Chris Sanderson, Co-founder of The Future Laboratory
Chris Sanderson, Co-Founder of The Future Laboratory
Chris joined us from The Future Laboratory, a future trends agency that works with businesses across a range of sectors to help them prepare for the future. They provide strategic research, and insights into how to position for the future.
Chris started by stating that we are in the turbulent teens of the 21st century. This is a period of significant turmoil and disruption for companies, people and the institutions that govern society. As the institutions around us start to lose their power, it is down to businesses to fill the void that they leave; 65% of consumers believe that businesses now bear as much responsibility as governments for driving social change¹.
Chris then went on to discuss the four key trends drivers that he sees for the future. These are the rise of the young and conscientious, a new attitude to diversity, digital natives and the growth of a responsible mindset. The rise of the young is shown by their increasing wealth, and attitude to spending and saving. On diversity the newer generations will be keen to move away from the more traditional orthodoxy of white men, with younger generations feeling much less defined by their gender or race. On the digital picture the generations to come will be native on these platforms and feel natural interacting almost entirely digitally to buy many goods and services, and will typically do much of this via mobile. Finally, they are more responsible and have an altruistic mindset which is geared to companies and organisations that make a difference.
He then went on to discuss the impacts that these trends will have on financial services. He believes that clients will expect services more tailored to their needs. This can be seen with the rise of female investing platforms that fit within their needs like Feminvest, or tools for millennials like Limitless or SmartSave that allow millennials to save small amounts for their future. In addition, Chris believes that ESG and impact investing could play a much larger role in future generations, portfolios, as these generations with their altruistic mindset start to invest.
Chris also reminded us how central digital and mobile will be to the future of businesses. The rise of the smart phone has been exceptional, and increasingly people want to do everything via their phone. In China WeChat has been exceptionally successful, with their services offering users the chance to book and pay for a whole range of services though their app. This is reducing the need for a company website, as you can do everything through their platform.
Chris then finished with a few reminders for what could be done to help navigate the future. Firstly, finance has to become more open and personalised, embracing technology and becoming mobile. Secondly, that the next generation will happily drop profit-driven ventures for those that take a more community-driven approach, and finally, that trust is low in financial institutions, and needs to be earned back.
¹Owned by No One by Robin Alysha Clemens.