As has been the case historically, powerful emerging technologies have the unprecedented potential to shape the future of people’s financial lives, often in ways that will be with us for decades or longer. Emerging technologies—today expressed as technologies such as big data-powered artificial intelligence (e.g. chatbots and virtual assistants), machine learning, cryptocurrency, and blockchain/distributed ledger solutions—are evolving rapidly.

“There has been a 200% increase in use of chatbots by lower-income people since the COVID-19 pandemic.”

Emerging Technology for All: Conversational AI’s Pivotal Role in Improving Financial Security, 2021

Because of their transformational nature, these next generation technologies provide new and creative ways to improve financial security and opportunity for all, but also carry new risks if distributed unevenly. Some populations may use emerging technology to get ahead, while others may be left out of the system. 

To achieve the promise of these technologies for all, Commonwealth is focused on ensuring that the needs of financially vulnerable people are understood, visible, introduced into relevant conversations, and integrated into solutions. Ultimately, our vision for this work is that financial services leaders, fintech entrepreneurs, social impact innovators, nonprofits, and others shaping the financial system act to harness these powerful emerging technologies to serve this untapped consumer segment, benefiting both financially vulnerable people and their businesses.

The Transformational Promise of Conversational AI

Conversational artificial intelligence (AI) is one critical area ripe for innovations to address the financial needs of low- to moderate-income people. 

Conversational AI technologies such as virtual assistants and chatbots are growing in ubiquity in financial services and becoming a primary way that people interact with their banking systems. The COVID-19 pandemic has accelerated their adoption, with more customers turning to conversational AI out of necessity as in-person banking options were unavailable. Commonwealth’s recent work has included national surveys and in-depth interviews with financially vulnerable Americans to explore the trust and comfort level of financially vulnerable people in interacting with conversational AI and identify ways the financial services industry can leverage these technologies to enable financial security for all.

Partner With Us

This is a pivotal moment for innovators to expand and engage their customer base and bring more people into the financial system. We are actively engaging with innovators, fintechs, financial services firms, industry experts, employers, and policymakers. Contact our Emerging Tech for All team or sign up for our newsletter if you’d like to explore how we might collaborate on customer research, designing and testing product features, engagement, and distribution strategies.