Social fintechs: how the mission reflects the purpose of banking and social inclusion

Abstract

The coronavirus pandemic brought the need for social distancing, and digital technology helped minimize problems. Old problems became evident, as the existence of many people outside the traditional financial system. Financial inclusion is essential to enable people to pay their bills, get credit, and make investments. The research question is: can fintechs help in the banking and social inclusion of the most disadvantaged classes? Analyzing the mission statement of fintechs using UN SDGs, we verified that many propose to offer services typically aimed at financial inclusion and on community development, aligned with the discourse or values of the UN SDGs, regardless of whether they seek profit and growth, whether they are social or not-for-profit businesses. The advancement of digital interactions in the financial system is expected to increase. Offering good and cheap services and having strong social responsibility, fintechs can strengthen the purposes of real improvement of society.