I have a fundamental belief that we will not solve the challenges ahead using the institutions and mechanisms of the past. These structures served us during a manufacturing era that looked very different than the world that has emerged in the last three decades. In a recent Article authored by Margaretta Colangelo, she provides an example of this phenomenon. In a time when populations are living much longer than previous generations, leaders are beginning to realize that institutions must be organized in a different way. Ms. Colangelo provides an example in the Finance space, stating that traditional banks weren’t designed to serve a large number of clients living a long time. Today, banks have a small number of clients who are over 100 and they are outliers. In the next decade that demographic will increase dramatically.
As we approach Longevity Escape Velocity, our author sees a shift in the next few years towards age-friendly FinTech companies and Longevity Banks. These entities will develop new financial products designed for clients who are planning to live extra long lives and want to remain high functioning and financially stable throughout. As we age in a healthy way, we are likely to seek wealth accumulation on longer investment horizons. Financial services innovators have an opportunity to enhance the financial lives of a billion people by designing new solutions and adapting existing products and services.
As Convergence continues on its transformative path, intersections can be found everywhere. In this example, it is the intersection of longevity and finance. This map provided in the article shows the location of major preventive medicine and financial hubs. As described by the author, London and Singapore are distinguished as being hubs for both the financial industry and the preventive medicine industry. With that combination in place, they have the strong potential to become global leaders in Longevity and Finance. When these industries intersect, the result is novel financial systems that treat Longevity as a dividend and will play an integral role in the Longevity Economy. Explore these intersections as presented in Ms. Colangelo’s Article.