Sadly, however, this is not the case for everyone. For the unbanked, underbanked and financially vulnerable populations within the UK, the fintech revolution might seem like news meant for somebody else. For the 12.5M UK adults with little to no confidence in their ability to manage money, or the 1M who do not have a bank account, open banking and BaaS solutions seem like distant, irrelevant developments. This, however, is anything but true.
Increasing financial inclusion within the UK is essential. People who lack the means of accessing the best financial and banking solutions available to them are less able to improve their own financial wellbeing or withstand the shocks of unforeseen complications like COVID-19.
14M people – or 28% of adults – experienced a direct negative impact on their income due to the coronavirus pandemic (as of May 2020), so the proportion of those financially excluded could end up increasing rather than decreasing, and in a country that sees itself as a leader within the financial world, this is unacceptable.
Having access to a greater range of…
