Building what matters

First of all, Chag sameach! Happy Passover to all who celebrate.

This week, I wrote about poverty and economic inequality in FinTech Futures .

According to the US Census Bureau, in 2021, 37.9 million Americans lived in poverty. That’s about 11.6% of the country’s population, and sadly, it’s about the same level of poverty compared to 50 years ago.

Staggering, isn't it? Especially for the wealthiest country in the world with a GDP of $23.32 trillion.

"What role does financial services play to improve financial security for more people and create a more equal society?" I asked. How are we serving the demographics that we don't typically think about?

Are we building what matters?

Innovating for the forgotten demographics

This week, Techstars Future of Longevity Accelerator , in partnership with Pivotal Ventures , hosted their demo day in DC.

• Adults aged 65 and older are one of the fastest-growing demographics in America, soon representing more than 1 in 5 Americans.
• 43 percent of adults in the U.S. are now serving as unpaid caregivers for their loved ones. Women comprise over 60 percent of these family caregivers.
• Nearly half of family caregivers forfeit their own financial security to address the immediate care needs of an aging loved one.
• 60% of new family caregivers are Gen Z or Millennials.

This has long been an area that I've advocated for. And we know that the challenges will only grow over time. With tech innovation 'disrupting' so many aspects of our daily lives, will we finally see more focus and new solutions for the $648 billion care economy? I surely do hope so.

Speaking of, I just spotted this from across the pond. Will be curious to see how it goes.

It is also crucial to keep in mind that older adults is not a homogeneous group.

Hint: Focus on stage, not age.

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Recently, I had the opportunity to speak with Amy Young, CFA Young from 微软 to discuss trends in the financial services industry, including how fintech innovation can help consumers make financial decisions through data, technology, and embedded finance.

Check out our conversation in the "Top Trends in Financial Services" here.

#MicrosoftAmbassador #FinServTopTrends #MSIndustryVoices

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This week on One Vision podcast ...

Instead of pursuing growth at all cost, the current economic climate has forced fintechs to go back to the drawing board and focus on the fundamentals of building a more sustainable business. From diversifying product offerings to finding ways to lower the cost of customer acquisition and better monetize existing customer base, fintechs need to re-calibrate and build a team that is fit for purpose for the next stage of growth.

In this episode of One Vision, we chat with industry veteran, Jeff Tijssen , Expert Partner and Global Head of FinTech at Bain & Company, on the role that fintechs play and why he is bullish about the future.

From closing the gap for the unbanked and underbanked, to optimizing efficiencies in banking, there is still plenty of work that fintechs can do to challenge the status quo. While the current generation of neobanks might not have significantly disrupted the financial services landscape yet —?the pace of change has quickened in recent years, and will continue for years to come. Transformation is a journey.

For Jeff, there has never been a more exciting time to work in financial services.??

Give this a listen and let us know what you think.

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