Transaction Trending EP27: FinTech, Policy & The Underserved, with Phil Goldfeder, Cross River Bank, and Chris Koegel, T-Mobile
According to data from the FDIC, 6.5 percent of households in the United States were unbanked in 2017, and an additional 18.7 percent were underbanked. Expanding access to reach these traditionally underserved consumers has been a consistent challenge for financial service providers.
ETA members are expanding access, affordability and convenience for financial products and services through the deployment of new technologies that breakdown barriers and take innovative approaches to delivering financial products and services. ETA recently released a white paper exploring how FinTech innovation broadens access to financial products and services. “How FinTech is Addressing the Needs of the Underserved” highlights the financial institutions, payments companies, and FinTech companies transforming the marketplace through the introduction of new technologies that are expanding accessibility, lowering costs, empowering financial management, and driving a more secure ecosystem. Click here to access the paper.
On this Transaction Trending, ETA CEO Jason Oxman is joined by Phil Goldfeder and Chris Koegel.
Phil is senior vice president of public affairs at Cross River bank, an ETA member and New Jersey bank that has struck a number of innovative partnerships with FinTechs to extend credit and other financial products to underserved consumers. Phil is a former New York State Assemblyman and is an expert in FinTech policy.
Chris is director of regulatory affairs at T-Mobile. Chris oversees financial services and mobile payments for T-Mobile, a network that has made significant investments in promoting broadband and financial services access to underserved consumers. Before T-Mobile, Chris worked as an attorney in the FTC’s Bureau of Consumer Protection.
Listen in for insights into how payments technology companies are leveraging FinTech to create more inclusive financial products, plus how they, as advocates, tell that story before policymakers across the country.
Take a listen to the episode here, and checkout Apple Podcasts, Google Play, Stitcher and SoundCloud to listen and subscribe.