Monetary policy was intended to act as an accelerant for an economy in recession, and did in fact accomplish that goal early on; however, its benefits have waned, if not reversed, over time.
We asked microfinance organizations around the country about the challenges they face, what they wish banks would do differently, and even what they are reading. Here are some of their responses.
Financial inclusion is not only about the unbanked and underbanked. Increasingly, working class families who have lost factory jobs and those who have full-time jobs but work highly variable hours are forcing banks to rethink how best to help meet their financial needs. Fintech companies are stepping up too.
The marketplace for services to help struggling families balance their short-term and long-term financial needs is improving, but is still insufficient.
Income volatility is a persistent problem for millions of U.S. households. Banks and fintech companies are trying to help consumers cope — but the industry can do more.
