Pay Theory Blog
July 6, 2022

Future-Proofing: Financial Inclusion

Companies are not only expected to be inclusive in today's market, but are required to be. As a result, inclusive technology is playing catch up. A report by The Society for Human Resource Management found that a company that has employees with diverse ideas and skill sets from one another will benefit from their coworkers.

Companies are seeing the benefits from fostering inclusive work environments. But, how did they get started? We found that expanding to inclusive technology platforms is a great way to begin transforming your team's workplace dynamic.

Embracing Inclusion in the Workplace

The key to designing inclusive tech is to begin at the roots: diversify tech teams. As of now, the IT job market has more than 3.85 million positions available in the US. Computer World has forecasted more than 138,000 new IT jobs will be created within 2022. With so many open IT jobs, it’s on each and every company to hire inclusively.

Start by tweaking your hiring process and having more diverse teams. Companies that invest in diversity and inclusion can see an increase in their talent pool and help introduce new skill sets in the tech industry.

Inclusion Pushes Innovation

When diversity is put at the center of a business, different points of view, skill sets, creative approaches, and experiences are more readily available. As a result, tech companies are more likely to produce innovative products and services — such as a platform for embedded inclusive payments that enable seamless online payments for even unbanked and underbanked families.

By having diverse members in your workforce, you can identify and attack your consumers' pain points to grasp a better understanding of how your company can accelerate.

By having diverse members of your workforce, you can identify and attack your consumers' pain points to grasp a better understanding of how your company can accelerate. If your team can identify the recent push towards a cashless society, for example, they’re able to pave the way for innovation within your workforce. With diverse minds collaborating together, we can provide products and services that truly help our consumers' pain points.

Inclusion in FinTech

Financial technology has been identified as a way that unbanked and underbanked families can access financial services. With this technology integration, these families have been given equal access to opportunities as others. The World Bank Group estimated in April 2020 that about 65% of adults in the world’s poorest economies lack access to even the most basic transaction account that would allow them to send and receive payments safely and efficiently. This also included the ⅓ of the population who is underbanked.

With inclusive fintech in education, a low-income student has the same access to extracurricular activities and as a high-income family. By adding fintech inclusion to the top of your company's goals, you have the ability to change the quality of life for families.