Fintech for The Forgotten: Why Inclusive Innovation Must Scale Without Compromise

At the Bharat Inclusion Summit, leaders from JPMorgan Chase, the Michael & Susan Dell Foundation, and Inclusive Financial Systems issued a cry for fintech to evolve and not just to serve, but to empower the underserved.

“Affordability without compromise must become the new normal in fintech,” said Pawan Bakshi, India Lead for Inclusive Financial Systems. Speaking at the summit, he called out the limits of traditional VC models, which often prioritise speed and scale over depth and impact. “We weren’t building for mass markets. We were building for people who needed more support, more time, and more thought,” he noted.

He highlighted key takeaways from working with inclusive start-ups: the need to build scale into product design from day one, the importance of using local networks for distribution, and the power of keeping interfaces simple while maintaining powerful tech behind the scenes. “Technology can bring the cost of KYC down from $10 to $0.10. That’s not just innovation, that’s access,” he said.

Maneesha Chadha, Head of Grant Programming for APAC at JPMorgan Chase, followed with a sharp articulation of why a global financial powerhouse cares deeply about inclusive finance. “We get asked why does JP Morgan care about retail at the bottom of the pyramid? The answer is simple: for growth to work, it must work for everyone,” she said.

According to Chadha, inclusive fintech must now move beyond just opening accounts or expanding access. “Customer experience and protection are the next frontiers,” she said, urging startups to prioritize trust and usability just as much as product features. “We’ve moved from access and affordability to financial resilience, can customers withstand shocks? Can their businesses survive a crisis? That’s the real goal.”

Adding to this, Prachi Jain, Head of India, Michael & Susan Dell Foundation, expanded the conversation beyond finance into the broader ecosystem of opportunity. “For us, financial inclusion isn’t just about credit or accounts. It’s about unlocking education, jobs, and entrepreneurship for 30 million families in India,” she said.

She stressed that India’s economy will thrive only if its small businesses and non-traditional entrepreneurs are empowered. “We’re betting on gig platforms, demand-driven skilling, and credit systems that meet people where they are whether it’s a student, a graduate, or someone starting late,” she added.