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, and blockchain/distributed ledger solutions—are evolving rapidly.

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, with some populations using 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 people living on lower incomes 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 financially vulnerable people and their businesses.