TBWA’s cultural intelligence unit Backslash is releasing its Future of Finance report (under embargo until 4/13 at 9am ET), exploring the giant transformation happening within the financial services sector. Wanted to see if this might be something one of you would be interested in writing about ahead of the launch.
The report (attached) explores broader cultural shifts that are forcing the finance industry to evolve:
Money is becoming less tied to gender and life stage as modern realities upend tradition
A culture of taboo toppling is creating a new openness around money
Environmental, economic, and political turmoil is forcing a reevaluation of priorities
Virtual advancements are transforming financial habits for better or worse
Now, consider the following:
A massive transfer of wealth is expected to put U.S. women in charge of about $30 trillion of assets by 2030, roughly a $20 trillion increase from 2016 (source: McKinsey & Company)
ESG funds (funds that consider environmental, social and governmental factors) will experience a threefold jump in assets by 2025 (source: PwC)
Globally, 2.6 billion people are expected to use biometrics for payments by 2023 (source: Goode Intelligence)
As a brewing consumer rebellion overthrows the old approach, finance will be forced to ditch its drab, male-dominated roots. And the pressure to innovate is greater than ever as outside industries bring fresh competition.
In this report we explore how:
Death doulas (also known as a death midwife) might join forces with financial planners to help people prepare for end of life
Financial institutions can create products for women at life’s biggest and priciest moments
Financial therapy could boost brick-and-mortar foot traffic
Ethical wealth will redesign credit card reward programs
Haptics can help prevent overspending
The report was born from months of in-depth qualitative and quantitative research, strategic ideation, and collaboration among 25 Cultural Spotters from 18 global TBWA offices. Our Spotters (TBWA strategists and business leads) bring expertise from their work on a range of financial companies—including some of the world’s biggest banks, insurance companies, and fintechs.