Accounting firm Deloitte in partnership with Innovate Finance held in London event Money Talks: VCs Take The Stage, where he discussed investing in FINTECH startups that promote financial well-being. Deloitte highlighted some priority directions for Finance and projects.
1. Financial involvement
According to the world Bank, 1.7 billion of the adult population does not use banking services or services of mobile payments. This category is called unbanked. Some of the unbanked generally do not have Bank accounts, while others use their account only to withdraw money, for example once a year. In this case we can speak about the absence of financial inclusion. Monese startup is trying to solve this problem. It allows citizens of Europe to open a current Bank account in the UK in a matter of minutes. Such startups focused not so much on the increase in the number of people with access to financial services, much of the growth in the number of people who regularly use them.
According to a study in the British money transfer Service in 2016, more than 16 million people in the country have less than 100 pounds of savings, with most of them living “paycheck to paycheck”. This problem can be solved by a startup Qapital — banking app that allows you to create goals and rules according to which users will save money.
One thing to make money, but it is equally important that this money works for you. Investment platforms, such as Moneybox and Nutmeg, give people the opportunity to invest earned money. The key benefits of these start — UPS- low investment limits. Thus, the younger generation and those who have little savings, can invest.
A recent Business Insurance report showed that the insurance sector is lagging behind only the utilities sector by the number of frustrated online customer service. A bad experience makes you avoid insurance and insurers, this means that consumers often do not have financial protection. The company Lemonade use knowledge in behavioral Economics and new technology to create mutual incentives for insurers and customers. Startup Laka in turn brings together a community of cyclists in the insurance pool. These startups affect rising customer expectations, adapt and generally facilitate access to insurance and understanding.
5. Financial well-being of employees
Some may argue that financial prosperity is just a word, but employers really begin to pay attention to it, and financial well-being now actively developed. Annual survey on public health and welfare conducted by the National Business Group on Health and Fidelity Investments, showed that 84% of 141 large and medium-sized companies in the U.S. now have such programs. This is 76% higher than a year ago. ABAKA app allows employees to directly engage with their savings and pensions, providing financial education and advice through his assistant Ava. The Payoff applies psychology, technology and scientific developments to help users build relationships with their money.