Melinda Gates writes that “everything changes” when women are economically empowered. Simply put, when money flows into the hands of women who have the authority to use it, resources are allocated more effectively with more people benefiting. It thus comes as little surprise that microfinance institutions also mostly target women in efforts to effectively deploy funds.
So what would work and life look like if women were in charge? Read this thought-provoking article about a female-centered community in south-western China in which women have true agency, without men being oppressed. This is a very interesting read about a uniquely egalitarian community that questions conventional wisdom about gender roles.
#2 – Is Big Tech a threat to finance?
Giles Keating is President of the Werthstein Institute and former Global Head of Research at Credit Suisse. In this short, electrifying interview, Giles shares with us his thoughts on the potential threats Big Tech could play for incumbent financial services firms.
#3 – Could banking be Amazon’s next target?
The Wall Street Journal reports that Amazon is developing a checking-account like product available to younger and underbanked customers. This is just the latest signal that banking could be Amazon’s next target. In fact, Amazon gave over USD 1 billion in small business loans last year. Looking ahead, we believe that Amazon could go further and further into financial services, helping people manage their money once in Amazon, take out personal loans, find out their credit, etc. And Amazon can leverage its strong brand to win more customer
#4 – AI outperforms trained lawyers in reviewing legal documents
A new blind test between trained lawyers and a legal artificial intelligence (AI) review system found that the AI system could review non-disclosure agreements faster and with fewer mistakes than the humans could. In terms of speed, the explosive article suggests that trained lawyers required an average of 92 minutes per contract, while AI needed just 26 seconds (i.e. over 200 times as fast!). AI was also more accurate, recording an accuracy rate of 94% versus just 85% for lawyers. Who loves reading NDA’s anyways?
#5 – Quote of the week
“In the future, there will be no female leaders. There will just be leaders.”
― Sheryl Sandberg, Lean In: Women, Work, and the Will to Lead