While financial technology (fintech) has the potential to makefinancial services more accessible and affordable, hope thattechnology alone can solve the complex issue of wealth inequality ismisplaced. After all, fintech companies are still subject to the samemarket forces as traditional financial institutions, with little incentiveto address contributing causes such as unequal access to credit andfinancial services, lower rates of return, and discrimination. Yet, keyplayers in the industry promote fintech as a primary means to advancefinancial inclusion for historically marginalized communities.
Despite the fintech industry’s promises of financial inclusion,underserved populations continue to experience unequal access tofinancial services and wealth. This Article is the first to evaluateclaims relating to five key components of the so-called “fintechrevolution” to determine whether fintech can address underlyingcauses of wealth inequality. While fintech developments may have thepotential to expand financial inclusion, these technologies have not yetbeen employed to significantly address the underlying causes of thewealth gap. Further, in some instances, fintech may exacerbateexisting inequalities. Given this lack of sufficient progress andpotential exploitation vis-à-vis fintech innovations, this Articleexplores oversight of fintech as well as other reforms to address theunderlying causes of wealth inequality.