The Inclusion Foundation (TIF), the Community Interest Company (CIC) uniting the fintech industry to give the UK’s 13m under-served adults better access to financial services, announces its launch today.[1] This comes at a time when the society’s most vulnerable are in the greatest need of vital financial services as they cope with the COVID-19 pandemic, potentially unlocking £1.8bn in benefits for low-income households.
TIF’s proprietary research highlights that 1.23m of the UK’s most vulnerable do not have access to a bank account and such disadvantaged segments of society find it very challenging to pay and get paid. The problem is being further exasperated by the social isolation measures put in place to curb the spread of COVID-19, which is having an unintended consequence for the socially vulnerable who also have less access to cash than ever before.
The Inclusion Foundation provides three core services, including SignpostNowTM, a comparison website enabling underserved customers to compare financial products that suit their individual needs, and The Inclusion SignpostTM, an accreditation recognising financial services products that serve the needs of previously underserved segments. Additionally, the Foundation provides education and a learning programme for payment account providers and the government, The Inclusion Academy. The Academy’s think tank arm is dedicated to keeping the pressure on all key stakeholders while publishing news, research and discussion papers.
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A payments account is a key utility; with this access the user can benefit from social mobility enabling them to pay for their rent, purchase goods and services and build a credit rating. Consequently, TIF is dedicated to joining the dots between the fintech industry and the mainstream financial services sector, government bodies and charities to bring awareness of the accredited solutions available and enable more people into the banking system and out of the ‘poverty trap’.
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