How technology can help us reach global financial equity
/Stacy Greiner - Chief Executive Officer,DailyPay
Imagine what your life would be like without basic financial tools, like an ATM card, credit card or bank account. Or more recent innovations, like online banking or trading apps. You would be living in a world filled with barriers to opportunity and tremendous limitations for you and your family. Yet, according to data from the World Bank, about 1.4 billion adults worldwide are 'unbanked,' meaning they don't have an account at a financial institution or through a non-bank provider.
Digital access to one’s finances is a must to succeed economically in today’s world. The days of putting money in a piggy bank or under the mattress disappeared when we became adults. Even writing a paper cheque or travelling to a bank to access funds seems quaint today. Our world is becoming cashless. Without a bank account, you are incredibly limited in your ability to pay bills, cash cheques and send or receive money. More advanced financial services, like credit cards, loans and investments, are totally off the table.