We have been consulting with community lenders and fintechs to understand what barriers exist that prevent community lenders widening access to affordable credit. In addition, we have identified how technology can help remove these barriers. As a result of these conversations, we have developed six Problem-Opportunity Statements.
How to use the Problem-Opportunity Statements
Each statement articulates a distinct challenge faced by community lenders when it comes to broadening and widening their services. Similarly, it highlights opportunities for technology to assist with these challenges.
The purpose of the statements is to help facilitate conversations between community lenders and fintechs. It does this by creating a shared understanding around the problems that need solving and the requirements of any potential solutions.
Partnerships applying to the Challenge will have the option to propose a solution falling under one of these statements. However, they will not be limited to these.
For both community lenders and fintechs that have not yet formed partnerships, you can use the Problem-Opportunity Statements to find prospective partners. You can do this via one of the channels established by Nesta Challenges.
If you’re a community lender or fintech looking to form a partnership, please get in touch as we may be able to connect you with relevant organisations.
You can find out more about each of the Problem-Opportunity Statements in the Slides below.