JPMorgan Chase, Commonwealth Announce 2-Year Initiative To Further Democratize Finance

JPMorgan Chase & Co JPM and Commonwealth, a financial security nonprofit, formally announced a two-year initiative to address the challenges and opportunities emerging technologies present to people of lower- and moderate-income.

What Happened?

COVID-19 disrupted finance and accelerated an ongoing shift to fintech solutions. The increased efficiency and reduced costs offered by fintech, however, increased fractures in the financial system, exacerbating economic inequality.

“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?” said Commonwealth Co-Founder and Executive Director Timothy Flacke.

“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.”

As part of the initiative, Commonwealth will expand on its prior work with JPMorgan Chase, deriving actionable insights that will help inform and influence future fintech innovation.

Why It Matters?

Overall, the initiative is expected to make the post-COVID-19 financial landscape more inclusive and opportunity more widespread.

The insights will account for varying impacts across communities and will guide finance innovators in their use of emerging technologies like big data analytics and artificial intelligence.

To learn more about this initiative, click here.

Photo by Andrea Piacquadio from Pexels.