Why FinTech is failing the poor with Wendy De La Rosa

How can FinTech leverage behavioral economics to help people become more financially secure? Sheana Ahlqvist talks to Wendy De La Rosa, co-founder of Common Cents Lab, a research lab that launches and tests products to help low-to-moderate-income Americans.

IN THIS EPISODE YOU’LL HEAR:

  • What kinds of Fintech products and apps effectively help people budget and save.
  • How certain Fintech apps could be hurting more than helping those below the poverty line.
  • Why lots of common features are ineffective and undermine our interest in savings.
  • Tricks from behavioural economics that anyone can use to get their spending habits in order.
  • How the needs of those in poverty are drastically different and what product managers can do to fit their unique needs.
  • Specific ways to remove friction around SNAP benefits, tax refunds and loan repayments to help people in poverty get ahead.
  • Frequency Budgets vs. Financial Budgets
  • What dark patterns are and how they apply to Fintech products.
  • How “round-ups” can help people save money in the long term.
  • How temptation plays a major role in how people deal with their money.

Sheana and Wendy also talk about Wendy’s course: Designing AI to Cultivate Human Well Being.

LINKS:

OTHERS MENTIONED:

  • Tech Crunch
  • Forbes
  • 30 Under 30 Forbes
  • PBS News
  • MetLife Foundation
  • Uber
  • Lyft
  • SNAP Benefits
  • Ford
  • Amanda McLaughlin
  • Jennifer Aaker
  • Fei Fei Li
  • LinkedIn
  • Facebook
  • Stanford University