HOPE: A new vision for financial services
It’s been a busy year demystifying the wonderful world of banking technology across both my column and of course the Dave and Dharm Demystify Podcast, so I’m planning to end the year early and take a longer break than usual, with my column posts set to resume in the new year.
By embracing the HOPE framework, we can transform financial services into a powerful force for positive change
But before I take a break, I wanted to share my Christmas post, wish all my readers an early Merry Christmas, and thank you all for reading, commenting on, and sharing my articles. (I know, I know. It’s not even December yet!)
I believe the financial services industry stands at a pivotal moment in time. As technology reshapes our world and societal expectations evolve, banks and fintechs have an unprecedented opportunity to become catalysts for positive change. This transformation can be guided by a simple yet powerful framework: HOPE.
I define the HOPE framework as follows:
Higher purpose: The future of finance extends beyond profit margins. Today’s successful financial institutions understand that their true value lies in their ability to improve lives. Whether it’s helping first-time homeowners achieve their dreams, supporting small businesses in their growth journey, or giving our kids a better education and start in life, our higher purpose must guide every decision and innovation.
Opportunity for all: Financial inclusion isn’t just a buzzword – it’s an imperative. By leveraging technology and innovative solutions, we can break down traditional barriers and democratise access to financial services. From mobile banking reaching remote communities to AI-powered credit scoring that looks beyond conventional metrics, or even banks operating in the cloud to ensure they can afford to bank everyone, we’re creating a world where financial opportunities are truly accessible to everyone.
Planet: Environmental responsibility has become non-negotiable across all industries. Financial institutions must lead the transition to a sustainable economy by funding green initiatives, developing ESG-focused products, and ensuring our operations support climate goals. Every loan, investment, and service should consider its environmental impact, making sustainability a core part of our industry’s DNA.
Equitable innovation: Innovation should serve all communities, not just a select few. As we embrace digital transformation, we must ensure our technological advances promote fairness and reduce existing inequalities. This means designing products with diverse perspectives in mind, building inclusive teams, and measuring success not just by adoption rates, but by the positive impact we have on underserved communities.
HOPE isn’t just an acronym – it’s a commitment to building a financial system that serves humanity’s highest aspirations. As banks and fintechs, we have the tools, talent, and technology to make this vision a reality. The question isn’t whether we can create this change, but whether we’ll seize this moment to do so.
Our industry’s future success will be measured not just by our financial metrics, but by how well we deliver on these four principles. By embracing HOPE as our guiding framework, we can transform financial services into a powerful force for positive change, creating value for our shareholders while building a more inclusive, sustainable, and equitable world.
I’m just saying this week that the time for incremental change has passed. Let’s embrace HOPE and lead the way toward a financial system that works for everyone, protects our planet, and creates opportunities for generations to come.
About the author
Dharmesh Mistry has been in banking for more than 30 years both in senior positions at Tier 1 banks and as a serial entrepreneur. He has been at the forefront of banking technology and innovation, from the very first internet and mobile banking apps to artificial intelligence (AI) and virtual reality (VR).
He has been on both sides of the fence and he’s not afraid to share his opinions. All opinions are his own – feel free to debate and comment below!
He founded proptech start-up AskHomey (sold to a private investor in spring 2023) and is an investor and mentor in proptech and fintech. He also co-hosts the Demystify Podcast.
Follow Dharmesh on X @dharmeshmistry and LinkedIn.
Read all his “I’m just saying” musings here.
