The proliferation of mobile and internet technologies in recent decades has shaken up consumer financial services offerings by infusing financial technology (fintech) companies in the marketplace. In 2019, fintech investment set a new US investment record — $59.8 billion — and this steady rise of fintech across banking, trading services, cryptocurrencies, mobile payments and financial tracking apps poses a real challenge to social service organizations. How can they bring to the table those traditionally excluded consumers and demographics who stand to benefit the most from fintech, and, in turn, hold fintech companies accountable for their success?
To better understand the impact of fintech on the lives of low to moderate income Black and Brown women — and how the engine can ultimately fuel financial security — Change Machine engages directly with organizations and the communities they serve. The United Way of Miami (UWM) is one of them.
Read the full case study to learn how we partnered with UWM to assess financial barriers customers face in South Florida, build on-ramps to integrating fintech for practitioners and their customers, and discover the takeaways we learned from this engagement.