Technology is enhancing financial inclusion globally.

Financial products such as savings accounts, investing, and loans are finally being made accessible to millions of underbanked individuals worldwide.

They have technology to thank.

Flori Marquez, the founder and senior vice president of BlockFi, stated during the Equity and Opportunity Forum that there is a newfound excitement about using money to invest in cryptocurrency. She also noted that demographics who have traditionally been inactive investors are entering this space for the first time by purchasing crypto assets.

The accessibility of cryptocurrency has been highlighted by bulls as a potential solution to the racial wealth gap in the U.S.

For the first time in history, there is a plan B option to the current financial system, which has been plagued with years of redlining, racial discrimination, and other egregious acts by retail banks towards the Black community, according to Isaiah Jackson, co-host of 'The Gentlemen of Crypto' podcast and bitcoin expert, and author of 'Bitcoin and Black America,' in a January interview with CNBC's 'Squawk Alley.'

This company offers its employees benefits and job security.

The war in Ukraine has benefited those affected by it, as cryptocurrency can be easily transported and utilized anywhere.

"She stated that you can take your financial assets with you wherever you go, and that BlockFi is now offering U.S. financial products to individuals outside of the country. She emphasized how this would greatly benefit Ukrainian clients during these times."

Access to loans

Technology is assisting individuals in saving and obtaining loans through the use of a phone, in addition to investing in cryptocurrency.

Shivani Siroya, CEO and founder of Tala, stated that 2.5 billion people globally are without traditional financial products.

Securely saving money, earning yield, making simple payments, and growing financial stability are all essential for daily life.

Banks are increasingly utilizing unconventional data sources to assign credit scores to customers, enabling them to obtain loans despite lacking a traditional banking relationship or established credit history.

Siroya stated that we can utilize alternative data to comprehend their current life stage and subsequently offer them the necessary liquidity to progress towards opportunities.

In the U.S., some companies are allowing consumers to use payments for housing, subscription services, and more to improve their credit scores, thereby increasing access to loans.

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