|3 November 2015|

The US government will be encouraged to develop policies that drive innovation in financial services by a new coalition of the biggest names in technology.

Financial Innovation Now, a collaboration between Apple, Amazon, Google, Intuit and PayPal, aims to promote the positives of the digital age and foster innovation in financial services.

“Innovation is coming to financial services, and now is the time for Washington to help enable a modern financial system that is more accessible, affordable, and secure,” said Brian Peters, executive director of Financial Innovation Now. “This alliance of remarkably innovative companies brings a new voice to Washington’s financial conversations, and we look forward to engaging on a wide range of opportunities. Whether it is protecting consumers, growing small businesses, or promoting financial literacy and savings, Financial Innovation Now wants policymakers to understand how new technologies can help solve today’s policy challenges.”

The new group argues that financial innovation will empower consumers by widening access to key financial tools and services leading to savings and greater convenience.

It believes small businesses will benefit and have the opportunity to grow thanks to greater access to capital and analytical tools to make strategic, data-driven decisions.

“The regulatory environment must allow these new innovations to enter and compete in the marketplace,” said Mr Peters. “We look forward to working with policymakers to promote the adoption of new services, many of which are already bringing significant benefits to consumers and small businesses today.”