Problems in Fintech Design

Insufficient Protections in Social and Chat-Based Payments

Payments embedded in chat and social apps lack clear disclosures, controls, and redress.

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Insufficient Use of Digital Tools for Micro-Investing

Potential of mobile and fintech rails for disciplined micro-investment is underexploited.

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Insufficient Use of Technology for Last-Mile Claims Verification

Manual verification increases costs and delays for rural or remote policyholders.

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Jurisdictional Inconsistency in Usury Enforcement

Enforcement of rate caps and usury laws is uneven across regions or lender types.

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Lack of Accessible, Conflict-Free Investment Guidance

Most small investors lack neutral education or advice tailored to their context.

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Lack of Agricultural Insurance for Smallholders

Small farmers lack affordable tools to manage crop, livestock, and weather risks.

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Lack of Appeals and Error-Correction Mechanisms

Borrowers wrongly flagged as delinquent or in default struggle to correct records and regain access to credit.

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Lack of Cross-Border Low-Value Payment Standards

Absence of harmonized rules for small cross-border retail payments fuels friction and uncertainty.

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Lack of Cross-Scheme QR Interoperability

Multiple, incompatible QR standards confuse merchants and customers and fragment acceptance.

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Lack of Culturally or Religiously Compatible Products

Available credit products may conflict with religious or moral norms (e.g., interest-bearing loans in Islamic contexts).

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Lack of Culturally Relevant Shariah-Compliant or Faith-Aligned Banking Options

In some markets, faith-aligned banking is limited or poorly understood, constraining inclusion.

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Lack of Effective Complaints and Redress Mechanisms

Policyholders struggle to resolve disputes on claims, mis-selling, or conduct issues.

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Lack of Effective Dispute Resolution for Small Payments

Consumers face complex or unavailable mechanisms to resolve failed or unauthorized low-value payments.

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Lack of Health Microinsurance Linked to Primary Care

Products focus on hospital cash or catastrophic events but ignore day-to-day outpatient needs.

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Lack of Interoperability Between Payment Systems

Closed-loop and non-interoperable payment schemes fragment the market and force costly workarounds.

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Lack of Long-Term Retirement and Pension Coverage

Large segments lack funded pension schemes or accessible individual retirement accounts.

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Lack of Merchant Acceptance in Low-Income Areas

Informal and low-income neighborhoods lack affordable acceptance infrastructure for digital payments.

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Lack of Offline-Capable Payment Solutions

Users in low-connectivity environments cannot rely on payment systems that require persistent data or signal.

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Lack of Parametric or Simplified Products

Traditional indemnity products are too complex; parametric or simplified triggers are underused for low-income risks.

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Lack of Payment Options for Informal and Gig Workers

Informal and gig workers struggle to receive earnings digitally in a reliable, low-cost way.

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Lack of Portability Across Jobs and Providers

Coverage lapses when people change jobs, lenders, or regions, disrupting protection.

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Lack of Real-Time Balance and Fee Transparency

Customers cannot see up-to-date balances, pending holds, or upcoming fees, causing accidental overdrafts.

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Lack of Reliable Addressing for Cross-Border Mobile Wallets

Inconsistent identifiers and standards make wallet-to-wallet cross-border payments difficult.

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Lack of Safe Small-Dollar Credit Alternatives

Borrowers lack access to lower-cost, well-structured emergency credit options to replace exploitative loans.

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