Experience level: 
Intended Audience: 
Frederick Kaefer [Loyola University Chicago, USA], Guillermina Mora [Universidad Iberoamericana Puebla, Mexico], Nicholas Santos S.J. [Creighton University, USA]

Socially Sustainable Fintech in the Context of the Inspirational Paradigm of Jesuit Business Education

Socially sustainable fintech requires identifying, describing, and addressing the key ethical issues that affect all segments of society regarding digital financial services. These issues include exploitation of consumers that don’t fully understand the potential negative consequences of using such services. The potential negative consequences of fintech could increase inequality since consumers that understand fintech services will benefit and those that don’t will be harmed. However, fintech services have the potential to resolve social imbalances in society, specifically enabling the financial inclusion of marginalized groups. Due to the recent advances in technology, billions of people now have access to financial services (through fintech) than have in the recent past. This rapid change has made the focus on socially sustainable fintech critical to society. This research analyzes how the Inspirational Paradigm (IP) of Jesuit business education can be used to ensure socially sustainable fintech. The IP provides a means for teaching students a vision of the essential skills needed for service to others and the common good. The IP also stresses dignified work and meaningful impact, fostering a desire to share and spread positive change. This approach drives the interrelated need for communication, diplomacy, integrated thinking, and collaboration, which all play a role in ensuring socially sustainable fintech. Furthermore, the IP stresses that economic activity must serve the common good, especially by meeting the needs of the poor and the excluded. To fulfill their mission, Jesuit business schools should engage and inspire their faculty to develop and deliver course materials that promote socially sustainable fintech.