2023-01-25 14:00:00

Commonwealth Collaborates with JPMorgan Chase to Examine the Effect of Emerging Technology on Financially Vulnerable...

Logo PR Newswire
PR Newswire

New Research Will Focus on Financial Services Innovators & Providers, Advance the Ongoing Public Conversation About Who Should Benefit from Innovation

BOSTON, Jan. 25, 2023 /PRNewswire-PRWeb/ -- Today, Commonwealth and JPMorgan Chase announced the next phase of their collaboration to address the challenges and opportunities that emerging technologies present for advancing the financial lives of US workers earning low and moderate incomes, who are disproportionately Black, Latinx, and women-led households. This project will advance the strategic vision for, and shape the ongoing public conversation about, the impact of emerging technologies in the financial services industry.

This marks the second phase of this project, which builds upon two years of research around usage patterns of emerging technologies for people who are living with financial insecurity. This phase will focus on deepening the understanding of financial service provider landscape priorities and trends, engaging in additional consumer research around emerging technologies, and conducting a field test to expand findings and insights. Ultimately, the project will advance the ongoing public conversation around, policy implications of, and strategic vision for these emerging technologies in the financial services industry.

"Practically, we hope to give financial technology developers and providers a much deeper understanding of users earning low and moderate incomes, and create hands-on experience to shape emerging tech based on this deeper understanding," said Commonwealth Co-Founder and Executive Director Timothy Flacke. "From there, we can contribute to a robust, ongoing public conversation about who should benefit - and how - from tech and fintech innovation."

Creating effective and beneficial solutions in emerging technology for people earning low and moderate incomes requires successfully aligning the wants and needs of three groups: financial service product developers and providers, technological innovators, and consumers themselves. By meeting the needs of these three groups through technology, there is great potential for positive social change alongside business growth.

"We know that technology has tremendous potential to help individuals and communities build their resilience and long-term financial health," said Sarah Willis Ertur, Head of Financial Health at JPMorgan Chase. "We're eager to work with Commonwealth to translate insights into action that ensures emerging technology actually fills the needs of historically underserved communities."

This initiative builds on Commonwealth's prior work with JPMorgan Chase, "Emerging Tech for All," which focused on artificial intelligence technologies and conversational AI in banking – and uncovering the increased use of and trust in chatbots for those earning low and moderate incomes during the pandemic. With this foundational understanding, Commonwealth pursued field testing to learn more about consumer awareness, engagement, and security, focusing on conversational AI assistance with financial hardship.

About Commonwealth

Commonwealth is a national nonprofit, building financial security and opportunity for financially vulnerable people through innovation and partnerships. Black, Latinx, and female-led households disproportionately experience financial insecurity due in large part to longstanding, systemic racism and gender discrimination. Addressing these issues is critical to Commonwealth's work of making wealth possible for all. For nearly two decades, Commonwealth has designed effective innovations, products, and policies enabling over one million people to accumulate more than $7 billion in savings. Commonwealth understands that broad changes require market players to act. That's why we collaborate with consumers, the financial services industry, employers, policymakers, and mission-driven organizations. The solutions we build are grounded in real life, based on our deep understanding of people who are financially vulnerable and how businesses can best serve them. To learn more, visit us at http://www.buildcommonwealth.org.

Media Contact

Kristen Elworthy, Commonwealth, 1 9785900442, kelworthy@buildcommonwealth.org

SOURCE Commonwealth

Logo Benzinga
Business / FinanceBy Anthony Noto2023-01-24 20:50:33
Consumers are "still depressed despite a bounce in sentiment, Gregory Daco, chief economist at Ernst & Young, recently said. Major purchases are being...

Logo PR Newswire
TechnologyPress Release2023-01-25 11:00:00
57% of firms see digital transformation as their most important strategic priority NEW YORK, Jan. 25, 2023 /PRNewswire/ -- A majority of financial services...

Logo EIN Presswire
HealthPress Release2023-01-24 18:36:30
Core Bank designates Insuritas to launch their agency to drive recurring fee income, leveraging Lily, its proprietary virtual insurance agent technology....

Logo American Banker
Business / FinanceBy Miriam Cross2023-01-24 18:35:42
Over the past year, Provident Bank has been rethinking how it defines top tech leadership roles as it prepares to double in size in a pending merger. The...

Logo Bloomberg
CryptocurrenciesBy Max Reyes2023-01-24 20:16:09
A Depression-era backstop that Wall Street banks use for short-term funding is the latest corner of traditional finance to be ensnared by upheaval in the...

Logo PR Newswire
TechnologyPress Release2023-01-25 14:00:00
Leading managed services partner and technology solutions provider continues to open new locations in the US, onboard senior team members, and bring home...

Logo Finextra
TechnologyBy Finextra2023-01-25 09:58:00
Source: Visa Visa has signed a partnership with Fintech District, an international community of reference for the Italian fintech scene, with the aim of...

Logo EIN Presswire
- MOCA Provides Essential Products for Community Financial Institutions to Compete with Neobanks AUSTIN, TEXAS, UNITED STATES, January 25, 2023 /...

Logo The Business Times
Business / Finance2023-01-24 21:50:00
Financial institutions in the South-east Asian region need to adopt cutting-edge technologies to stay future-ready, explains professional services...

Logo The Business Journals
Business / Finance2023-01-24 19:31:51
Veteran local banker Will Chase on recent trends in the banking industry: "Memphis needs a thriving network of community banks."

Logo The Business Journals
Business / Finance2023-01-24 21:10:18
BCR Wealth Strategies, a Birmingham, Alabama-based

Logo PR Newswire
Now in its fourth year, the annual Research was commissioned by MACH Alliance members Mercaux, Fluent Commerce, commercetools and Orium Report surveys more...

Logo The Business Journals
Business / Finance2023-01-24 20:42:11
Theres been a fair amount of pain [in 2022] for owning just bonds, because interest rates have shot up so quickly, but from here forward youre yielding...

Logo Nasdaq
TechnologyBy Zacks2023-01-24 16:00:00
We are in the peak of the fourth-quarter earnings season and tech giants are in the spotlight this week and the next. The five biggest tech players Microsoft...

Logo PR Newswire
NEW YORK, Jan. 24, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Provident...

Logo PR Newswire
YONKERS, N.Y., Jan. 25, 2023 /PRNewswire/ -- Joseph Kenner, CEO and President of Greyston, took the stage at Davos as one of the Social Innovators of the...

Logo PR Newswire
TechnologyPress Release2023-01-25 13:30:00
$25M in Series B funding, 3x y-o-y increase in ARR, 4x y-o-y increase in monthly usage caps off tremendous year of growth for the fintech company SAN...

Logo Benzinga
Business / FinanceBy Business Wire2023-01-24 19:36:00
In the last 60 days, Best's Review readers have been most interested in the following stories: In " Insurers' Balance Sheets Increasingly See Unrealized...

Logo Finextra
TechnologyBy Finextra2023-01-25 09:53:00
Source: Form3 Form3, the cloud-native account-to-account platform, today announces that it is sponsoring the Payment Associations Project Financial Crime...