The financial system is biased.
One of the things that excited me about fintech was the promise of financial inclusion. But balancing that with necessary KYC & compliance policies to keep bad actors out is tough.
Working in a global fintech, It’s been eye-opening to see how certain people are disproportionately affected by these policies.
For example:
1/ GENDER / MARITAL STATUS: Married women face more scrutiny.
In many cultures, women change their last names after marriage, often creating mismatches between IDs and legal names. This discrepancy triggers manual reviews, only resolving after a marriage certificate is shared. This is less likely to happen to non-married people or men.
2/ GEOGRAPHY: People from certain countries are outright banned from using financial products.
OFAC restricts financial access for entire nations, regardless of individual behavior.
Some countries are labeled "high risk," making it harder for residents to open accounts.
3/ AGE: Older and younger users are banned or face more reviews.
Younger users may not meet minimum age requirements for financial products.
I was also surprised to learn that even older individuals are flagged due to concerns over “elder abuse,” when fraudsters exploit their innocence, ask them to KYC then just takeover their accounts. They go through more reviews to make sure they actually have the intention of using the product.
As someone from the Philippines, it’s frustrating to know that people from my country might struggle to access financial products that others take for granted—all because of where we fall on a risk list.
But I’m also hopeful there’s a whole wave of new fintechs helping move the space forward. Excited to see how the next few years unfold.