Fintech a ograniczanie wykluczenia finansowego
Fintech and Limiting Financial Exclusion

Summary/Abstract: Financial exclusion can be described as a lack of access to useful and affordable financial services (payments, savings, credit and insurance) that meet people’s needs. In 2017 almost one-third of the global adult population did not have access to any form of account, which increasingly makes everyday life difficult and can lead to social exclusion. Incumbent financial institutions are sometimes not interested in targeting low-income customers or some geographical locations, as their operations are related to heavy regulations and costly infrastructure and they aim at maximizing their equity value. The aim of the article is to discuss the potential of Fintech companies to reduce financial exclusion by entering markets that traditional institutions do not. Their agile and light business models, lack of legacy systems and infrastructure enable them to take full advantage of modern technology solutions (e.g. blockchain, mobile systems) and thus offer inexpensive services in innovative ways. Fintech sector development seems to be currently the main driver of reducing financial exclusion. Introduction of hundreds of technology-oriented firms to the financial services market poses additional risks and challenges, where secure data handling and proper regulations seem to be crucial.

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