After years of barriers to entry for black families to banking products and predatory practices. Fintech arrives to assist in financial inclusion from assisting in creation of $0 bank accounts, low cost loans, reward programs, and credit building. Fintech aims to provide cost-friendly and reliable solutions to unlocking the financial industry for those left behind by institutional racism and lack of education.

In the past three years, major banks have paid millions in Housing Discrimination cases. After negligent and racist practices at branches were exposed. Though fintech may assist in removing people with conscious or unconscious bias. The lack of human touch overtime may amplify discrimination. This is being fought of course by algoritms that rethink our traditional FICO, Equifax, and Transunion credit score. These new algorithms focus on removing common barriers and in some cases start you off with the benefit of the doubt to qualify.

Ultimately fintech will not act as a time-skip for the existing wealth gap but for few people of color it will assist in wealth creation and ownership. Allowing many to reach an aspect of the American dream by using credit to buy a house, then a car or preferably investment property.

Credit scores in the past relied on consumer behaviors favoring those with secure high paying jobs, multiple streams of income, and generational wealth. These factors favor older Americans and those who inherited their scores for a start above 650. These inherited scores allow access to lower interest rates, better jobs, and much more. This strategy can create wealth within several generations.

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