Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

What is the purpose of FinTech?

Read through any industry news source today and you’ll see the ever-present narrative of tech changing the way businesses run and the world operates.

FinTech has had enormous impact over the last five years with firms doing a great job of disrupting the status quo and incumbent providers upping their game to compete.

The net result has been a big improvement in the services offered and a measurable improvement for customers.

However, there is more the industry could be doing. What we have not seen enough of in FinTech is:

A focus on using this wave of technology and investment for the good of society.

A proliferation of solutions to support the financially excluded in our society, or to guide those without financial literacy or numeracy skills to make better decisions for their future.

Applications or businesses designed to support vulnerable customers gaining anywhere near enough traction.

Adam Jones
Adam Jones

It is challenging, especially for younger businesses which are potentially in a pre-profit phase of existence, to be able to dedicate meaningful amounts of time and money towards a social purpose. This said, without a purpose beyond money, organisations can’t do good in the world. At Redington, our purpose beyond money is clear. It sits at the heart of everything we do – to help make 100 million people financially secure.

I’d encourage every FinTech, big or small, to think about what their purpose beyond money is and challenge themselves with two key questions:

Does this leave the world in a better place than I found it?

Are we, as an organisation, taking meaningful steps towards this purpose in the work we do?

When your purpose is clear, find the change makers and the rebels who are already working towards it. It can be a daunting thing to pursue alone, but there are many allies waiting in the wings. If it’s financial education, call RedSTART. If it’s supporting vulnerable customers, contact TISA and find out about the great work they are doing in the space. If it’s engaging kids in technology, talk to Devoxx4kids. Or if it’s to improve the lives of those closer to home, connect with your local community partnership.

Where others see the code, we see the change. If you want to see the change too, I’d love to chat and see if we can work together in some way.

Adam Jones, CTO, Redington