Can technology solve financial exclusion? Lords to ask experts
The House of Lords Committee on Financial Exclusion will tomorrow take evidence from financial technology companies Pockit and Neyber as well as Lloyds Bank as it explores the opportunities for technology to help tackle financial exclusion.
Giving evidence to the Committee on Tuesday 15 November will be:
- Virraj Jatania, Co-Founder and CEO, Pockit
- Monica Kalia, Co-Founder and Chief Strategy Officer, Neyber
- Adam Micklethwaite, Director of Business and Innovation, Tinder Foundation
- Peter Wells, Policy Associate, Open Data Institute
- Nick Williams, Director of Consumer Digital, Lloyds Banking Group
The first session will feature Pockit, a prepaid card service that allows people – including those without bank accounts – to obtain a pre-loaded Mastercard, and Neyber, an alternative consumer lending service that works with employers to enable their staff to borrow money and repay through payroll collection. The Committee will ask about the success of financial technology (FinTech) in alleviating financial exclusion, how FinTech can overcome the challenge of digital exclusion that can make financial exclusion worse, and whether established banks and financial institutions help or hinder the development of FinTech companies.
The second session will cover the lessons that the financial sector and others can learn for financial exclusion from the work they have undertaken on digital exclusion such as the Lloyds Digital Champions, how the forthcoming Open Banking Standard will impact on financial exclusion, and the possible impact of the move to make Universal Credit ‘digital by default' on recipients.