While financial technology (fintech) has the potential to make financial services more accessible and affordable, hope that technology alone can solve the complex issue of wealth inequality is misplaced. After all, fintech companies are still subject to the same market forces as traditional financial institutions, with little incentive to address contributing causes such as unequal access to credit and financial services, lower rates of return, and discrimination. Yet, key players in the industry promote fintech as a primary means to advance financial inclusion for historically marginalized communities.

Despite the fintech industry’s promises of financial inclusion, underserved populations continue to experience unequal access to financial services and wealth. This Article is the first to evaluate claims relating to five key components of the so-called “fintech revolution” to determine whether fintech can address underlying causes of wealth inequality. While fintech developments may have the potential to expand financial inclusion, these technologies have not yet been employed to significantly address the underlying causes of the wealth gap. Further, in some instances, fintech may exacerbate existing inequalities. Given this lack of sufficient progress and potential exploitation vis-à-vis fintech innovations, this Article explores oversight of fintech as well as other reforms to address the underlying causes of wealth inequality.