Using insight and innovation to benefit low income households

The Centre for Responsible Credit (CfRC) provides a starting point to deliver more collabarative approaches capable of harnessing the knowledge that non-profits and the community finance sector hold about the financial needs and behaviours of lower income households and small business and linking this to the technological expertise of the commercial FinTech sector. 

The main FinTech innovations identified within the project included:

Improving ‘back office’ systems such as

  • Utilising ‘big data’
  • Building a shared infrastructure for the community finance
  • Expanding the reach of Peer to Peer (‘P2P’) leading platforms

Developing ‘customer facing’ technologies such as

  • Smart phone applications
  • ‘Gamification’
  • Further development of pre-paid payment technologies
  • The delievry of on-line education, mentoring and financial support services