Investment in the financial technology (fintech) industry has been booming in recent years, increasing tenfold between 2010 and 2015. Encouragingly, many investors — including Accion Venture Lab, Omidyar Networks, and CFSI and JP Morgan’s Financial Solutions Lab — have focused these efforts on fintech solutions that provide increased access to financial services for underserved populations. From Artoo’s online micro and small business lending platform to Digit’s convenient approach to encouraging increased saving, exciting progress is being made.
It’s important to recognize, however, that increased access to financial services is only one part of the financial sector’s ability to do good. As we expand our focus on improving economic opportunity, we’re seeing a number of our partners push beyond access towards a deeper commitment to values based banking. For these organizations, and others in the values-based banking movement, access is just the beginning.
So how do value-based banks take steps beyond providing increased access to have an even greater impact on those they serve?
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Courtesy of Free Range and Elizabeth Cameron, VP of Client Engagements.