Fintech companies have built fast, nimble systems for moving money. But the reality of how government partnerships might work is much more complicated and requires a close look at the details
on inequality in banking, thinks it’s unlikely. The unbanked are “a lot of elderly people, a lot of rural communities, a lot of people who don’t have Internet access, don’t know how to use mobile phones, and don’t purchase goods at a place that takes mobile payments,” she says.
The government has experimented with different methods to distribute funds, like using prepaid debit cards, but the fintechs haven’t received clear feedback on these new ideas. And for now, it appears the Treasury is going in a different direction.
SBA loans often take more than 20 business days to get approved, says Jonah Crane, a partner at Klaros Group, which advises fintechs on regulation. “Fintech lenders have developed technology to make underwriting decisions in minutes.
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