Is FinTech delivering on its promise of easier access to financial solutions?

By: Scio Team

What is the real purpose of financial technology (FinTech)?

Although today it’s seen as a force for democratization, its origins go back more than a century. In 1860, Italian engineer Giovanni Caselli introduced the pantelegraph, a device that could transmit handwritten signatures — including those of composer Gioacchino Rossini — over telegraph lines, transforming the way banks verified transactions (Atlas Obscura).

Since then, the core idea of FinTech has remained consistent: democratizing financial services by giving people from all backgrounds not just access to their money, but also new ways to use it — from basic payments to investing in portfolios.

The 2008 financial crisis gave this mission new urgency. As trust in traditional banks collapsed, technologies like cryptocurrencies and peer-to-peer payment systems gained traction, empowering startups, smaller players, and even individual investors to look for alternatives. Technology was ready to offer the disruption that many people were demanding.

Since then, the FinTech sector has grown at breakneck speed, showing no signs of slowing down. On the surface, it seems easier than ever to access financial alternatives. But the key question remains: is FinTech truly delivering on its promise of democratized access, or just repackaging privilege in digital form?

On one hand, FinTech companies have introduced innovative products that simplify sending payments, borrowing money, and investing. On the other hand, many of these solutions are still designed for those who already have disposable income, solid credit, and digital literacy. For the average person, FinTech products may not feel much more accessible than traditional banking.

This paradox fuels ongoing debate. Critics argue that most FinTechs are profit-driven, not people-driven. Supporters counter that these platforms are creating valuable tools to help individuals improve their financial situations. The truth, as usual, lies somewhere in between.

More Than Just Growth

The FinTech story isn’t only about scale, it’s about who actually gains access.
Take early payment enablers: a few lines of code made it possible for thousands of small businesses to accept digital payments without rebuilding their entire stack. That’s a real unlock.

But scale alone doesn’t guarantee inclusion. Investment apps, BNPL, and instant payouts have multiplied, yet the benefits often consolidate around users with disposable income, strong credit, and high digital literacy. For leaders in Dallas and Austin, the question isn’t whether FinTech can grow, it already has. The question is: is that growth translating into broader, durable access for underserved users and small businesses?

As Rod Aburto (Partner at Scio) often says: more options are good, but for whom? Some products still come with higher fees, complex flows, or device requirements that exclude people who would benefit the most. That’s the gap where product strategy and responsible design matter.

Growth vs. Access (Who’s Winning Today?)

Why this matters for leaders

Payments ≠ Access. Simple APIs helped SMBs go online, but risk/fees still limit the most vulnerable merchants.

Credit ≠ Inclusion. Faster approvals don’t fix thin-file users—alt-data and transparent pricing do.

Investing ≠ Literacy. Fractional shares open the door; guided education keeps people in the room.

The Accessibility Challenge of FinTech

1. Innovation Without Inclusion

The rise of FinTech start-ups and the influx of public and private capital leave little doubt about its future. But accessibility remains a sticking point: many platforms require a baseline of financial literacy, digital skills, or stable income—leaving behind those who could benefit the most.

2. Barriers in Developed Economies

Even in advanced markets like the U.S., low-income individuals and people with poor credit histories often face major hurdles. Barriers include:

• Infrastructure gaps (e.g., lack of broadband in rural areas).
• Awareness and education deficits.
• Device dependency (smartphones, tablets, computers).

Without addressing these barriers, growth risks amplifying inequality instead of closing it.

3. Why “Interdependence” Matters

FinTech doesn’t exist in isolation. Every user’s financial life is connected to broader systems—credit agencies, healthcare costs, employment. A siloed product may solve one issue but unintentionally deepen another.

Example: Studies show that the share of U.S. seniors with debt rose from 38% in 1989 to 61% in 2016, and the average amount owed increased from around $7,500 to more than $31,000 (2016 dollars) (Forbes/Nasdaq, GAO Report, Stanford Longevity Institute).

4. Seniors as a Case Study

This group illustrates the challenge:

• Needs: debt management, personalized advice, simplified digital tools.
• Barriers: tech illiteracy, social isolation (27% of U.S. citizens 60+ live alone).
• Risk: solutions that appear promising on paper may exclude the very people they aim to serve.

5. The Human-Focused Imperative

As Rod Aburto (Partner at Scio) highlights:
“In FinTech, there’s no shortage of new ideas.

But turning these ideas into viable products is far from easy. Without a human-centered approach, platforms risk alienating those with the most to gain.”

6. A Net Positive—If Democratization Stays Central

The growth of FinTech is a net positive, but only if accessibility remains a core priority. By designing with diverse user backgrounds in mind, and by embracing risk in the pursuit of inclusivity, the industry can finally deliver on its original promise: a financial system where everyone can participate.