Federal Reserve System: A Forum for Minorities in Banking

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Presentation transcript:

Federal Reserve System: A Forum for Minorities in Banking Fintech: Achieving Balance between Risk and Partnership

Credit

Becoming credit visible is often driven by two factors

Subprime credit score concentration Subprime Segment Profile Segment Profile All households Age <35 39% 21% Female head-of-household 48% 13% Income <$50k 37% 20% College degree 15% 32% Non-Hispanic White 55% 64% Black 23% Hispanic 16% 14% Homeowner 18% 65%

FinTech to the Rescue! FinTech to the Rescue!?

Device driven real time communication

Behavioral economics future of financial literacy SMS based A/B tests encouraging customers to make more than one payment per billing cycle led to statistically significant improvement in overall repayment behavior… …but is it persistent?

The risk of credit invisible populations is different 15%

Changing Face of Entreprenership Leading Edge Technology Pieces of the puzzle Level Playing Field Regulatory Sandbox Changing Face of Entreprenership Leading Edge Technology