Many entrepreneurs enter the market because they want to make a (beneficial) difference in this world. The potential is definitely there: use available technology to improve people’s lives in one of a myriad of ways.
FinTech is making a positive difference in itself, giving countless people access to secure financial services and repairing an outdated system that desperately needed a technology upgrade. But the good FinTech is doing isn’t limited to just improving basic banking services. Through its technology, people are finding new and easier ways to support charitable causes.
It’s the perfect time to explore this technological possibility. Millennials are gaining influence and wealth and this generation wants to help make a difference in the world. Give them an easy way to do this and they will happily become loyal customers.
Bstow is an example of this theory in practice. This startup allows nonprofits to organize mobile fundraising drives through its software, reaching donors the modern way: through an app. Then, by giving people options for donating (once, recurring, round up), Bstow puts the control in donators’ hands. Nonprofits now have a new opportunity to reach potential philanthropists and people who want to make a positive impact through their wallet have an easy way to donate to causes.
FinTech is making the world better in many ways. However, I think special attention needs to be drawn to the companies that are using the technology to better the lives of the less fortunate. FinTech is taking the power from the elite and using said power to improve the world.