Shining A Spotlight on Financial Inclusion: LOQBOX
Blogs on 14th July 2019
Thomas Eyre, CEO and co-founder LOQBOX
How does your business help financial inclusion in fifty words?
LOQBOX is fixing financial exclusion by addressing the three causes – a lack of Opportunity, Capability and Resilience. Without these things normal people’s lives are harder and more expensive, more stressful and more confusing. Our users build their credit history thereby increasing the opportunities available to them. They improve their financial education thus building their financial capability. All while building a pot of savings which makes them more resilient.
What’s the biggest opportunity for FinTechs trying to improve financial inclusion?
A change in attitude across the industry. It is certainly not true to say that financial exclusion has been down prioritised in the past. But there is certainly a renewed interest in how FinTech can solve a traditionally difficult subject. The reality is that FinTechs can create much more agile products and services that focus in on these specific issues in a way that incumbents find challenging. We’ve been able to partner with a range of brands and incumbents to make sure that our solution gets in front of the right people at the right time. Without the right attitude from our partners this wouldn’t have been possible.
And the biggest challenge?
Achieving sufficient scale and distribution to make a difference. Financial exclusion, in its many forms, is culturally and demographically agnostic. It is extremely difficult to target consumers experiencing exclusion. This makes it hard for FinTech companies to achieve the sort of distribution that would get the solutions into the hands of those that need it. We have found partnerships to be a great tool to enable us to achieve scale and distribution.