American Banker Podcast
‘Not all fintech is good for people’: Jennifer Tescher
Mar 26, 2024
Jennifer Tescher, founder of the Financial Health Network and a veteran in fintech, discusses the dual nature of financial technology. She highlights how some innovations, like automated savings, can benefit consumers, while others may not serve them well. The conversation dives into the complexities of earned wage access and the confusion consumers face regarding fees. Tescher also addresses the rising trend of financial instability in America and emphasizes the need for transparency in lending, especially for vulnerable borrowers facing economic challenges.
25:45
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Quick takeaways
- Fintech innovations like automated savings tools have successfully transformed consumer behavior towards saving, yet their implementation must be handled carefully to ensure financial health.
- While earned wage access presents a solution for cash flow issues, it necessitates clearer structures and transparency to protect consumers from misleading costs.
Deep dives
Evolution of Financial Health and Technology
The Financial Health Network, founded by Jennifer Tescher, aimed to leverage technological advancements to improve access to financial services for underserved populations. Since its inception two decades ago, there have been mixed results in using technology, such as the internet and smartphones, to enhance financial inclusivity. While technology has enabled a significant number of individuals globally to access basic banking services, challenges remain, particularly regarding credit accessibility. Overall, it highlights that technology itself is just a tool, and its impact on financial health depends on how it is implemented and utilized within the industry.
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