Around 40 financial experts, including First Access COO Jessica Carta (top), researchers, anti-poverty activists and social innovators gathered on Tuesday for PopTech’s “Toward the Better Banked,” a daylong salon designed to advance discussion about how to improve the financial lives of unbanked, under-banked and unhappily banked Americans.
The diverse set of experts gathered for the event at Yale’s Maurice R. Greenberg Conference Center which was made possible with the support ofServe from American Express and Innovations for Poverty Action. The challenge that was under the microscope at the salon is daunting. Around 1 in 12 American households don’t have an account with an insured, traditional bank, according to the Federal Deposit Insurance Corporation. Financial stratification between affluent and financially challenged Americans continues to grow. Consumer debt has ballooned. Meanwhile, some of the novel financial service innovations that are widespread in Sub-Saharan Africa and parts of South Asia, such as mobile-phone-based payments, haven’t taken root and propagated the same way in the United States.
Read more here. Images courtesy of PopTech.