January 14, 2020

FinTech for All

Ensuring that everyone benefits from innovative financial services

Why do 1.23 million people lack access to a bank account? What can be done to help the 10 million people who rely on non-standard credit? How can the Government ensure that everybody gets access to debt and financial advice?

This report, by Benjamin Barnard and Jos Henson Gric, shows how innovations in Financial Technology can improve access to banking, credit, insurance and debt advice services. It shows how the Government can encourage the one of the UK’s most innovative sectors to improve the lives of the poorest in society, particularly those on Universal Credit.

This report suggests a number of thought-provoking ideas as to how we could use the latest innovations in financial services to help people who are denied the services most take for granted.The Government should look closely at its recommendations. Today there’s much talk about how we need to achieve a fairer society and provide opportunity for everyone. We could help to achieve that ambition by ensuring that we have an effective, efficient and inclusive banking system that works for everyone.

The changes set out would allow people on low-incomes to fully share in the advances in banking services as they continue to develop. From access to affordable credit, bespoke budgeting tools, savings and insurance products, a new wave of FinTech offerings could transform the way we approach Financial Inclusion in the UK

The UK FinTech industry presents an exciting growth opportunity for our economy to push new boundaries in technology and to allow access to good quality financial services for all. We must support these change- makers if we are to truly unleash Britain’s potential on the world stage.

The recommendations in this report should be carefully looked at by those in the Conservative party who would like to bring about real change in our left-behind communities.


Benjamin Barnard

Head of Government, Politics and Technology Policy (2019-2022)

Jos Henson Grič

Research Fellow for Economics, Technology and Science

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