The project will include discussions and collaboration with key stakeholders, fintechs and experts in emerging technology and ultimately findings will be disseminated through digital assets and events, including a private stakeholder convening and a public webinar
Commonwealth, an organisation dedicated to strengthening the opportunity and security of financially vulnerable people, has partnered with JPMorgan Chase to address the challenges and opportunities that emerging technologies present to lower- and moderate-income people’s financial lives.
Through the new partnership, US-based Commonwealth will research, understand and document the financial landscape for financially vulnerable people, examining usage patterns of emerging technologies with a focus on how they garner trust.
The initiative will examine how emerging technologies can address acute financial challenges faced by financially vulnerable people during the Covid-19 crisis, and on the path to recovery.
Data will be disaggregated by race, gender and age, and will consider the role of place. As part of this effort, fintech and non-profit innovators will field test research findings on the ground with their financially vulnerable consumers to produce more accurate, nuanced insights.
Commonwealth will produce tools and resources that inform and influence fintech and social impact innovators to harness the power of emerging technologies such as big data analytics and artificial intelligence in a way that addresses the needs of financially vulnerable people.
The project will include discussions and collaboration with key stakeholders, fintechs and experts in emerging technology and ultimately findings will be disseminated through digital assets and events, including a private stakeholder convening and a public webinar.
The initiative builds on Commonwealth’s prior work with JPMorgan Chase, which tested savings tools for lower-wage workers.
Timothy Flacke, co-founder and executive director of Commonwealth, said: “Emerging technology will play a central role in the post-Covid economy—but the question is, will this hurt or help America’s most financially vulnerable?”
“A time of disruption provides an opportunity to include new people in the financial system—but only if technology is intentionally designed and distributed based on a thorough understanding of the needs and aspirations of these customers.”