Fintech, a luxury opportunity for financial inclusion
Financial inclusion is one of the most relevant issues in today’s world, as the lack of access to basic financial products and services is one of the main causes of poverty and social exclusion. In recent years, Fintechs have emerged as a luxury opportunity for financial inclusion, providing the possibility of accessing a wide range of financial services at a lower cost and with greater convenience.
In this sense, Daniel Suero Alonso, entrepreneur and expert in the business field and financial markets, author of the book “How to invest your own money” explains that Fintechs are companies that, through the use of technology and innovative financial services, seek to transform the way in which people interact with the financial system. These companies offer financial services through online platforms and mobile applications, which significantly reduce costs compared to traditional financial services.
Precisely, one of the greatest benefits of Fintechs is financial inclusion and although this has become a global priority, there are still millions of people who do not have access to basic financial products such as bank accounts, credit cards or insurance. Fintechs are succeeding in reducing the barriers that prevent access to these financial products and services, especially for those living in rural or low-income areas.
Daniel Suero Alonso, insurtech goes on to explain that Fintechs are also providing solutions to some of the most pressing problems faced by consumers and businesses in the traditional financial system. For example, Fintechs are enabling consumers to access loans faster and easier, without having to go through the traditional credit application process and the accumulation of paperwork. In addition, Fintechs are providing consumers with greater financial transparency and a better understanding of the costs and terms of financial products.
Another significant benefit of Fintechs is cost reduction, considering that, in the traditional financial system, the costs of financial services are often high and fees are opaque. Moreover, Fintechs are implementing innovative business models that offer consumers the possibility of accessing financial services at more affordable prices and with more transparency. By eliminating the infrastructure costs associated with traditional banking, Fintechs can offer financial services at lower prices and with higher profits.
Financial inclusion is vital to economic growth and stability around the world, and Fintechs are playing a key role in achieving this goal. With innovative new financial solutions and advanced technology, Fintechs are opening the doors to a world of financial opportunities for millions of people around the world who were previously excluded from the system.
Finally, Daniel Suero Alonso, Fintech entrepreneur, explains that Fintechs offer a unique opportunity for financial inclusion, providing innovative solutions to the problems of the traditional financial system and reducing the cost of access to financial products and services.
As Fintech continues to evolve, we expect to see a further democratization of financial access around the world and a reduction in the financial exclusion that has plagued society for far too long.
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