‘A lot of people are going to get hurt’: Petrou on fintech risk
By Penny Crosman
Fintech companies like to say they’re democratizing finance, helping the little guy escape the high fees and elitist practices of the big banks. Many fintechs offer apps and services that help people save, budget, get low-rate loans, reduce their debt and the like. But the financial services analyst Karen Shaw Petrou forcefully argues in a paper published Monday that fintechs also pose serious risks that policymakers must address.