10Forward is our forward-looking trend report that explores potential future scenarios across various industries. In this report, we dive deep into how financial services could evolve over the next decade and the societal impact this evolution may bring. A key element of 10Forward is the insights gathered from industry leaders and changemakers, shedding light on the future landscape of finance.
This article, we feature one of the fintech experts we interviewed, Monica Millares, a renowned product leader and host of Purpose Driven FinTech. Monica offers her perspective on how financial services can shape societal outcomes through innovation and evolution. She advocates for moving beyond traditional structures and embracing a more cooperative, compassionate approach to economic growth. Her views are equally echoed in our report in which we explore possible outcomes influenced by the financial sector, and how this influence can lead to both positive and negative societal shifts.
Like Monica, we at Star believe in the power of innovation to drive positive societal change, and we recognize how visionary leadership in the finance sector can help create equitable and prosperous futures.
10Forward worlds
The 10Forward report explores the future of technology through four world scenarios: Ecolysium, Bloomfield, Wastelandia and Neotropia. Each world provides a unique perspective on how technological advancements could reshape the future, examining the potential impact on the environment, business, consumer behavior and society.
These worlds are constructed using two critical axes: levels of technological innovation and prosperity. This approach allows us to explore a wide range of futures – from optimistic scenarios where technology lifts all boats, to cautionary tales where it deepens divides or fails to solve fundamental challenges. Monica’s insights are connected to these future worlds, helping us bridge present realities with future possibilities.
Wastelandia: Financial services adapted to crises
In the dystopian world of Wastelandia, society is marked by a survivalist mindset where technology offers only a glimmer of hope. In this future, financial services are stripped down to essential transactions, micro-lending, and basic societal constructs, such as government and legislation, have collapsed.
In a world without jobs, stable incomes or access to current financial systems, the traditional metrics for creditworthiness would become irrelevant. Monica proposed an alternative: lending based on people’s ability to contribute to society through skills, such as manual labor or leadership in rebuilding communities. This would shift the focus from credit history to a person’s potential to contribute to the reconstruction of society, an adaptation of the credit model to fit the demands of a collapsed world.
Monica believes that, while fintech companies would struggle in this scenario, the traditional banks might have unique opportunities to collaborate with governments and fintech companies. This collaboration would leverage the speed and flexibility of fintechs, paired with the extensive history and reach of traditional banks. As a real-world example, during the COVID-19 crisis, Monica observed that fintechs were instrumental in distributing government relief efficiently. This type of cooperation would be crucial in a world where societal structures are weakened.
Ecolysium: Integrated financial services in a green future
Ecolysium paints a utopian future, where technology, the environment and prosperity excel. There is a vibrant tapestry of ecological balance, post-capitalist enthusiasm and a flourishing sense of community. Financial services innovate rapidly while remaining environmentally and socially conscious, with ethical investments and green tech funding.
Monica envisions a future where financial services are no longer delivered through distinct banking institutions but are instead fully integrated into everyday digital interactions. Much like how streaming services have revolutionized the music industry, Monica predicts a shift in finance, where services are available when and where they are needed, without customers ever needing to visit a bank or even use a banking app. Traditional banks may need radical transformation so that they don’t become irrelevant, as embedded finance and open data make financial services universally accessible through non-banking platforms. The challenge for financial institutions would be to innovate and redefine their roles in this new world.
Monica emphasized that financial institutions would need to adapt to a system where people’s financial management is automated and intuitive. For example, through AI and holographic interfaces, individuals could track their financial status in real-time, without the need to go through traditional banking processes. In this scenario, open banking and open data would fuel innovation, allowing for the seamless flow of financial information across industries and regions.
AI’s role in both future scenarios
Artificial intelligence (AI) could play a crucial role in both scenarios, but its application and ethical considerations differ based on the state of society.
For Wastelandia’s broken society, Monica stressed the importance of ensuring that AI is implemented in a way that reduces bias and promotes inclusivity – especially in financial services. She believes that AI-enabled products should be subject to strict regulatory audits to ensure fairness and accessibility. This would prevent AI from exaggerating existing inequalities, such as biased credit-scoring algorithms that penalize individuals without formal education or conventional work experience.
In the utopian world of Ecolysium, AI becomes a fundamental part of the financial ecosystem, ensuring that services are efficient, personalized and accessible. Monica envisions AI not as a differentiating factor but as an essential tool embedded in every financial service, making banking as seamless as using a smartphone or wearable device today.
Monica’s main message: A shift in mindset is needed for a better future
A significant theme in Monica’s insights was the need for a mindset shift to reach a better future. While technological advancements are critical, she argues that societal attitudes towards wealth, competition and community would need to change fundamentally. The ideals she describes are reflected in Ecolysium, where prosperity is not hoarded by a few but shared across society, ensuring that basic needs are met for all individuals. As mentioned initially, this would require moving beyond traditional structures and embracing a more cooperative and compassionate approach to economic growth.
Monica also touched on the importance of ESG (Environmental, Social and Governance) standards in the future. She believes that these standards should be more than just regulatory requirements – they should become a natural part of how businesses operate. In Wasteland this is particularly important, as companies that fail to meet these standards might not only face legal penalties but also lose the trust and support of their communities.
Optimism in crisis, innovation in prosperity
Monica’s insights highlight the possibilities from flexibility and resilience of the human spirit, and how financial systems can adapt in even the most challenging scenarios. Whether we are led to a world on the brink of collapse or a future of abundance, financial institutions and fintech companies play a crucial role in shaping the future.
Even when discussing potential global crises, Monica remains optimistic. She suggested that collaboration between governments, traditional banks and fintech companies would be key to navigating extreme scenarios. A combination of technological innovation and societal values can guide financial services toward a more inclusive and sustainable future..
Ultimately, Monica’s insights remind us that while technology will drive change, it’s the human elements of empathy, collaboration, and ethical governance that will shape the financial systems of tomorrow.
At Star, we envision a future where technology, innovation work together to drive personal and societal progress, fostering prosperity and fulfillment for all. As we explore these potential futures, it's essential for financial leaders to consider their organization's impact on shaping a world that benefits society. We invite you to delve into both cautionary scenarios and opportunities for positive change in 10Forward.
