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FINANCIAL - Los Angeles sets the standard worldwide for how the rich and famous live their lives. Many people who follow the lives of celebrities dream of the grandeur of their Los Angeles living. However, what many people don’t know is that Los Angeles is one of the cities in the US with the highest wealth disparities. What this means is that while many people in Los Angeles enjoy lavish parties, glamorous shopping trips, and elite inner circles, there are also large parts of Los Angeles where people live in dire poverty. However, what if a new form of fintech startup could alleviate this disparity? This article will investigate ways to close the wealth gap in Los Angeles using online banking.
How can online banking create a better future for the impoverished in Los Angeles? The answer lies in access. In places where there is great financial insecurity, mobile banking offers people without access the opportunity to manage and grow their finances from their phones. People who would previously not have gotten advice from finance professionals can also now access this remotely. These financial professionals no longer work for big, established financial institutions but work for smaller fintech startups, which are better equipped to deal with real issues faced by those living from paycheck to paycheck.
Different types of tech startup firms are providing different financial services to a wide variety of populations. Institutions like Inclave offer comprehensive and secure password management solutions. This secure inclave casino list provides users with a list of casinos that offer quick and secure transactions as well as generous welcome bonuses for new users. All the while, users can enjoy the extra security measures brought on through new technological innovations, while being empowered to keep their finances safe.
Los Angeles faces a wealth gap that is inextricably tied to race. Although Latin American people make up twenty percent of the population in Los Angeles, they are still earning 41 cents for every dollar earned by white men in the city. Studies done by Hispanas Organized for Political Equality (HOPE), a Los Angeles-based initiative, find that while many Latinas are first-generation college graduates, economic factors such as low wages, student debt, childcare costs, and limited access to capital hinder the economic growth of this group.
The use of mobile banking and other tech services offers potential benefits to this group, as people who have less access to financial help are more vulnerable to disaster. Mobile banking offers better access to time-saving financial services, which in dire times can also save lives.
Black communities, by contrast, face similar challenges but overall have access to more wealth and also have more debt. Like the Latina community, African Americans in Los Angeles have a historically strained relationship with financial institutions, being wary of how entrusting banks with money may lead to unexpected fees, penalties, and debt. However, with mobile banking, these communities may experience better financial support. AI-assisted banking and translation services, small business loan access, and early access to paychecks are all possible when communities are empowered to make informed and flexible financial decisions.
However, financial fraud is a factor that makes many slow to adopt mobile banking. Some people may feel insecure in making sensitive financial transactions on their devices, as these transactions could be intercepted by fraudsters and criminal syndicates. While it is true that mobile banking may make users more susceptible to identity theft, there are emerging financial startups that work hard to maintain the safety of users’ personal information, allowing users to keep their sensitive information safe. Although emerging technologies are being developed to keep the modern consumer safe, consumer attitudes towards these new technologies offer a major barrier to the adoption of mobile banking.
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