Question

Do Fintech companies have any social responsibilities?

Answer 1

Yes, Fintech companies have social reponsibility.

Social responsibility is an organisation's commitment to oversee the social, environmental and economic impact of its operations responsibly and keeping in mind the peole's expectations.In the modern era, consumers not only consider price and quality when making a decision on which product or service to use.Details about companies and their processes have become transparent. Modern-era consumers exhibit more interest in the way an organisation functions. They are asking numerous questions such as "Does a clothing producer and distributor use slave labor? Is the cosmetics they are using animal cruelty-free?"

Social responsibility is significant for the running of the business. The business owners need to be aware of the needs and resources of communities in the markets they are serving. Socially responsible FinTech companies have allowed users to reduce the financial burden of heavy taxation in place when using cash transfer services in certain countries or unreliable techniques of transfer and ensure that the entire amount of money reaches its intended receiver. Some fintech organisations have even created their business models over the idea of responsibility and sustainability, abandoning mandatory fees or reducing commission to ensure maximum benefits for the community.

Fin-Tech organisations such as XendPay have allowed free money transfers and are having a positive impact on the development of these societies. With additional money available for the beneficiaries of remittances, there is additional money available to go back into the economy, rather than into hands of private companies.

Fin-Tech companies need to realise the force which comes with strong values in bringing them closer to their target market and that they have a responsibility to orient themselves with noble causes and social development.