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Democratizing Financial Services For A New Consumer Demographic

While financial services and investment guidance were once opportunities reserved only for an elite income bracket, new modes of operation and digital offerings are diversifying the field. Between established organizations innovating their digital practices, innovators creating neo banks and new investment products, and services being created specifically for historically underserved communities, more consumers can now strategically advance, and thus grow, their financial standing.

In this research paper, PSFK explores the new ways in which financial services, once a largely inaccessible topic and industry, is being digitized, diversified, and updated to reflect the new needs and expectations of consumers. It examines how user friendly apps, new financial practices, and intentionally democratized systems allow a wider and more diverse consumer set to strategically invest, build, and protect their finances. It brings to light how tech-centered offerings, combined with treating consumers as individuals with nuanced financial needs, can provide established and new-to-banking customers with much desired ease, understanding, and opportunity. 

Published December 2020