This issue of the Community Development Innovation Review examines the promise and pitfalls of financial technology, or fintech, for fostering racial equity and greater financial inclusion. Edited in partnership with the SF Fed’s Fintech Team and Aspen Institute’s Financial Security Program, this issue brings together a broad set of voices from people working in various roles—including in technology, community development, economic inclusion, regulation, and investment—to contextualize gaps in the financial system and consider ways to address them. The authors examine dimensions of the fintech ecosystem that promote and those that hinder equity and inclusion. The issue also highlights partnership and design approaches to deepen impact. Fintech leaders are well-positioned to enable greater access to the financial system and are also faced with the potential for deepening existing inequities. This issue provides a starting place to explore this tension.
Download the full issue (pdf, 2.72 mb)
Issue Editorial Team
Bina Patel Shrimali, Co-Editor
Rocio Sanchez-Moyano, Co-Editor
Kaitlin Asrow, Guest Issue Editor
Sean Creehan, Guest Issue Editor
Genevieve Melford, Guest Issue Editor
Tim Shaw, Guest Issue Editor
Mackenzie Wallace, Guest Issue Editor
Article Citation
Federal Reserve Bank of San Francisco. 2021. “Fintech, Racial Equity, and an Inclusive Financial System,” Federal Reserve Bank of San Francisco Community Development Innovation Review 2021-2. doi: 10.24148/cdir2021-02Table of Contents
The Racialized Roots of Financial Exclusion
Why do racial differences in access to financial services persist despite existence of anti-discrimination and fair lending laws? This article describes the legacy of historical exclusion and current barriers to access.
Fundamentals of an Inclusive Financial System
This article provides a vision for an inclusive financial system: what it entails, what it does, and the benefits it will bring, both widespread and reparative.
Regulation to Build a More Inclusive Financial System and Drive Financial Health
Regulators play an important role in the fintech ecosystem. This article explores the tensions involved in the regulation of financial technologies.
The Role of Public and Private Capital in Digital Infrastructure for Finance in the United States
Investments in digital infrastructure can facilitate innovation and financial inclusion.
Global Developments in Inclusive Financial Systems
What can we learn about fintech and financial inclusion from other countries?
Americans Need a Digital Identity System, Stat!
A digital identity system has the potential to close gaps in access to financial services.
The Next Frontier: Expanding Credit Inclusion with New Data and Analytical Techniques
New types of data and analysis can promote financial inclusion, but care is needed to ensure new techniques do not amplify inequities.
How Can Regulation Facilitate Financial Inclusion in Fintech?
How has fintech changed the assumptions that underpin consumer protection regulations and where do we go from here?
The Tech-Enabled Social Safety Net: A Case Study of the EBT System
A carefully-designed tech-enabled social safety net can improve experiences for people participating in government programs.
Why Mission-Minded Fintechs May Be the Key to Closing the Savings Gap
Nonprofit fintechs are well-positioned to develop and distribute financial tools to the people who need them most.
How can financial services technology be improved by leveraging the experiences of CDFIs serving historically underserved communities?
CDFIs and fintech can leverage each sector’s unique expertise for greater impact. This article shares key lessons for successful partnership.
The development of two interventions focused on vulnerable student loan borrowers during the height of the pandemic provide key design lessons.