Backslash, the cultural intelligence unit of TBWA\Worldwide, has released its Future of Finance report, leveraging cultural intelligence to unlock opportunities for disruptive growth in financial services. The first in its “Future Of” series, the reports explore what will—and more importantly what should—come next in must-watch categories.
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) and ESG funds, which consider environmental, social and governmental factors, will experience a threefold jump in assets by 2025 (source: PwC). Broader cultural shifts, technology and changing societal norms are driving further transformation, resulting in a category primed for change.
“2021 is a year of mass reinvention, and finance is no exception. The pandemic has put money matters center stage for households, industries and institutions. With this report, we’re reimagining finance not as a standalone category—but as the foundation of our economic, social, and personal progress, said Agathe Guerrier, Chief Strategy Officer, TBWA\Worldwide.”
The Future of Finance was born from months of in-depth qualitative and quantitative research, strategic ideation, and collaboration among 29 Cultural Spotters from 18 global TBWA offices. Spotters are TBWA strategists and business leads who bring expertise from their work on a range of financial companies—including some of the world’s biggest banks, insurance companies, and fintechs.
The report leverages cultural intelligence to unlock four opportunities for disruptive growth in finance, and outlines specific ways for businesses to take action—whether that be through addressing untapped audiences, introducing new services, or investing in product innovation.
The four opportunities are as follows.
For example, what if credit card rewards could be used to offset the high cost of fertility treatments?
What if credit card companies structured their rewards programs based on ethical spending? The more socially responsible the company or sector, the more points you get.
In addition to the four opportunities, content within “Future of Finance” explores how death doulas might join forces with financial planners to facilitate proactive end-of-life planning, how financial therapy could boost brick-and-mortar foot traffic, and how haptics can help prevent overspending.
“We’re in the midst of a cultural reprioritization. As consumers ditch old approaches, finance will be forced to evolve from the dry, hush-hush, one-size-fits-all, male-dominated industry that we all know into a more positive and brighter build—one that is more candid, colorful, human-centric, values-driven, inclusive, and even fun. It’s a fresh start. And in that fresh start, there’s a huge opportunity for finance brands to help us reset, especially as we plan for life post-pandemic,” concluded Cecelia Girr, Director of Cultural Strategy for TBWA’s Backslash.
The Future of Finance report can be downloaded at https://www.backslash.com/futureof.