Fortunately, today, we see leading companies in Singapore, Brazil, and India developing digital banking services and applications like mobile wallets and digital wealth-management platforms. These innovative companies help their regional and domestic populations leapfrog older technologies and business models — like credit cards or costly in-person brokerage services — to leverage cutting-edge fintech. By addressing the barriers to entry (like cost and accessibility), these innovators are driving growth while empowering their customers.
Furthermore, key companies are working to make other financial services systems less clunky, costly, and unfair. Take US credit bureaus’ growing use of artificial intelligence and machine learning as an example. These innovations enable insights from big data that streamline lending processes and help to eliminate discriminatory lending practices. Meanwhile, blockchain technology and crypto assets also have huge potential to address issues like fairness and corruption across industries. The future may see entire companies and markets built on blockchain technology — driving enormous gains in efficiency, accessibility, and equality — leveling the playing field massively. By participating in these ecosystems with your actions and your capital, you have the potential to support this progress.