Lecture 2 for the MIT MediaLab Future Commerce course, delivered in Boston, MA on Sept. 20, 2016. In this talk, I discuss the Future of Money and how new technology like digital currencies and P2P finance innovations like bitcoin are going to change the very nature of money. We explore why money exists, the role it plays in our society, and how it shapes the way we interact with marketplace, markets, and financial infrastructure. We then outline opportunities to disrupt money itself with bitcoin and blockchain technology, and how entrepreneurs in the DCG portfolio are slowly changing the Future of Money.
The document discusses different types of money throughout history. Commodity money derives its value from the underlying commodity like gold, while fiat money is backed by government decree rather than a physical good. Characteristics of good forms of money include durability, portability, divisibility, and recognizability. As payment systems evolved, paper money and checks replaced coins for many transactions, though checks are typically used just once while currency continues circulating. Since 1971, most currencies are fiat and not convertible to commodities, relying instead on trust between individuals.
The document discusses different aspects of monetary systems including:
1) It defines money and lists its key properties and functions such as being a medium of exchange, store of value, and unit of account.
2) It outlines different types of money including commodity money, convertible paper money, inconvertible paper money, bank deposits, and electronic money.
3) It explores the demand for money and identifies three motives for holding money: transactions demand, precautionary demand, and speculative demand. Interest rates are a major factor in determining the amount of money people hold.
This document provides a history of the development of money. It begins with bartering and the use of shells as early forms of currency. It then discusses the introduction of coinage in Lydia in 600 BC and the later development of paper money in China in the 9th century. It also briefly outlines the gold standard, development of credit cards, and different types and functions of modern currencies like commodity, fiat, fractional, and fiduciary money.
Bartering of livestock began around 9,000-6,000 BC as one of the earliest forms of exchange. Around 1200 BC in China, shells became the first official form of money used. Ancient Chinese coins from around 1000 BC had holes in the middle so they could be strung together more easily. Around 500 BC, coins made of silver emerged as the earliest coins, first appearing in the region of Lydia, now Turkey. Paper currency developed in China in the 9th-15th centuries but excessive printing led to inflation. Gold became the global monetary standard starting in 1816 but many countries abandoned it during the Great Depression in the 1930s. Digital payments may eventually replace physical currency.
The document discusses the evolution of money from barter systems to modern forms. It begins by describing barter systems and their limitations, then moves to commodity money like precious metals. It describes how goldsmith receipts evolved into paper money and different types of paper currency. Later forms of money discussed include bank money, plastic money, and different central banking approaches to currency issuance like commodity backing and reserve requirements. The document provides an overview of the development of money from early barter to modern monetary systems.
Complete Guide to CBDC (Central Bank Digital Currency)OliviaJune1
CBDC (Central Bank Digital Currency) is a digital currency that is managed by central banks. It exists in virtual form on distributed ledgers like blockchain. Many countries are exploring CBDC as it offers advantages over physical cash and private cryptocurrencies. CBDCs would be directly issued and backed by central banks, making them safer and more stable than alternatives. They could reduce transaction costs and processing times while improving accessibility of financial services. Central banks are still researching the best technical designs for CBDCs, which may either use accounts or digital tokens on a blockchain network.
History of money and types with features. SamiuR RahmaN
This document discusses the history and functions of money. It begins by outlining the evolution of money from early bartering systems to modern digital currencies. Some of the milestones mentioned include the use of shells as early as 1200 BC, the development of coinage around 600 BC, the introduction of paper money in China in the 9th century, and more recent innovations like credit cards and digital payment systems.
The document then examines different types of money such as commodity money, metallic money, paper money, bank credit, and electronic money. It also outlines the key functions of money as a medium of exchange, unit of value, standard for deferred payments, store of value, and basis for the credit system. Finally, the document
Lecture 2 for the MIT MediaLab Future Commerce course, delivered in Boston, MA on Sept. 20, 2016. In this talk, I discuss the Future of Money and how new technology like digital currencies and P2P finance innovations like bitcoin are going to change the very nature of money. We explore why money exists, the role it plays in our society, and how it shapes the way we interact with marketplace, markets, and financial infrastructure. We then outline opportunities to disrupt money itself with bitcoin and blockchain technology, and how entrepreneurs in the DCG portfolio are slowly changing the Future of Money.
The document discusses different types of money throughout history. Commodity money derives its value from the underlying commodity like gold, while fiat money is backed by government decree rather than a physical good. Characteristics of good forms of money include durability, portability, divisibility, and recognizability. As payment systems evolved, paper money and checks replaced coins for many transactions, though checks are typically used just once while currency continues circulating. Since 1971, most currencies are fiat and not convertible to commodities, relying instead on trust between individuals.
The document discusses different aspects of monetary systems including:
1) It defines money and lists its key properties and functions such as being a medium of exchange, store of value, and unit of account.
2) It outlines different types of money including commodity money, convertible paper money, inconvertible paper money, bank deposits, and electronic money.
3) It explores the demand for money and identifies three motives for holding money: transactions demand, precautionary demand, and speculative demand. Interest rates are a major factor in determining the amount of money people hold.
This document provides a history of the development of money. It begins with bartering and the use of shells as early forms of currency. It then discusses the introduction of coinage in Lydia in 600 BC and the later development of paper money in China in the 9th century. It also briefly outlines the gold standard, development of credit cards, and different types and functions of modern currencies like commodity, fiat, fractional, and fiduciary money.
Bartering of livestock began around 9,000-6,000 BC as one of the earliest forms of exchange. Around 1200 BC in China, shells became the first official form of money used. Ancient Chinese coins from around 1000 BC had holes in the middle so they could be strung together more easily. Around 500 BC, coins made of silver emerged as the earliest coins, first appearing in the region of Lydia, now Turkey. Paper currency developed in China in the 9th-15th centuries but excessive printing led to inflation. Gold became the global monetary standard starting in 1816 but many countries abandoned it during the Great Depression in the 1930s. Digital payments may eventually replace physical currency.
The document discusses the evolution of money from barter systems to modern forms. It begins by describing barter systems and their limitations, then moves to commodity money like precious metals. It describes how goldsmith receipts evolved into paper money and different types of paper currency. Later forms of money discussed include bank money, plastic money, and different central banking approaches to currency issuance like commodity backing and reserve requirements. The document provides an overview of the development of money from early barter to modern monetary systems.
Complete Guide to CBDC (Central Bank Digital Currency)OliviaJune1
CBDC (Central Bank Digital Currency) is a digital currency that is managed by central banks. It exists in virtual form on distributed ledgers like blockchain. Many countries are exploring CBDC as it offers advantages over physical cash and private cryptocurrencies. CBDCs would be directly issued and backed by central banks, making them safer and more stable than alternatives. They could reduce transaction costs and processing times while improving accessibility of financial services. Central banks are still researching the best technical designs for CBDCs, which may either use accounts or digital tokens on a blockchain network.
History of money and types with features. SamiuR RahmaN
This document discusses the history and functions of money. It begins by outlining the evolution of money from early bartering systems to modern digital currencies. Some of the milestones mentioned include the use of shells as early as 1200 BC, the development of coinage around 600 BC, the introduction of paper money in China in the 9th century, and more recent innovations like credit cards and digital payment systems.
The document then examines different types of money such as commodity money, metallic money, paper money, bank credit, and electronic money. It also outlines the key functions of money as a medium of exchange, unit of value, standard for deferred payments, store of value, and basis for the credit system. Finally, the document
Electronic banking (e-banking) allows customers to access bank accounts and conduct transactions through electronic and telecommunications networks using computers and mobile phones. The document discusses various e-banking tools like core banking, electronic funds transfer (EFT), real-time gross settlement (RTGS), immediate payment service (IMPS), and Society for Worldwide Interbank Financial Telecommunications (SWIFT). It also covers electronic clearing service (ECS), debit cards, credit cards, smart cards, automated teller machines (ATMs), and electronic cheques.
This document discusses the history of money and digital currencies like cryptocurrency. It covers different electronic money systems such as centralized, decentralized, and mobile digital wallets. It provides details on popular cryptocurrencies like Bitcoin and Monero. It addresses the impact of India's demonetization on its economy and population turning to Bitcoin. The document compares advantages of digital currencies like privacy and security against disadvantages like fraud risk. It recommends developing legal guidelines and a secure digital currency system with collaboration between financial institutions and technology companies.
I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
I am an academic writer & freelancer! I can work on Research Paper, Thesis Writing, Academic Research, Research Project, Proposals, Assignments, Business Plans, and Case study research.
Expertise:
Management Sciences, Business Management, Marketing, HRM, Banking, Business Marketing, Corporate Finance, International Business Management
For Order Online:
Whatsapp: +923452502478
Portfolio Link: https://blueprismacademia.wordpress.com/
Email: arguni.hasnain@gmail.com
Follow Me:
Linkedin: arguni_hasnain
Instagram : arguni.hasnain
Facebook: arguni.hasnain
Fintech refers to new financial technology that seeks to improve and automate delivery of financial services. The Global Fintech Adoption Index explores how fintech has expanded globally. Fintech has evolved over three eras - infrastructure (1886-1967), banks (1967-2008), and startups (2008-onward). Fintech serves business-to-business, business-to-consumer, and consumer-to-consumer customers. While fintech provides benefits like real-time data and easier payments, it also presents risks like security issues and lack of uniform standards.
Group #06 analyzed cryptocurrency in a document containing several sections:
- Cryptocurrency was introduced as a virtual, decentralized, anonymous, and international digital asset secured by cryptography.
- Top ten cryptocurrencies in 2016 included Bitcoin, BlackCoin, Dash, Dogecoin, and Litecoin.
- Cryptocurrency can be bought through online exchanges, Bitcoin ATMs, vouchers, or from other people. Anyone can buy cryptocurrency, including individuals, businesses, investors, and more.
- Risks and failures of cryptocurrency include supporting criminal activity, lack of transparency, hackers, high costs, and scams. Cryptocurrency is not currently legally accepted in India due to traceability, decentralization
The document discusses cryptocurrency, including its history and key concepts. It provides definitions for cryptocurrency as a digital currency that uses cryptography to secure online transactions. It summarizes that the first cryptocurrency, Bitcoin, was created in 2009 by Satoshi Nakamoto and uses cryptographic hash functions for transactions. Additionally, it outlines some advantages like confidential transactions and easier international trade, as well as disadvantages like security issues and environmental impacts of mining.
Studied technology involved in E-Wallets and how it helps in payment process,market place model, revenue generation of Paytm,its marketing strategy,demonitisation and its after effects.
out line of this Presentation.
Elaboration of Mobile banking.
What is the Mobile banking.
How to connect with Mobile banking.
Features & Benefits of Mobile banking.
Advantages & Disadvantages of M-banking
Mobile banking in world.
Mobile banking in sri lanka.
This document discusses internet banking. It begins with a brief history of internet banking starting in 1981 with four major New York City banks offering early home banking services. It then defines internet banking as conducting bank transactions online instead of in person. The document outlines the types of internet banking, services provided, how it works involving web servers and security, advantages like lower costs and convenience, disadvantages like security risks, and concludes that internet banking aims to provide valuable services to consumers by utilizing the internet.
The document discusses India's payment systems. It outlines the key regulatory bodies that oversee payment systems in India. It then describes various paper-based and electronic payment methods in India such as cheques, NEFT, RTGS, IMPS, and prepaid payment systems. It also discusses the settlement system operator Clearing Corporation of India and features of the Cheque Truncation System. The document provides details on processing times, charges and limits for different payment methods in India. It concludes by noting some limitations of India's payment systems including the lack of standardized account numbering across banks.
The document discusses payment gateways, including their terminology, life cycle, types, advantages and disadvantages, security issues and vulnerabilities. It provides details on authorization and settlement processes, common payment gateways like PayPal, security best practices for payment gateways, and questions to ask third party payment gateway providers.
This document discusses the key concepts of money and banking. It defines money as anything generally accepted as a medium of exchange, like currency notes and coins. Money serves four main roles: as a medium of exchange, unit of account, store of value, and standard for deferred payment. Historically, money has taken the form of commodity money, backed by valuables like gold, and fiat money, which is not backed but widely accepted. Modern forms of money include currency, checkable deposits in banks, and various types of paper money not backed by commodities. For a currency to function well as money, it should have properties of portability, divisibility, durability and recognizable value.
Money refers to anything that is generally accepted as payment. It functions as a medium of exchange, unit of account, and store of value. Money includes currency, deposits, and other liquid assets. The money supply has evolved from commodity money to various forms like paper currency, checks, and electronic payments. Measuring the money supply includes aggregates like M1, M2, and M3 that capture currencies and increasingly liquid assets.
The document discusses the future of autonomous agents and decentralized networks. It describes how autonomous agents, like self-driving vehicles and delivery drones, could operate on networks like TradeNet and MatterNet to provide transportation and delivery services in an efficient, affordable manner. The agents would use cryptocurrency to pay for costs, keep profits to spawn new agents, and hire humans for repairs. Over time, agents could replace many human jobs but also make goods and services much cheaper overall.
The document discusses money laundering and anti-money laundering (AML) laws and organizations. It defines money laundering as the process of making illegally gained money appear legal. It also discusses terrorist financing. The objective, stages, techniques, and causes of money laundering are described. Key AML laws and organizations mentioned are the Prevention of Money Laundering Act 2002 in India and the Financial Action Task Force, an intergovernmental body working to combat money laundering and terrorist financing globally.
This document discusses mobile banking and presents the results of a survey about public awareness and use of mobile banking in India. It defines mobile banking as allowing customers to access and manage their bank accounts through a mobile device. The document then provides details about typical mobile banking services, the benefits for both customers and banks, the security measures used, and an example of State Bank of India's mobile banking registration process. Survey results show that most respondents are aware of mobile banking but still prefer traditional banking methods due to security concerns. However, many feel mobile banking could benefit society by saving time and reducing dependency on bank branches.
The document discusses the evolution of money from barter systems to modern digital currencies. It traces the development from commodity money used in early barter systems, to metallic coins, paper money, credit money issued by banks, electronic money used for digital payments, and most recently cryptocurrencies like Bitcoin. Each new form of money emerged to address limitations of previous forms as economies became more complex with globalization and advances in technology. The functions of money are also outlined, including primary functions like serving as a medium of exchange and store of value, and secondary functions like enabling the transfer and standardization of value.
Big data and the Future of Money (World Big Data Congress 2013)Daniel Austin
Daniel Austin presented on how big data will impact the future of money. He predicts that:
1) Big data and digital money will become more intertwined as the line between money and information is blurred.
2) Our ability to control the personal data we produce will be limited.
3) Money will evolve to become more like an application, with autonomous and self-managing capabilities over long periods of time.
China was the first to use paper money as representation money, which means it represented value but was not made of precious materials itself. This led to the gold standard and later fiat money, where currency is given value by government decree rather than representing gold or silver. Fiat money, from the Latin meaning "let it be done", is now the standard form of money around the world according to government enforceable legal tender laws.
Electronic banking (e-banking) allows customers to access bank accounts and conduct transactions through electronic and telecommunications networks using computers and mobile phones. The document discusses various e-banking tools like core banking, electronic funds transfer (EFT), real-time gross settlement (RTGS), immediate payment service (IMPS), and Society for Worldwide Interbank Financial Telecommunications (SWIFT). It also covers electronic clearing service (ECS), debit cards, credit cards, smart cards, automated teller machines (ATMs), and electronic cheques.
This document discusses the history of money and digital currencies like cryptocurrency. It covers different electronic money systems such as centralized, decentralized, and mobile digital wallets. It provides details on popular cryptocurrencies like Bitcoin and Monero. It addresses the impact of India's demonetization on its economy and population turning to Bitcoin. The document compares advantages of digital currencies like privacy and security against disadvantages like fraud risk. It recommends developing legal guidelines and a secure digital currency system with collaboration between financial institutions and technology companies.
I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
I am an academic writer & freelancer! I can work on Research Paper, Thesis Writing, Academic Research, Research Project, Proposals, Assignments, Business Plans, and Case study research.
Expertise:
Management Sciences, Business Management, Marketing, HRM, Banking, Business Marketing, Corporate Finance, International Business Management
For Order Online:
Whatsapp: +923452502478
Portfolio Link: https://blueprismacademia.wordpress.com/
Email: arguni.hasnain@gmail.com
Follow Me:
Linkedin: arguni_hasnain
Instagram : arguni.hasnain
Facebook: arguni.hasnain
Fintech refers to new financial technology that seeks to improve and automate delivery of financial services. The Global Fintech Adoption Index explores how fintech has expanded globally. Fintech has evolved over three eras - infrastructure (1886-1967), banks (1967-2008), and startups (2008-onward). Fintech serves business-to-business, business-to-consumer, and consumer-to-consumer customers. While fintech provides benefits like real-time data and easier payments, it also presents risks like security issues and lack of uniform standards.
Group #06 analyzed cryptocurrency in a document containing several sections:
- Cryptocurrency was introduced as a virtual, decentralized, anonymous, and international digital asset secured by cryptography.
- Top ten cryptocurrencies in 2016 included Bitcoin, BlackCoin, Dash, Dogecoin, and Litecoin.
- Cryptocurrency can be bought through online exchanges, Bitcoin ATMs, vouchers, or from other people. Anyone can buy cryptocurrency, including individuals, businesses, investors, and more.
- Risks and failures of cryptocurrency include supporting criminal activity, lack of transparency, hackers, high costs, and scams. Cryptocurrency is not currently legally accepted in India due to traceability, decentralization
The document discusses cryptocurrency, including its history and key concepts. It provides definitions for cryptocurrency as a digital currency that uses cryptography to secure online transactions. It summarizes that the first cryptocurrency, Bitcoin, was created in 2009 by Satoshi Nakamoto and uses cryptographic hash functions for transactions. Additionally, it outlines some advantages like confidential transactions and easier international trade, as well as disadvantages like security issues and environmental impacts of mining.
Studied technology involved in E-Wallets and how it helps in payment process,market place model, revenue generation of Paytm,its marketing strategy,demonitisation and its after effects.
out line of this Presentation.
Elaboration of Mobile banking.
What is the Mobile banking.
How to connect with Mobile banking.
Features & Benefits of Mobile banking.
Advantages & Disadvantages of M-banking
Mobile banking in world.
Mobile banking in sri lanka.
This document discusses internet banking. It begins with a brief history of internet banking starting in 1981 with four major New York City banks offering early home banking services. It then defines internet banking as conducting bank transactions online instead of in person. The document outlines the types of internet banking, services provided, how it works involving web servers and security, advantages like lower costs and convenience, disadvantages like security risks, and concludes that internet banking aims to provide valuable services to consumers by utilizing the internet.
The document discusses India's payment systems. It outlines the key regulatory bodies that oversee payment systems in India. It then describes various paper-based and electronic payment methods in India such as cheques, NEFT, RTGS, IMPS, and prepaid payment systems. It also discusses the settlement system operator Clearing Corporation of India and features of the Cheque Truncation System. The document provides details on processing times, charges and limits for different payment methods in India. It concludes by noting some limitations of India's payment systems including the lack of standardized account numbering across banks.
The document discusses payment gateways, including their terminology, life cycle, types, advantages and disadvantages, security issues and vulnerabilities. It provides details on authorization and settlement processes, common payment gateways like PayPal, security best practices for payment gateways, and questions to ask third party payment gateway providers.
This document discusses the key concepts of money and banking. It defines money as anything generally accepted as a medium of exchange, like currency notes and coins. Money serves four main roles: as a medium of exchange, unit of account, store of value, and standard for deferred payment. Historically, money has taken the form of commodity money, backed by valuables like gold, and fiat money, which is not backed but widely accepted. Modern forms of money include currency, checkable deposits in banks, and various types of paper money not backed by commodities. For a currency to function well as money, it should have properties of portability, divisibility, durability and recognizable value.
Money refers to anything that is generally accepted as payment. It functions as a medium of exchange, unit of account, and store of value. Money includes currency, deposits, and other liquid assets. The money supply has evolved from commodity money to various forms like paper currency, checks, and electronic payments. Measuring the money supply includes aggregates like M1, M2, and M3 that capture currencies and increasingly liquid assets.
The document discusses the future of autonomous agents and decentralized networks. It describes how autonomous agents, like self-driving vehicles and delivery drones, could operate on networks like TradeNet and MatterNet to provide transportation and delivery services in an efficient, affordable manner. The agents would use cryptocurrency to pay for costs, keep profits to spawn new agents, and hire humans for repairs. Over time, agents could replace many human jobs but also make goods and services much cheaper overall.
The document discusses money laundering and anti-money laundering (AML) laws and organizations. It defines money laundering as the process of making illegally gained money appear legal. It also discusses terrorist financing. The objective, stages, techniques, and causes of money laundering are described. Key AML laws and organizations mentioned are the Prevention of Money Laundering Act 2002 in India and the Financial Action Task Force, an intergovernmental body working to combat money laundering and terrorist financing globally.
This document discusses mobile banking and presents the results of a survey about public awareness and use of mobile banking in India. It defines mobile banking as allowing customers to access and manage their bank accounts through a mobile device. The document then provides details about typical mobile banking services, the benefits for both customers and banks, the security measures used, and an example of State Bank of India's mobile banking registration process. Survey results show that most respondents are aware of mobile banking but still prefer traditional banking methods due to security concerns. However, many feel mobile banking could benefit society by saving time and reducing dependency on bank branches.
The document discusses the evolution of money from barter systems to modern digital currencies. It traces the development from commodity money used in early barter systems, to metallic coins, paper money, credit money issued by banks, electronic money used for digital payments, and most recently cryptocurrencies like Bitcoin. Each new form of money emerged to address limitations of previous forms as economies became more complex with globalization and advances in technology. The functions of money are also outlined, including primary functions like serving as a medium of exchange and store of value, and secondary functions like enabling the transfer and standardization of value.
Big data and the Future of Money (World Big Data Congress 2013)Daniel Austin
Daniel Austin presented on how big data will impact the future of money. He predicts that:
1) Big data and digital money will become more intertwined as the line between money and information is blurred.
2) Our ability to control the personal data we produce will be limited.
3) Money will evolve to become more like an application, with autonomous and self-managing capabilities over long periods of time.
China was the first to use paper money as representation money, which means it represented value but was not made of precious materials itself. This led to the gold standard and later fiat money, where currency is given value by government decree rather than representing gold or silver. Fiat money, from the Latin meaning "let it be done", is now the standard form of money around the world according to government enforceable legal tender laws.
The document discusses the future of money and how it will likely become increasingly digital. It examines money's historical path toward more abstract and virtual forms of payment like bills, checks, and credit cards. New technologies and the rise of the knowledge economy will likely accelerate this trend in the years to come. However, important questions remain about how quickly digital money will dominate, and what the implications will be for issues like social inequality, economic stability, and central bank control of the money supply. The conference discussed these topics and how governments and businesses can help manage the transition to digital forms of money.
The presentation 'Money Is Broken; Its Future Is Not' was given by Tyler and Cameron Winklevoss at the Money20/20 conference in Las Vegas, NV on November 3, 2014.
Presentation: Digital Financial Wellness: The Future of Money
Presented by: Mohamed Khalil, Head of Product, Data & Marketing, Moven
Mobile technology coupled with data and behavioral sciences now allow for highly personalized, real time interactions that alter consumer behaviors. This talk will examine how the retail financial services model must adapt to survive this digital disruption.
http://www.bdionline.com/
A tide of technology — cryptocurrencies, P2P economies, payment APIs — is reshaping the world before our very eyes. We rarely memorize, wait in line, rewind, unfold, print or phone anymore. There has never been a better time to map the phenomenon of human innovation, and there is no better place to start with than with money.
A Historical shift in the Economy and Societycnicchile
Presentación del Sr. Irving Wladawsky en el marco de su visita a Chile, tras la invitación del Consejo Nacional de Innovación para la Competitividad, para hablar de la revolución que puede significar el Cloud Computing en el proceso de modernización del Estado.
A car pulled by a horse: is it the future of finance?Huy NGUYEN TRIEU
Presentation in May 2016 at Finnovasia Hong Kong. Fintech startups have focused on providing cheaper and better products ("Unbundling of finance"), but there are other very strong underlying trends impact the future of finance.
Mobile Banking - much more than an iPhone App, February 2013Frank Schwab
Summary
The number of banks in the US and in Germany halved between 1990 and 2012. Traditional banking is under pressure by at least 4 mega trends in banking: Increase of regulation, legacy technology, consolidation and changing customer behaviour.
By 2016 the number of Internet capable mobile devices will reach more than 4 billion devices globally and smart phones are already used always and everywhere.
The future is always here – it’s just not evenly distributed yet. You can see this if you take a look at digital natives, the usage of phones in Africa, Google wallet and Square.
For banks it will become critical to position themselves in the world of customer experience much earlier.
The MyPrivateBanking Mobile Applications Report 2011 gives banks on average a score of 35 out of 100 points. Major critiques are “only simple basis services”, “mainly useless information”, “available only for iPhone” and “security issues”. A look at current mobile banking offerings does not disprove the report. They are mainly static, text based and lack of visual experience.
But you can think different about mobile banking. Actually you can build native apps for all platforms that are highly dynamic and provide an experience, e.g. by making use of augmented reality technology embedded in customers’ life. Banks may be able to win back the car loan business at the point of sale and embed mobile and tablet technologies in their sales processes.
Commonwealth Bank of Australia’s “Kaching” and moven are examples of what can be done.
Public talk "Банки будущего" В.Солодкого со студентами ВШЭ 24.10.14Vladislav Solodkiy
Public talk на тему "Банки будущего. FinTech - next big thing в венчурной индустрии" управляющего партнера венчурного фонда Life.SREDA Владислава Солодкого со студентами ВШЭ и предпринимателями в DI Telegraph 24 октября 2014 года. Прямая трансляция велась проектом FutureBanking по адресу: http://futurebanking.ru/post/2634
Banking & Finance Trends, Predictions, and Practical Steps OHANNIGAN April 2016Joe O'Hannigan
This document discusses trends in the banking and finance industry from 2016 through the future. It identifies 10 key trends, including the merging of retail banking and fintech providers to create new platforms, the use of big data and digital payments, and implementing innovative technologies. It encourages banks to collaborate rather than compete, and provides examples of Goldman Sachs partnering with online banking and ING partnering with Kabbage. The document advocates that banks analyze customer outcomes and make bets on the future to enhance customer experience.
Strategy and planning in a fast changing worldCarlos M. Henao
Based in facts of many real cases, the author tells the story of the journey of a CEO in his journey to transform his company using next-generation strategy and planning.
Online Security and Payment System - PayPalgaschan
PayPal is the largest online payment company, established in 1998. It allows for secure online payments between individuals and merchants. PayPal has over 201 million accounts in 190 countries and 24 currencies. It provides a simple, fast way to pay and get paid online or via mobile devices. PayPal aims to increase security and prevent fraud through tools like encryption and monitoring accounts. While competitors continue to emerge, PayPal's large user base and integration with online retailers makes it a leading digital payment provider.
This document discusses several trends in fintech in 2016, including:
1. The focus on mergers and acquisitions of fintech startups as scaling and funding challenges emerge. Integrating services will be important for growth.
2. Booming areas include online remittances, e-wallets, and neo/challenger banks. E-wallets are expanding globally led by PayPal, Android Pay, and Apple Pay. Neo banks like Number26 and Fidor are raising funds.
3. The future may include "fintech banks" that combine multiple fintech services to create new digital banking ecosystems for customers. Scaling challenges remain for many startups to expand globally.
Developing services for local history research through a digitization project...Bogdan Trifunovic
A PowerPoint presentation of the paper titled "DEVELOPING SERVICES FOR LOCAL HISTORY RESEARCH THROUGH A DIGITIZATION PROJECT: A PUBLIC LIBRARY CASE STUDY", presented by Bogdan Trifunovic from Digitization Center of the Public Library Cacak, Serbia. IFLA WLIC 2009, Milan, August 27, 2009.
Paradigm shift in CI at PayPal with Docker and MesosSathiya Narayanan
PayPal moved from a single large Jenkins instance to using containers to improve scalability and efficiency of their continuous integration and delivery (CI/CD) pipelines. They deployed Jenkins masters and slaves as Docker containers on a Mesos cluster. This reduced resource usage by 10x, saving over $2.7 million annually. Issues with inconsistent environments and slow tooling updates were also addressed by using containers to standardize environments.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metricsshruti1menon2
Poonawalla Fincorp Limited, under the leadership of Managing Director Abhay Bhutada, has achieved industry-leading Gross Non-Performing Assets (GNPA) below 1% and Net Non-Performing Assets (NNPA) below 0.5% as of May 31, 2024. This success is attributed to a strategic vision focusing on prudent credit policies, robust risk management, and digital transformation. Bhutada's leadership has driven the company to exceed its targets ahead of schedule, emphasizing rigorous credit assessment, advanced risk management, and enhanced collection efficiency. By prioritizing customer-centric solutions, leveraging digital innovation, and maintaining strong financial performance, Poonawalla Fincorp sets new benchmarks in the industry. With a continued focus on asset quality, digital enhancement, and exploring growth opportunities, the company is well-positioned for sustained success in the future.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
5 Compelling Reasons to Invest in Cryptocurrency NowDaniel
In recent years, cryptocurrencies have emerged as more than just a niche fascination; they have become a transformative force in global finance and technology. Initially propelled by the enigmatic Bitcoin, cryptocurrencies have evolved into a diverse ecosystem of digital assets with the potential to reshape how we perceive and interact with money.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
9. 0
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3 000 000
1998
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SEKm"CREDIT MONEY” IS THE MOST COMMON MONEY
On demand deposits
from non-bank public
Coins and notes in circulation
SWEDISH MONEY SUPPLY
“Actual money” is decreasing at
the same time as ”credit money”
is increasing
Money
supply
12. ENTER DIGITAL MONEY - BITCOIN
• Decentralized digital currency
• Not backed by any government or organization
• Instantaneous peer-to-peer transactions
• No need for trusted third party
• No counter party risk
• Cryptographic security
• Low cost banking for everybody everywhere
• Inflation proof
• Based solely on the consensus that it has value
13. Distributed ledger – same copy in every node
• The receiver now can spend that amount
• Transaction cost = virtually zero
• Time = ~10 minutes
PAYER
RECEIVER
Receiver’s public
key/adress
HOW BITCOIN WORKS
Long version:
1. New transactions are broadcast to all nodes.
2. Each node collects new transactions into a block.
3. Each node works on finding a difficult proof-of-work for its block.
4. When a node finds a proof-of-work, it broadcasts the block to all nodes.
5. Nodes accept the block only if all transactions in it are valid and not already spent.
6. Nodes express their acceptance of the block by working on creating the next block in the
7. chain, using the hash of the accepted block as the previous hash
8. https://bitcoin.org/bitcoin.pdf
21. BANKS ARE VERY DEPENDENT ON DEPOSITS
Capital
> 1 Year funding
Deposits from households and SMEs
Other deposits
Derivatives
Source: Liquidatum and Riksbanken
10
20
30
40
50
60
Almost 40% of
European banks’
assets are funded
by deposits
Funding of European banks’ assets, %
22. IF DEPOSITS MORPH INTO DIGITAL CASH
• Banks would have to offer higher rates to convince the public to lend them money
• Higher funding costs would likely depress profitability of the banking sector
• Lower bank sector profitability could affect credit ratings which would put upward pressure on wholesale
funding costs as well
• Higher bank funding costs means increased cost of credit for banks’ borrowers
• Higher borrowing costs could impact asset prices like residential and commercial real estate, equities,
bonds, commodities, infrastructure etc.
• Banks ability to “create money” would be materially impacted and as such central banks’ ability to
conduct monetary policy through the banking system will be too
• Ironically, banks could help make the problem worse as digital cash could become a more attractive asset
to keep as liquidity reserve instead of today’s central bank deposits, government bonds and other banks’
covered bonds. Today’s issuers of instruments that are held as liquid assets i.e. governments and
mortgage institutions, could see funding costs go up for this reason too.*
• In the end, we would probably end up with a safer banking system, with less maturity transformation and
higher quality liquidity reserves – the transition could be somewhat uncomfortable though - for banks’
shareholders, holders of impacted assets and highly indebted borrowers that are dependent on the
perseverance of low cost of credit
* 15% of total assets, of banks under Basel Committee supervision, are so called ”high quality liquid assets” according to speech by Basel Committee Chairman Stefan Ingves 2 December 2016