Lack of access to financial services is a problem for many; worldwide, one in four adults does not have a checking or savings account. Financial institutions with active, low-balance accounts often face considerable challenges compared to larger financial institutions (Black, 1979). Adding a fixed regulatory cost of servicing accounts can affect relative costs and thus generate an Alchian-Allen effect (the third law of demand) that leads financial institutions to quit servicing these low-balance accounts. Regulators may prefer this outcome as it is easier to regulate and extract rents from large financial institutions. Data indicates more underbanking in countries with lower income and more regulation. This article looks at the barriers traditional financial intermediaries often face in less developed nations and then looks at how fintech and cryptocurrencies enable bank alternatives to lower barriers to entry and expand financial inclusion.

无法获得金融服务是许多人面临的问题；在全球范围内，四分之一的成年人没有支票或储蓄账户。与大型金融机构相比，拥有活跃、低余额账户的金融机构往往面临相当大的挑战（Black，1979）。增加账户服务的固定监管成本可能会影响相对成本，从而产生阿尔钦-艾伦效应（第三需求定律），导致金融机构停止为这些低余额账户提供服务。监管机构可能更喜欢这种结果，因为更容易监管和从大型金融机构提取租金。数据显示，收入较低且监管较多的国家银行服务不足程度更高。