Fintech is changing the world people manage their money, apply for loans, maintain credit ratings and other services that banks provide. This is true for the western more developed companies. Fintech is slowly trying to effect the developing countries in the same way. More than half the population is lives in the developing world category of which many of them are not tapped by the Fintech market. This article explains how several Fintech companies are adapting to the situations in their own country to increase the ability for people to manage their money and increase eligibility to get loans. One such example is SERV’D in India which helps informal workers such as drivers, cooks and nannies to create simple formal work contracts and pay them online. This helps in them in a big way to apply for loans as they now have a way to show their income and ability to get a loan and pay it back accordingly. With the help of such innovative Fintech startups in the future populations that do not have banking ability or services around them to grow and increase their ability to manage money and achieve a higher standard of living.
https://hbr.org/2017/01/fintech-companies-could-give-billions-of-people-more-banking-options