The long and winding road to economic equality

By Theodora Lau and Bradley Leimer

Since the onset of COVID-19, businesses have gone on a frenzy to digitize their operations. Unfortunately, the pandemic has also cast a spotlight between the digital haves and have nots.

Economic equality in the digital world.

When we recount our success stories on digital transformation in banking, what are our metrics? Who benefits in the end and who is left behind?

What have we learned?

Such was part of the discussion that guided the Contrarian Views session at Sibos this week. For many of us in the ecosystem, it is hard not to get jaded. After all, isn’t it much easier to chase after some vanity metrics than to face the grim economic realities of what is left of 2020?

There is a pandemic raging. Countries are facing record unemployment. Countless small businesses – the backbone of many societies – have gone out of business. Two billion people worldwide are experiencing food insecurity.

Meanwhile, the stock market rallies; American billionaires’ collective wealth grew by $845 billion, or 29%.

Technology is supposed to be the great equalizer. The Internet promised to bridge the distance, connecting people from all corners of the world. Gig economy, facilitated by a variety of apps from food delivery to ride sharing, was touted as the future of work, empowering individuals to earn a living in the digital economy.

But as it turns out, while COVID-19 is gender-blind, it is not gender-neutral. And not only does it  impact women, it takes a heavy toll on low-income families, communities of color, and older adults.

Were we misguided?

Have we been focusing on the wrong things?

Were we solving the wrong problems?

As Louise asked: What have we been doing with our time?

Faced with a moment of reckoning and bowing to increased social pressure, some financial institutions are slowly stepping up to the challenge. Citi announced a $1 billion initiative, called ‘Action for Racial Equity”’, to help address racial equity and justice in the U.S. Mastercard pledged $500 million over the next five years to expand financial inclusion for Black individuals and businesses.

But changing a culture takes more than writing a check or making a promise. Look no further than the CEO Stakeholder Pledge from a year ago, which started with such fanfare.

Are these newer initiatives going to take hold and create more impactful changes towards a more equal society?

We don’t have a crystal ball. And as much as we wish we could see the future, we can’t. But we know that if we don’t push for change – collectively – as an ecosystem and as a society, change will not come.

Touting the horn of inequality while acknowledging the challenges and complexities does not make us weak.

Just as how when Jane Fraser highlighted the important role that her husband played, it did not diminish her amazing accomplishment. While her career echoes that of many working women who have to juggle between work and family, how many husbands do you know, who would quit his job as head of global banking to support his wife’s career?

Getting to equality takes a village.

Getting to justice takes changes in the system.

We need to take a hard look at ourselves and ask the uncomfortable question: What have I done to help uplift others whose voices aren’t being heard?

Trust us when we say this: Everyone has a role to play. And it is not about reducing the number of clicks to open a digital bank account when we have millions of children in the U.S. alone who do not have access to Internet broadband. Nor is it about the number of unicorns and predicting the next megadeal when we have mile-long lines waiting for free food in the wealthiest cities of the world.

Equality is not vanity metrics.

When thoughts turn into words; when words turn into actions; when actions turn into movements; when movements turn into everlasting changes. That’s when we know we have succeeded.

And that – is the future worth fighting for.

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In this episode of One Vision, Theo and Bradley chat with Scott Astrada, senior policy strategist and legislative attorney on the state of the economy and fintech. You can find this episode on iTunes and Spotify.

We thank you for listening and please consider subscribing.

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Unconventional Ventures helps drive innovation to improve systematic financial wellness. We connect founders to funders, provide mentorship to entrepreneurs, strategic advisory services to a broad set of corporates, and broaden opportunities for diversity within the ecosystem. Our belief is that anyone with great ideas should have a chance to succeed and every voice should be heard. Visit unconventionalventures.com to learn how you can partner with us today.

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