Payment Equity - What does it mean in 2024?
https://www.forbes.com/sites/joemckendrick/2023/01/14/the-coming-democratization-of-financial-services-thanks-to-ai/#:~:text=By%20democratization%20of%20the%20financial,basic%20and%20fair%20financial%20services.
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The financial revolution is here. Here, we take a deep dive with one of the world’s top FinTech venture capitalists, Spiros Margaris, founder of Margaris Ventures, into the way AI and related technologies are transforming a key industry. Spiros is a senior advisor to, and investor in, several fintech, insurtech, cybersecurity, health care, and AI sector companies, including two FinTech start-ups with valuations of over $1 billion.
Q: What issues, shortcomings, or inequities with financial systems are potential areas for transformation?
Margaris: The financial technology industry — FinTech — seems to originate from the need to provide for a democratized financial system, at least, the FinTech companies that interest me. The long-term impact of those companies will be our industry’s true legacy. By democratization of the financial system, I mean an industry that provides for the unbanked or underbanked — people with disabilities, minorities, or marginalized groups — by providing them with access to basic and fair financial services. Many financial services that most of us take for granted are inaccessible to low-income and rural populations due to a lack of physical infrastructure, internet, smartphones, and computer access.
Additionally, financial products are often too expensive for less privileged individuals and lack transparency and easily understood terms. This makes understanding the actual costs and risks of those products difficult. Technology such as artificial intelligence is the great enabler, helping the financial industry transform faster and in a more differentiated and democratizing way that allows for overcoming or mitigating those shortcomings. Thus, AI can reduce financial service access disparities between the rich and the poor.
