New and emerging technologies throughout history have transformed our lives, wellbeing, and day to day tasks. This is true in financial services as well: we use cash less and cards more, have access to banking services 24/7, and can perform most aspects of our financial lives without visiting a bank branch. Emerging technologies also carry new risks and are distributed unevenly, with some populations using cutting edge technology to get ahead, while others are left out of the system. When it comes to financial services, Commonwealth believes that it is crucial to ensure financially vulnerable consumers are included as our financial system continues to evolve.

This brief is part of an ongoing series on emerging technology and its role in improving financial security and opportunity for all Americans. Read our other briefs, Machine Learning and Financial Security: Defining the Problem & Machine Learning and Financial Security: Selecting and Using Data, to learn more.