In recent years, companies have increasingly acknowledged that addressing persistent economic inequities, in particular the racial wealth gap, is both a moral and business imperative. Many corporations continue to focus on access to financial education and services and entrepreneurship support as a way to enhance income, savings, and capital. At the same time, companies are recognizing that improving access alone is not enough; it is imperative that they help build individual and community wealth.

Coming into 2024, we are observing three key opportunities for corporate foundations and social impact teams:

  1. Use your company’s full set of tools to drive financial inclusion and wealth building. 
  2. Link financial inclusion to your climate strategy. 
  3. Prioritize inclusion while embracing technology.

As we ride the AI wave in 2024, we hope corporate social impact leaders can use their influence and expertise to be a core part of conversations on AI and technology within their company. This might involve questioning how AI models are built and ensuring inclusivity in the process, investing in research to understand its implications, establishing safeguards to harness technology for good, and investing in initiatives to reduce the digital divide.

Read the full article about corporate philanthropy by Erin Sullivan Lakshmi Iyer and Chris Carlson at FSG.