1. Financial institutions prioritize features that bring the most profit:
Key Idea: Financial institutions are driven by profit. When designing or offering products (like loans, credit cards, investment plans, etc.), they focus on features that will generate the most income for them.
Interpretation: Financial institutions emphasize the parts of their business model that are most profitable. These could be higher-interest loans, complex financial products that charge fees, or services with hidden costs. The focus is on profitability rather than fairness or well-being of the individual.
2. They hide or downplay features that are not profitable:
Key Idea: Products or services that do not generate as much revenue or return for the institution are often either hidden or not emphasized.
Interpretation: For example, banks might bury or obscure information about cheaper alternatives that could benefit the customer more. Or, they might not offer solutions that would truly help someone struggling financially because those products wouldn’t yield a high profit.
3. Financial institutions know everything about the person:
Key Idea: Financial institutions collect vast amounts of personal data about their customers. This includes credit history, spending habits, income details, and even behavioral patterns.
Interpretation: With the help of advanced technology, banks and other financial entities track and analyze a person’s financial behavior in great detail. They know how much money someone makes, how they spend it, and even what types of financial products they are likely to be interested in. The institution has a level of insight into an individual’s life that could allow them to understand the person’s true financial needs.
4. Despite knowing everything about a person, the institution doesn’t care if the person survives or thrives:
Key Idea: Even though financial institutions have access to deep personal data, they still don’t show empathy or concern for the financial well-being of the individual.
Interpretation: The institution’s primary concern is not whether the individual succeeds or fails financially. Even if they know a person is struggling, they might continue to push products or fees that take advantage of that situation. The person’s survival or success in the financial system is secondary to the institution’s bottom line.
Putting it all together:
The core idea behind this sentence is that financial institutions, despite having all the information they need to understand a person’s financial situation, often choose to prioritize their own profit over helping the individual. They highlight the products or services that will make them the most money and hide or downplay those that might actually benefit the person. Even though they know everything about the person, the institution’s focus is on its own survival and growth, not on whether the person can thrive or even survive financially within the system.
This reflects a profit-driven system where institutions care more about their balance sheets than about the real impact their actions have on customers, especially those who are vulnerable. The result is that, even when armed with detailed knowledge, they may exploit rather than support the people they serve.
The Implication:
The main criticism here is that financial institutions often operate in a cold, detached manner, where they see people as data points rather than individuals with real-life struggles and needs. This creates a system where individuals may end up in financial hardship, yet the institution remains indifferent, as long as their profits are growing.