Author: Amina Kirk and Mae Watson Grote (Change Machine)

Tech’s ability to accumulate and wield power is unquestionable. The dominance of the Big Four tech firms — Amazon, Apple, Facebook, and Google — has commoditized consumer data in unprecedented ways, subjecting all of our online activity to search, analysis, and constraint. These dynamics not only perpetuate existing forces, making products and payments accessible to white consumers who are ready adopters, but intentionally exploit and prey upon low-to-moderate income consumers with product placement and ads for targeted services such as payday loans. Without reform, we run the risk of exacerbating inequities — the racism and sexism so hardwired in our society — leading to even further financial insecurity. We must hold all of fintech accountable to wield its power in ways that challenge and change the policies, practices, and beliefs that keep Black and Brown women navigating financial insecurity from achieving their financial goals, much less acquiring or leveraging wealth for economic mobility. We must reform the financial system to intentionally and surgically reverse digital redlining one practice at a time.