only 23 percent of adults have a financial
account.

5. The President and founder of CFSI, or
The Center for Financial Services
Innovation, Jennifer Tescher, has begun
launching initiatives to assist in this
process by using the Financial Solutions
Lab to help incubate startups with a focus
on financial health in the United States.

6. The President and founder of CFSI, or
The Center for Financial Services
Innovation, Jennifer Tescher, has begun
launching initiatives to assist in this
process by using the Financial Solutions
Lab to help incubate startups with a focus
on financial health in the United States.

7. Other startups are attempting to redefine
how we approach at banking as a whole,
and looks at the holistic individual rather
than reducing everyone to their FICO
score alone.

8. Another individual is Nicky Goulimis who co-
founded Nova Credit, a company that is
seeking to provide instant access to credit
reports overseas. Credit is often necessary
for mortgages, credit cards, and business
and personal loans and without it consumers
can be forced to pay higher premiums for
both credit and insurance.

9. While approximately 77% of adults in the
United States reportedly own a smartphone,
the US lags behind other nations when it
comes to movement towards mobile wallets
on a global scale. Although 93% of
Americans have access to financial services,
only 17% use mobile wallet compared to
Mexico which sees 38% usage.

10. Tala — headed by CEO Shivani Siroya — is
a California-based business is looking to use
mobile wallet, like Apple Pay, to help
individuals manage their money on their
phones. Mobile wallet provides an incredibly
valuable service by allowing consumers to
manage their finances without ever having to
set foot in a bank.