Name: Inclusive banking platforms
Uploaded: 2021-11-12T12:19:26.401Z
Duration: 168.78
Description: Financial inclusion is without a doubt one of the most critical milestones that must still be achieved for the world's population to increase sustainably. It undoubtedly contributes to closing the wealth gap between the rich and the poor. Two fintech leaders, Maria Gotsch and Chrystina Giorgio, express their views on how critical it is.

Inclusive banking platforms.vtt

English

{{00:00:34}}
I mentioned the DEI initiatives
that have been going on.

{{00:00:38}}
I think that inclusive banking systems
are going to be key to that as well.

{{00:00:43}}
And with that comes the financial
literacy, you know, we can't

{{00:00:47}}
have financial inclusion if we
don't understand the systems

{{00:00:50}}
that we're operating in.

{{00:00:51}}
So, I think that it's it's while
the systems will be important, I

{{00:00:55}}
think it's a multi-pronged approach
to getting to financial equity and

{{00:01:00}}
inclusion, you know, as a country.

{{00:01:03}}
A lot of people that are under
banked, so you've got a whole

{{00:01:06}}
market that you're ignoring.

{{00:01:07}}
So I guess I would say that is the, and
these are people that buy things, that

{{00:01:11}}
spend money that want to save things.

{{00:01:13}}
So they have the same interests
and desires as everybody else.

{{00:01:18}}
And, you know, we'll be a better,
you know, we'll be better for, better

{{00:01:24}}
for society to have those people,
have the capacity to participate,

{{00:01:28}}
and then you have more potential
customers that are participating.

{{00:01:32}}
So it's a win-win on both sides.

{{00:01:39}}
The other area that I think tools could
be very, you know, from the FinTech

{{00:01:44}}
sector could be very interesting
is in the community bank area.

{{00:01:47}}
So community banks are the
ones that are on the ground,

{{00:01:50}}
in the loan from neighborhoods.

{{00:01:52}}
And they're, they're often making
the loans that a traditional

{{00:01:55}}
bank is not going to make.

{{00:01:57}}
So there's an element of a character
loan because they're in the

{{00:02:00}}
neighborhood, they know the person,
they know the contribution, the credit

{{00:02:04}}
score may not be good for XYZ reasons.

{{00:02:07}}
But they can be an important source of
capital for those smaller businesses

{{00:02:11}}
or for those inner city businesses.

{{00:02:13}}
And the community bank sector
in general is not as forward

{{00:02:20}}
around technology as the large
banks or the Fintechs are.

{{00:02:24}}
And so having some tools that would
fit into again how they do the

{{00:02:28}}
lending, and how they do dealing with
that customer base could really help

{{00:02:33}}
that sector, both remain competitive
and able to continue offering the

{{00:02:39}}
capital that's really needed in
those, in those neighborhoods.

I mentioned the DEI initiatives
that have been going on.

I think that inclusive banking systems
are going to be key to that as well.

And with that comes the financial
literacy, you know, we can't

have financial inclusion if we
don't understand the systems

So, I think that it's it's while
the systems will be important, I

think it's a multi-pronged approach
to getting to financial equity and

A lot of people that are under
banked, so you've got a whole

So I guess I would say that is the, and
these are people that buy things, that

So they have the same interests
and desires as everybody else.

And, you know, we'll be a better,
you know, we'll be better for, better

for society to have those people,
have the capacity to participate,

and then you have more potential
customers that are participating.

The other area that I think tools could
be very, you know, from the FinTech

sector could be very interesting
is in the community bank area.

So community banks are the
ones that are on the ground,

And they're, they're often making
the loans that a traditional

So there's an element of a character
loan because they're in the

neighborhood, they know the person,
they know the contribution, the credit

But they can be an important source of
capital for those smaller businesses

And the community bank sector
in general is not as forward

around technology as the large
banks or the Fintechs are.

And so having some tools that would
fit into again how they do the

lending, and how they do dealing with
that customer base could really help

that sector, both remain competitive
and able to continue offering the

capital that's really needed in
those, in those neighborhoods.

Expert Insight

Financial inclusion is without a doubt one of the most critical milestones that must still be achieved for the world's population to increase sustainably. It undoubtedly contributes to closing the wealth gap between the rich and the poor.
Two fintech leaders, Maria Gotsch and Chrystina Giorgio, express their views on how critical it is.

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Tina Giorgio

President and CEO  

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Maria Gotsch

President and CEO 

Giorgio underlines that in order to achieve financial inclusion, a multi-pronged approach should be taken, including an emphasis on financial literacy and DEI initiatives.

Individuals and SMEs who are underfunded or underbanked share the same consumer demands as the rest of the community. Gotsch mentions that it would be a win-win situation for the economy and the individuals/SMEs in need if they were funded.