Selected as one of the Deloitte Social Innovation Pioneers, My Home Finance is a social enterprise based in London with a seemingly simple mission. The goal is to provide people with affordable and fair loans, access to bank accounts and savings.
"You cannot get a bank account if you are on benefits or on a low wage," Louise, a housewife, told BBC in 2010. "With My Home Finance, they open a bank account, which means you can start your credit score off and can get direct debit sorted to pay bills. This is a way of getting a foot on the ladder."
And that quote is a testament to the fact many people are shut out from mainstream financial services which can create a cycle of being unable to save and have healthy and prosperous finances.
My Home Finance runs alongside a bigger trend of companies in urban centers, like Fair Finance, attempting to create a more just world when it comes to finance.
Contact Information
My Home Finance website
Accessible Loans
My Home Finance is a Deloitte Social Innovation Pioneer
Trend Themes
1. Affordable Loans - Disruptive innovation opportunity: Develop innovative loan products that are affordable and accessible to people who are shut out from mainstream financial services.
2. Access to Bank Accounts - Disruptive innovation opportunity: Create innovative banking solutions that provide access to bank accounts for individuals on benefits or low wages.
3. Financial Inclusion - Disruptive innovation opportunity: Implement strategies and technologies to promote financial inclusion and help individuals build a credit score and improve their financial health.
Industry Implications
1. Social Finance - Disruptive innovation opportunity: Pioneer the field of social finance by developing financial products and services that cater to the needs of underserved populations.
2. Fintech - Disruptive innovation opportunity: Leverage technology and innovation to create inclusive fintech solutions that bridge the gap in access to banking and financial services.
3. Microfinance - Disruptive innovation opportunity: Explore the potential of microfinance models to provide affordable and fair loans to individuals who have limited access to traditional lending institutions.