Explore how fintech companies are transforming the banking landscape and promoting financial inclusion in 2025, focusing on the positive and negative impacts of ‘fintech for good
We frequently examine how fintech companies are transforming the banking and payments sectors, and we occasionally delve into how their solutions promote financial inclusion and encourage healthier financial behaviors. However, as we enter 2025, we’re shifting our focus to ‘fintech for good‘ to better understand the full extent of the impact fintechs are having—both the positive and negative aspects.
Whenever we look into different fintech sub-topics, the conversation often boils down to innovation, disruption and growth. To kick off our ‘fintech for good’ focus this month, we explored the importance of fintechs driving meaningful social impact.
As the industry matures, more and more fintechs are showing off how they’re doing their part to support industry or customer inclusion, combatting climate change, or other initiatives that aren’t fully focused on profit.
With this in mind, we reached out to industry experts to ask them exactly what it is that sets a true ‘fintech for good’ apart from the rest.
Evidence of genuine social impact
“We believe what truly sets a ‘fintech for good’ company apart from the rest is where an inherent commitment to inclusivity and diversity can be demonstrated – they must walk the talk with clear, tangible evidence of actions and initiatives that will have a genuine social impact,” explains Miranda McLean, CMO at inclusive payments platform Ecommpay.
“For example, most websites were not originally designed to cater to those with visual, hearing, movement or mental impairments, leaving many people excluded from using these websites and accessing the service they provide. Yet the wider market for people with disabilities is estimated to be worth £274billion in the UK alone, and $1.9trillion globally. And research has found that making a website more accessible can drive 23 to 24 per cent more traffic.
“To turn the tide and deliver a truly accessible website, businesses need to understand and implement a range of best practices and clear guidelines. Of course, it is not as simple as creating a new accessible website and sitting back to admire the work. This is an ongoing task requiring continual reviews, updates and improvements to utilise the latest insights and technology available.”
Building and maintaining trust
Judy Bloch, VP and industry executive advisor for financial services at Medallia, experts in customer and employee experience, explains: “Money and our assets are deeply personal. They rely on a foundation of trust, which means fintech providers must go beyond just meeting regulatory requirements to truly understand their customers.”
“A ‘fintech for good’ company is one that seeks to establish and maintain trust with its customers and business partners, creating mutually beneficial outcomes. This requires the fintech provider to act with transparency, driving accountability for both the customer and employee experience throughout the organisation. This will continue to be true, especially as we look forward to what might be significant changes to our economy.
“In extreme cases, broken trust and bad experiences may lead to a customer no longer using a fintech’s product or services. Generally speaking, customers understand individual missteps and are willing to forgive and forget. This assumes the issue is ultimately resolved, approached with care and empathy, and doesn’t become a regular occurrence. This is one reason why following up on customer feedback is so critical – it demonstrates the brand is listening, cares about the customer’s concern and is willing to resolve any pain points.”
Protecting the vulnerable and underbanked
For Steve Round, president and co-founder of core banking platform SaaScada, the ‘fintechs for good’ of today must focus on inclusivity.
“In today’s economic climate, financial services firms aiming to drive positive social change must prioritize the protection of vulnerable customers and enhance financial access for underbanked communities.
A genuine ‘fintech for good’ will provide top-tier products to all members of society and evolve into an organization that instinctively adapts to the needs of its customers. This is achievable with the right technology and data. Customers who don’t meet the narrow eligibility criteria of traditional banks deserve access to quality financial services, rather than being marginalized and relegated to inferior products.
Firms should leverage the vast amount of customer data available, including exploring alternative metrics that currently don’t contribute to building a credit history. For example, in the UK, rental payment history is overlooked when assessing a consumer’s eligibility for mortgages. Someone could pay their rent on time for a decade, yet this valuable information is ignored by banks and credit reference agencies. If financial services institutions can monitor international financial histories, why can’t they do more to recognize domestic contributions?”
Providing fair and accessible services
Katherine Maslova, founding member and CBDO of Bourgeois Bohème, a fintech platform bridging the tech gap between traditional private banks, financial advisors, and the digital-first generation, also shares her thoughts.
“In finance, doing good means offering fair and accessible services that empower individuals to enhance their financial health. A key example is educating younger generations on how to manage their money responsibly while working towards long-term financial stability, all the while avoiding harmful habits like overspending and falling for get-rich-quick schemes.
This approach has far-reaching positive effects, such as reducing excessive consumption, lowering debt ratios, and steering clear of speculative investments. For many, this can be life-changing, as they often cannot afford the added expenses or potential losses that come with these pitfalls.
From a broader societal perspective, ‘fintech for good’ involves leading initiatives that prioritize social benefit over profit. This includes ensuring clear communication and fair pricing. Additionally, fintech companies can enhance financial literacy, promote sustainable digital practices to close accessibility gaps, address the needs of underserved communities, and support meaningful charitable initiatives that aid those in need.”
Prioritising long-term benefits for society over short-term profits
“Fintechs for good prioritise long-term benefits for society over short-term profits,” explains Raman Korneu, CEO and co-founder at myTU, the Lithuania-based mobile banking app.
“They create products that genuinely address real-world problems instead of just cashing in on fleeting trends. For instance, many companies implement superficial AI solutions that are often limited to basic functionalities, leading to misleading claims about the capabilities of their services.
This practice has even been labeled ‘AI washing.’ Much like greenwashing, where companies falsely tout their environmental sustainability, AI washing takes advantage of the growing hype around AI to build competitive advantages and gain investor trust.
In the financial sector, examples of AI washing include marketing chatbots that only handle basic FAQs as if they were sophisticated AI advisors or firms promoting generic fraud detection systems as groundbreaking predictive analytics tools. Such practices not only mislead customers but also erode trust in fintech innovation. On the other hand, truly ethical fintechs prioritize transparency, meaningful AI integrations, and measurable positive impacts on society.”
Ensuring empathy
Shreenath Regunathan, co-founder of Starlight, an embedded platform that helps financial institutions improve their users’ financial health, adds: “A genuine ‘fintech for good’ combines technological innovation with deep empathy for customer challenges.
“First, these companies identify structural gaps in financial access and build scalable solutions. At Starlight, we recognised that over $140billion in government benefits goes unclaimed annually, not due to lack of eligibility but because of complex application processes and awareness gaps. True fintech innovation means bridging these systemic barriers through technology.
“First, these companies pinpoint structural gaps in financial access and create scalable solutions. At Starlight, we identified that over $140 billion in government benefits goes unclaimed each year, not because people aren’t eligible, but due to complex application processes and a lack of awareness. True fintech innovation is about bridging these systemic barriers with technology.
Second, they align their business incentives with customer success. Instead of focusing solely on short-term metrics, these companies evaluate their success based on sustained improvements in their customers’ financial health. Our findings indicate that when financial institutions assist customers in accessing benefits and achieving stability, they experience higher engagement and loyalty.
Finally, they commit to rigorous impact measurement and continuous improvement, carefully tracking real outcomes in their customers’ financial lives. This data-driven approach ensures that innovation genuinely meets customer needs while also creating sustainable business value.”
Needing a clear mission
For Brad Pennington, president of financial products at PayJoy, a top financial service provider to the underserved in emerging markets, a true ‘fintech for good’ requires “a clear definition of what doing good means”.
Pennington continues: “What is your mission? Willingness to invest in that mission on a standalone basis even if profit-maximisation would have produced a different decision. If you don’t know what doing good means, you can’t do good. If doing good doesn’t cause you to make different decisions. Then are you really doing good?”
Amit Ghole, founder of Inflooens, a point-of-sale and broker loan origination system, also appears to believe in this sentiment: “Purpose is the key differentiator. Bootstrapping Inflooens taught me that money alone can’t sustain a long-term vision.
“A clear mission — making homeownership simpler and more accessible while empowering lenders — fuels our commitment. Borrowing to buy a home should be a proud milestone, not an invasive ordeal. A ‘fintech for good’ transcends transactions, delivering solutions that genuinely transform lives and remain connected to a larger ‘why’”.
