We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financial inclusion and helping people develop healthy financial habits. But to kick off 2025, we’re placing a focus on ‘fintech for good’ to find out exactly how much impact fintechs are having – both positively and negatively.
So far this month, we’ve explored whether all fintechs have a responsibility to ensure positive social impact, what sets ‘fintech for good’ companies apart, and the biggest challenges fintechs face in trying to deliver a positive social impact.
But what have firms been doing practically? How have some firms actually helped to improve inclusivity? To find out, we reached out to experts to see which initiatives caught their eye in the last year.
Johannes Kolbeinsson, CEO and co-founder of PAYSTRAX, expresses disappointment over the number of initiatives to do so: “Sadly, there haven’t been many recent initiatives to improve inclusivity in the market. It’s being done in the name of risk management and appetite, but it’s a difficult situation as an increasingly larger part of the market is being excluded from being able to use financial services.
“More modern players have implemented a more general risk management approach, where all cases are analysed and risk assessed to understand the actual risk and put in adequate controls to manage the risk, rather than just decline. This prevents the largest part of exclusion and helps to improve inclusivity. But the fact that most traditional and legacy firms have not adopted these methods, still means a large group of people within society are being blocked from accessing vital financial services.”
‘Financial inclusion is a catalyst for innovation’
Diana Quesada, product director at creative innovation agency R/GA EMEA, shares two initiatives that have caught her eye: “Firms increasingly recognise that not only is financial inclusion a human right, it also has the potential to create significant opportunities for innovation, profitability and long-term success.
“A compelling example is JP Morgan‘s collaboration with Al Fardan Exchange—they’ve created a thoughtfully designed remittance service that addresses multiple user needs of low-income foreign workers. Beyond enabling faster money transfers, they’ve incorporated features like early wage access, which directly responds to the real-world challenge of managing unexpected expenses without falling prey to predatory lenders.
“And they paid special attention to accessibility in the user experience, including voice-enabled transactions that accommodate varying literacy levels and language barriers. This exemplifies how good product design can break down traditional banking barriers—when we truly understand user contexts and behaviours, we can create solutions that drive both financial inclusion and business value.
“We are also seeing this play out with government-led strategies like the UAE’s Financial Infrastructure Transformation (FIT) Programme, which consists of nine key initiatives focused on areas like digital payments infrastructure, central bank digital currency and regulatory technologies.
“There is a growing recognition—across both private and public sectors globally—that financial inclusion is a catalyst for innovation that drives significant business and economic impact.”
Data driving diversity
“One standout initiative is FinTech Alliance’s partnership with Diversio, which exemplifies how data can drive meaningful progress in diversity and inclusion,” adds Meryem Habibi, chief revenue officer at Bitpace. “By using tools like pulse surveys and diagnostic assessments, companies can measure their inclusivity, identify gaps, and implement targeted strategies. This data-driven approach ensures that efforts are not just well-intentioned but also effective and results-oriented.
“As someone deeply committed to fostering inclusivity, I believe this strategic use of data is transformative. Initiatives like this resonate with me because they not only advocate for inclusivity but also empower businesses with the tools to create lasting change. Diversity is not just a value—it’s a strategy, and this partnership proves how powerful it can be.”
Consumer Duty enforcing change
Andrew Stevens, industry principal, banking and financial services at Quadient, outlines the positive impact of the Consumer Duty in the UK: “The introduction of the Consumer Duty regulation has significantly shifted the focus of financial services towards improving inclusivity and raising standards for consumer protection. The Duty requires financial institutions to act in their customers’ best interests, prompting firms to address the needs of all customer groups, particularly those who might otherwise be underserved or overlooked.
“In response, firms have enhanced their communication strategies by segmenting customers into distinct groups based on financial behaviour and needs. This approach allows financial services to identify varying levels of required support and tailor services and personalise communications accordingly. By doing so, financial information has not only been made accessible, but also comprehensible.
“Under the Duty, banks are now expected to recognise and accommodate the diverse needs and abilities of their customers. This includes providing inclusive support for individuals with disabilities, those for whom English is not a first language, and others facing unique challenges. During the cost-of-living crisis, this responsibility has become even more critical. Banks must proactively assist vulnerable customers through tailored advice and empathetic guidance to help them navigate difficult times.
“By prioritising customer well-being over profit, the Duty has forced financial services to embrace a more inclusive and customer-centric approach. Firms are beginning to recognise that adopting personalised, proactive communication strategies helps in fostering trust and building long-term relationships. These approaches empower all customers – regardless of their circumstances – with the tools and knowledge to navigate financial challenges effectively. This marks a broader cultural shift within the industry. One where customer education, support, and inclusivity, are central to creating a fair and equitable financial landscape.”
Regulatory considerations
Finally, Marc Conway, chief commercial and product officer at FinXP, warns that firms need to keep regulations at the forefront of their minds:
“While financial inclusion is a core value, it’s equally important to protect the banking ecosystem from individuals with ill intentions. Regulatory obligations require institutions to carefully screen prospective clients, ensuring that those who seek to misuse financial services are denied access. This isn’t just about compliance – it’s about safeguarding the stability and trust that law-abiding customers rely on.
“Unfortunately, some fintechs rush to onboard clients without proper due diligence, exposing themselves to regulatory action and disrupting services for legitimate users. This highlights an often-overlooked aspect of inclusivity: protecting the access of those who are already banked. Ensuring that customers can depend on uninterrupted, secure financial services is just as important as reaching the unbanked. Robust governance is essential in achieving this balance, enabling sustainable financial inclusion for all.”
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