"Inclusion in US financial services is at an all-time high"

" Inclusion in US financial services is at an all-time high \r\n\r\n \r\n\r\nTechnology drives inclusion in financial services. It facilitates widespread education, accessibility and affordability that were previously reserved for a wealthy few, opening doors and breaking down barriers worldwide.\r\n\r\n \r\n \r\n\r\nDigital tools are critical to achieving the worldwide impact necessary to support the most vulnerable. The G20\u00a0 published a call to action \u00a0that highlighted the importance of \u201cleveraging the opportunities that technology offers to reduce costs, expand scale, and deepen the reach of financial services (which) will be critical to achieving universal financial inclusion.\u201d Further,\u00a0 the OECD reported \u00a0that \u201cdigital delivery, despite its specific challenges, can facilitate the effective provision of financial education, extend its reach, and contribute to positive behavioral change.\u201d\r\n\r\n \r\n \r\n\r\n Operation HOPE \u2019s core mission is to expand economic opportunity for all, and make free enterprise work for everyone. As the US\u2019s largest financial literacy organization, we know that success is incumbent upon creating opportunities for people to take ownership of their financial future. Increasingly, that means connecting them to technology-enabled tools.\r\n \r\n\r\nTechnology and innovations in the financial services industry have enabled\u00a0 the most accessible, inclusive, and low-cost financial market \u00a0there has ever been in US history. Hand-in-hand with this accessibility is the need for education. According to\u00a0 Pew Research Center : \u201cTechnology assets are strongly tied to the likelihood that people engage in personal learning\u201d, with 82% of the US adult population with access to a smartphone and a home broadband connection having done some personal learning activity in the past year. This tells us that technology not only provides the opportunity for increased financial education; it can also be the solution for delivering that knowledge.\r\n\r\n \r\n \r\n\r\nConsider\u00a0 reporting from the World Bank \u00a0that states \u201cdelivering financial services through technological innovations \u2026 can be a catalyst for the provision and use of a diverse set of other financial services \u2013 including credit, insurance, savings, and financial education. Those who are now excluded can enjoy expanded access.\u201d Technology serves as a gateway for individuals and communities who have historically not had access to manage their financial future.\r\n\r\n \r\n \r\n\r\nWhat\u2019s more, technology can allow for real-time learning and education; a crucial complement to increased access. The US\u2019s\u00a0 National Financial Educators Council estimates that \u201clack of financial literacy cost Americans a total of more than $388 billion in 2023.\u201d It is necessary that we embrace the unique value \u2013 and economies of scale \u2013 that digital delivery of financial education provides.\r\n\r\n \r\n \r\n\r\nContextualized learning is anchored in the principle that learning improves when it exists within a context that is relevant and delivers value for the learner. This is why Operation HOPE proudly pioneered the Investors\u2019 Bill of Rights in 2021 as a call for the entire financial services industry to provide financial literacy and education to the next generation of investors. We believe that coupling education with access is core to economic empowerment. Further, with innovations in technology a third factor \u2013 affordability \u2013 comes into play. Technological advancements have helped level the playing field for first-time investors and investors of limited means to engage in the markets in the same way the wealthy few have enjoyed for decades.\r\n\r\n \r\n \r\n\r\nIn late 2023, the SEC proposed a rule \u2013\u00a0 Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers \u00a0\u2013 that addresses the use of technology and could limit advancements that have been in practice for decades. Introduced with the worthy premise of investor protection, the measure could have unintended consequences given its broadness. Specifically, it could eliminate efficiencies achieved via technology, which could increase costs, hinder access and compromise progress made with regard to market inclusivity. Take, for example, the\u00a0 Ariel-Schwab Black Investor Survey \u00a0(2022), which highlighted that when it comes to growing and protecting their assets, Black Americans are less trusting of people (32% vs. 45%) and more trusting of technology (31% vs. 21%), than white Americans. This tells us how critical technology is for inclusion.\r\n\r\n \r\n \r\n\r\nWhile investor protection is paramount, it must grow in conjunction with technology. Indeed, it is why we launched the Investors\u2019 Bill of Rights: to provide a clear path for financial institutions, asset managers and their trusted advisors to incorporate greater financial literacy, knowledge and transparency in their offerings to retail investors. Regulation should not stand in the way of technological innovation as a tool for education.\r\n\r\n \r\n \r\n\r\nWhile Operation HOPE centres the needs of families in our work, there is clear evidence that financial literacy is also good for business. That\u2019s why the Investors\u2019 Bill of Rights works. Financial institutions know that the more educated their customers are, the more valuable they are. Take for example the work of Cities for Financial Empowerment Fund\u2019s Bank On programme, which forges coalitions between local governments, financial services institutions and non-profit organizations to uplift communities, deliver financial education, drive wealth creation and ultimately create a virtuous cycle of financial empowerment through education.\r\n \r\n\r\nWithout technology to enable accessibility and affordability, a critical tool for driving economic growth will once again be out of reach for many. We need to embrace the value of digital tools to enable the financial future that so many deserve.\r\n\r\n \r\n \r\n \r\n \r\n \r\n "

"Inclusion in US financial services is at an all-time high"

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