There’s a lot of income inequality in the world, and the current financial system sustains that, creating a bigger gap between rich and poor in society. This is partly because finance is so complex, and it has been made complex. It’s a difficult concept for the average person to grasp, let alone get a handle on all of the technical aspects of personal finances regarding pensions, mortgages and savings and investments. And of course, the less literate people in the world are very unenlightened, and therefore have little ability to empower themselves financially. Most of us won’t hesitate to acknowledge that this current state is unfair.
Then you have the enlightened few who really know what’s going on and how to make money from it; thus further perpetuating the unequal balance of financial wealth. What we need to do, declares Holland FinTech, an umbrella organisation dedicated to driving innovation, is democratise the financial industry. Rather than using finance as a suppressant, we need to deal with finance as an enabler throughout our whole economy, as well as to sustain our democratic system, as a whole.
Through new innovations in financial technology, financial systems become more transparent, more efficient and more accessible. Accessibility combined with simplicity is the key to enabling individuals to build wealth, and furthermore contribute to building the economy.
Are you interested in learning more about the power of FinTech and all it can do for the economy? Want to discover the hotbed of rising players in the Dutch FinTech startup scene? Join us at our seventh Amsterdam Talks Tech: The FinTech Edition, and discover the disruptive figures in finance pioneering future possibilities.