Money20/20 Europe

One of the most valuable yet unrecognized contributors to a well-functioning society is trust. It's a lubricant, but unfortunately we often do not recognize how useful and important it is. In fact, most of our financial institutions and systems are built to bring out the distrust, creating vicious cycles and conflicts of interests that ultimately bring out the worst in all of us. As we move to the digital economy over larger distances, trust is even more important. We must treat trust as a social good, and understand that every time someone betrays the public's trust, they are not only hurting society, but they are also eroding the value of trust. Building tomorrow’s companies must be built on mechanisms that will help create, sustain, and build trust. Lemonade, a tech company reinventing insurance, is an example of a company designed to bring out the best in people, and uses trust as one of its main pillars. This model, built on behavioural economics and AI, removes the conflicts of interest, and is reinstating trust as a social good.