The Rise of Social Responsibility in Fin-tech

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New York resident Effie Kilmer, global account technology strategist with Microsoft, is a part of growing number of young IT professionals committed to making financial applications in business work for both consumers and businesses. As an IT strategist working in the greater New York area, Effie Kilmer has, over the course of her career, been a part of the fin-tech evolution.

Fin-tech has taken off in the last several years, making financial applications in business more efficient for end-users. But as society moves into a new cycle of technologies, social responsibility is becoming a larger part of the overall industry platform.

Fin-tech companies have made it a point to understand the needs and issues of the people living in the countries in which they operate. One of the major ways that the fin-tech industry has become more socially responsible is in making new tech tools accessible to people who are normally marginalized simply because of income or location in the world. For example, in the payments sector, international money transfers have become more efficient and accessible, making it easier for those living in developing countries to send money to their relatives. In some cases, these transfers are free.

Other examples of how social responsibility is increasingly becoming a part of the fin-tech platform is in the development of technologies to keep taxes low and to provide customers with low-cost tech tools. A few companies have created opportunities for customers to reduce taxes when using money transfer services in certain countries. Fin-tech has also made the apps needed to make transfers accessible just by reducing their expense without skimping on safety and efficiency.