It’s no secret that consumers with low-to-moderate incomes (LMI) have been poorly served by traditional finance players. What’s interesting right now is the new generation of companies leveraging technology to build financial services that better serve underbanked demographics and are helping drive financial inclusion around the globe.
TIO Networks is one of those companies. Bridging the gap between online and offline, it’s a cloud-based payments processor that provides access not just on the web and on mobile, but also via 70,000 real world locations including world kiosks and counters. It’s currently processing $6bn in bill payments and counts more than 10,000 customers on its network.
Here, in an interview in the Finetics™ Studio by The Bancorp at Money 20/20 in Las Vegas, CEO Hamed Shahbazi shares his thoughts on what the future of financial services looks like.
“The proliferation of mobile – putting a super-computer in everyone’s hand – is huge,” says Shahbazi. “But I think there’s still a financial literacy aspect that needs to happen to connect the dots and make these experiences seamless.
“What Apple’s taught us is experience is everything. There’s still some room for service providers to create those very compelling, simple, and powerful experiences. The major disrupters that you’ll see pole-vaulting in the marketplace are going to be those ones that just make it simple and easy.”
Access Hamed Shahbazi’s full interview, plus more insights on ‘The Shift from Digital Banking’ from Ryan Caldwell, Founder and CEO, MX; Ben Katz, CEO and Founder, Card.com; Lars Sandtorv, CEO, MeaWallet; and Pete Chiccino, Executive Vice President and Chief Information Officer, The Bancorp on The Bancorp’s Finetics blog.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.