Future Finance Solutions

Phin Upham speaks about The Future of FinTech

June 4, 2015 by · Leave a Comment 

By Phin Upham

Phin Upham sees a glaring problem in America’s current financial system: big banks aren’t servicing a sizable portion of the population. Poor people are not getting the proper help they need managing their money, which may require daily or even hourly monitoring, and they are paying for the privilege of stowing money away.

What the financial community is recognizing is that big banks aren’t doing a great job servicing millenials who expect better value for their money. Losses like overdraft fees represent cuts to tight budgets people can’t afford to make.

How FinTech Will Help

Look past the digital wallets and payment processors, which are highly overrated, and you’ll see that consumers are looking for ways to better manage their money. Services that measure credit scores and suggest ways to improve, or short-term loans from peers that help users create a system of savings or start a small business venture can do a lot to grow the middle class.

Right now we have a problem of access, which is ironic considering most people now have a supercomputer in their pocket. The alarming reality is that if that sizable chunk of the population does not start saving and investing, the costs can stagger well into the future.

Final Thoughts

The middle class is eroding because fewer people have the means to elevate themselves. If the poor could have access to loans for services they need, they would pay interest but the rate might pale in comparison to the penalties. The hope is that these methods will give people authority over their money, and help conceive a plan they can use to help it grow.

Phin Upham is an investor from NYC and SF. You may contact Phin on his Phin Upham website or LinkedIn page.