2050, A revolution in how society values the individual is coming

By Bradley Leimer, an interesting discussion about society, and how we are looking at interesting changes coming up for the individual which could revolutionise how we live.

Do you ever think about how many people there have ever been? While we find ourselves present during this particular window of time, there were of course people before us and there will assuredly be those after. Quite a few people it turns out. It has been estimated that, by 2050, about 113 billion people will have ever lived on Earth.

That’s quite a bit more than the 9.8 billion we expect to be living among us by mid century. That represents a lot of mouths to feed, a lot of people to provide shelter for, and a lot of air, water, and natural resources consumed across this small blue thing humanity calls home. It also translates to a variety of diverse financial services needs.

As we focus on how best to serve the financial needs of 7.5 billion people alive today, we more often are doing a disservice than we are providing real value. While 1.7 billion, or 22%, of our global population remains unbanked, there is arguably many multiples more that are underbanked, a state where our finances are less than optimized to help assist living a truly comfortable life.

This is partially hindered by financial corporations themselves – banks, wealth management firms, credit issuers and the like – that are often focused on short term profits, a goal which creates conflict with the optimization of the individual and the needs of the communities it serves. 

A revolution in how society values the individual

The value of the individual should be viewed in a more long term lens, and what value institutions provide to society must be more deeply considered. After all, what is the value of an individual within our society? How much are we really worth? How do we even begin to value any given life? Is a billionaire any different than an autoworker or a farmer or a teacher? We need to move beyond yardstick comparisons of monetary-based worth and profitability if we are to serve all people equally.  

When we think about the breadth of humanity in the context of our roles within the financial ecosystem and our responsibility in helping serve the needs of so many, we should think more holistically about where the industry is headed, what types of services we need to provide, and the truly revolutionary changes we must consider. Our very future may be at stake. 

When we think of the word revolution, what does it conjure up in your mind? Political upheaval? Social change? A radical alteration of pervasive controlling structures and values? In the context of politics, economics, and societal change, there are a myriad of examples:

The revolts against European monarchies in 1848 and the rise of democratic socialism and subsequent alterations within the social contract; The shift in global economic policies after the Great Depression and the two World Wars in between; The change to social structures and geographic and geopolitical lines with the fall of the Soviet Union in 1991; The subsequent dominance of a lone superpower and the spread of the western lifestyle and its pending battle with Chinese style communism; The rise of the internet, mobile connectivity, ecommerce and social platforms throughout the 1990’s into present day. People change. Societies change. Institutions change. So banking must change as well. 

What will the future of financial services look like? Is the banking business model alive or dead? By channeling the spirit of Schrödinger’s cat, we must properly debate our industry’s purpose, we must showcase every issue and provide proper context, and we must look at the question of what value we provide from every side. Is the industry losing sight of who we are serving and our impact on society as we pursue growth and profit? Let’s discuss.

Have we lost something in the nuance between the connectivity of High Street and Wall Street to that of Main Street and the conversations happening around global kitchen tables? Let’s debate. One thing is certain, we must radically reconsider the value that we provide. 

Sometimes it takes the mind of an economist to find the truth between what we find in the middle ground and the reality of the data. In thinking about the future, we must not lose sight of the importance of data and the changing nature of personal identity, the critical nature of privacy, and what is influencing the future ability to create a more equal society. We have to understand that we don’t have all the answers – we can’t claim that we do. But debate we must, or else nothing will change, nothing will improve, nothing will help us find solutions for the hundred percent. 

The real revolution is one of mindset, one of redefining value, and one of rediscovering empathy. 

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In the inaugural interview of our The Other 50 podcast, we make sure we get a little uncomfortable, in order to spark change and take off the blinders of blissful ignorance. Theodora Lau and Bradley Leimer talk with Ghela Boskovich, Head of Fintech & Regtech Partnerships at Rainmaking Innovation, and Founder, Global Ambassador of FemTechGlobal, a network dedicated to challenging the status quo, and improving the inclusiveness and diversity in financial services. Prepare to be informed, entertained, and challenged by one of the leading voices in global fintech and regtech.

You can listen to this episode of The Other 50 podcast on iTunes and Spotify. 

See more articles by Bradley and Theo here.

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