Seeking to enhance access to the financial sector, Community Interest Company, the Inclusion Foundation (TIF) has launched to unite the fintech industry.
The launch gives the UK’s 13m under-served adults better access to financial services and comes at a time when the society’s most vulnerable are in the greatest need of vital help as they cope with the COVID-19 pandemic.
Neil Harris, Chair of The Inclusion Foundation commented: “One in four people experience financial exclusion at least once in their lifetime, which shows that as a society we’re all at risk at some point in our lives of being excluded at our most vulnerable hour.
“As one of the world’s most progressive, diverse and inclusive nations, we have let the most vulnerable fall through the cracks for far too long, and leading the world in financial innovation and fintech, the UK has every opportunity to ensure that there is financial service provision for every need.
“That’s why we created The Inclusion Foundation – formed to connect the dots, to unite the industry and to make financial exclusion a thing of the past.”
The Inclusion Foundation provides three core services, including SignpostNowTM, a comparison website enabling underserved customers to compare financial products that suit their individual needs, and The Inclusion SignpostTM, an accreditation recognising financial services products that serve the needs of previously underserved segments.
Additionally, the Foundation provides education and a learning programme for payment account providers and the government, The Inclusion Academy. The Academy’s think tank arm is dedicated to keeping the pressure on all key stakeholders while publishing news, research and discussion papers.
A payments account is a key utility; with this access the user can benefit from social mobility enabling them to pay for their rent, purchase goods and services and build a credit rating.
Consequently, TIF is dedicated to joining the dots between the fintech industry and the mainstream financial services sector, government bodies and charities to bring awareness of the accredited solutions available, enabling more people into the banking system and out of the ‘poverty trap’.
Mastercard, The Emerging Payments Association, PPS, GPS, SkyParlour and Manifesto Growth back TIF and have been welcomed by the Foundation as the Inclusion Pioneers.
Anne Pieckielon, the CEO of The Inclusion Foundation added: “Lack of a bank account typically costs each individual affected somewhere in the region of £485 per year. It is unforgivable that as an industry we are allowing this to happen.
“This is why we are tackling exclusion head on, with the support of our pioneers, enabling payment facilities for all.” Anne continued; “We’re always seeking new pioneers to help foster a more financially inclusive society, so please get in touch with us if you or your organisation is interested in becoming a TIF industry pioneer.”
