Shining A Spotlight on Financial Inclusion: LowerMyCharges
Blogs on 14th July 2019
Peter Deane Chief Operating Officer & Co-Founder, LowerMyCharges
How does your business help financial inclusion in fifty words?
We make financial advice affordable, convenient and accessible for a proportion of the population undeserved by existing models. Known as the advice gap and numbering some six million they cannot afford the fees charges by IFA’s. We charge a monthly subscription model for our service which is fair, open and transparent.
What’s the biggest opportunity for FinTechs trying to improve financial inclusion?
I think the biggest opportunity for Fin Techs in our space to improve inclusion is two-fold.Firstly, we need to use the efficiency of digital solutions to reduce costs to serve and pass on these benefits to consumers, addressing affordability. Secondly we need to develop user experiences that are more aligned with their everyday lives, e.g. digital, e -tailing, APPS, AI, subscriptions etc, addressing convenience.
Shining A Spotlight on Financial Inclusion: And the biggest challenge?
We’re a new business with a disruptive approach to an industry that suffers from a lack of trust generally. So the biggest challenge we face is developing awareness and building trust.