The Future Of Financial Services: Purpose, Heart, And Humanized Technology

Forbes

14-05-2025

Monitoring the global financial market concept design.
Albert Einstein once declared, 'Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn't, pays it.' As foundational as that principle remains, the financial services industry is undergoing a transformation that goes well beyond numbers. To explore the evolving landscape, I sat down with four leading voices in the sector: Caroline Feeney of Prudential Financial, Nick Lane of Equitable, Nageswar Cherukupalli of Cognizant, and Michael Weinstock of M&T Bank. Across our conversations, three themes consistently emerged — staying rooted in purpose, leading with empathy, and leveraging technology to humanize financial experiences.
Leaders discussion on the future of financial services
For Caroline Feeney, Prudential Financial's Global Head of Retirement and Insurance businesses, purpose isn't just a value — it's a mandate. 'This year marks Prudential's 150th Anniversary. The business was founded with the customer at the center through the belief that financial security should be within reach for everyone. While much has evolved over time, I am proud that we never left the core of that purpose, which is to make lives better by solving the financial challenges of our changing world by expanding access to investing, insurance and retirement security.' That purpose is critical in an era where 'globally, 75% of people are concerned about their economic security in old age. Increased life expectancy is driving the need for innovative retirement strategies and solutions.' She points to the unprecedented wealth transfer ahead — $84 trillion moving from baby boomers to the next generation, much of it to women — as a signal that the industry must act with both urgency and clarity.
Nick Lane, President of Equitable, echoes this focus on purpose, describing financial services as a means to 'help people live their best lives by creating holistic financial plans and offering solutions that evolve with their aspirations, not just their assets.' As someone who led organizations in Japan, France, and the United States, Lane emphasized that 'the spirit of curiosity and innovation is what allows us to stay relevant, no matter how the world changes.'
At M&T Bank, Regional President Michael Weinstock roots purpose in community. 'Healthy communities create healthy banks,' he said. 'Our investment in volunteerism and storytelling connects our colleagues, customers, and communities.' Weinstock champions initiatives like his internal 'What Do You Do?' video series, a six-minute spotlight that builds transparency and connection within the organization. 'It's like Home Depot,' he laughed. 'The greeter, who knows everything in every aisle, helps you navigate the whole store.'
Nageswar Cherukupalli, Head of Americas for Banking, Capital Markets and Insurance at Cognizant, situates purpose at the intersection of technology and impact. 'True motivation comes from impacting communities,' he said, referencing Cognizant's work supporting first-generation students through graduation and into successful careers. 'Every enterprise in the future will be a technology company at its core,' he added. 'It's how we use that technology that defines our value.'
In a fast-changing world, leadership requires more than strategy — it requires humanity. 'Leadership is about being authentic, empathetic, and human — especially when delivering tough messages,' said Feeney. That kind of leadership becomes essential as over 11,000 baby boomers reach 65 years of age daily, challenging companies to guide clients with understanding and care.
Weinstock adds that enduring leadership must be built on consistency. 'Everything we do today is determinative of our future,' he said. 'Long-term commitments must stand the test of time.' At M&T, that means board leadership — he sits on four — and daily practices that keep employees and customers connected to a shared mission.
Cherukupalli underscores the importance of collaboration and constant learning. 'Creativity, collaboration, and continuous upskilling are the engines that drive successful client partnerships,' he said. It's a leadership model that prioritizes inclusion and adaptability, especially as the industry works to close trust gaps and expand access. Lane also sees a critical role for emotional intelligence. 'We see people increasingly looking for empathy and human connection,' he shared, particularly in Japan, which he noted is 'nearly a decade ahead demographically.' His experience in cross-cultural leadership taught him that 'it's not just what they say, but everything communicated in their non-verbal communications.' Shaped by his time as an infantry platoon commander in the U.S. Marine Corps, Lane's servant leadership style is focused on getting the best out of his teams and reinforces that you cannot effectively lead unless you 'truly listen and people know you genuinely care about them.'
If the future of financial services is digital, it must also be deeply human. Cherukupalli noted, 'Every enterprise in the future will be a technology company,' but emphasized that technology must 'amplify empathy, not replace it.' Cognizant's work with clients focuses on embedding tech solutions that strengthen, rather than depersonalize, customer relationships. Lane pointed out that 'AI is the fastest piece of adopted technology in history,' but cautioned that technology alone won't solve complex human problems. 'We're living through a period of structural dislocation,' he said. 'Companies that elevate during dislocation outperform in the long term.' For him, success lies in creating adaptive tools that serve clients' evolving lives, combined with humanistic advice. Backed by powerful tools, he points to the personal interactions the more than 4,500 financial professionals with Equitable Advisors have with their clients every day, using 'sound judgment, empathy, and understanding' to help them plan for the future with confidence — skills not easily replicated by AI tools.
Weinstock agrees, noting that agility and data-driven decision-making are critical, but not sufficient. 'Agility, customer-centricity, and data-driven decision making are critical to managing relentless change,' he said, but added that it must be matched with 'storytelling and community engagement to keep the human front and center.'
Feeney views technology as a vehicle for enhancement and empowerment. As more people face uncertainty about retirement, she sees innovation as a means to demystify complex financial planning and 'help change that' anxiety. The opportunity, she believes, is to bring the industry together to solve challenges and to design solutions that meet people where they are — and move them toward greater confidence.
From Prudential's legacy of purpose to Cognizant's tech-forward community impact, from Equitable's culturally informed innovation to M&T Bank's grassroots leadership, the future of financial services is neither purely digital nor purely human — it's a fusion.
As Feeney reminds us, 'It's on us' to build that future. And if these leaders are any indication, that future is one of compassion, curiosity, and commitment.