While Boston is rapidly becoming a hub of opportunity for some, the breadth of this financial instability exposes an inequality of opportunity that hurts both families and Boston's long-term economic prospects. If we want to begin to address inequality, we must ensure that families have the tools necessary to become economically resilient.
Financial inclusion helps lift people out of poverty and can help speed economic development. It can draw more women into the mainstream of economic activity, harnessing their contributions to society. And it will help governments provide more efficient delivery of services to their people by streamlining transfers and cutting administrative costs.
Why is it that despite new technologies and widespread innovation, today's financial sector provides such ill-fitting products and services to so many people and leaves so many more entirely unserved? We are missing a huge opportunity for business, policy and society alike - a missed opportunity with lasting negative effects
Given the potential for great returns, a flurry of entrepreneurial activity has generated services to cater to individuals who live and work outside the financial mainstream. While not all of this activity is positive, a few promising innovations stand poised to increase financial inclusion in the U.S. and abroad.