Chris skinner is one of the smoothest and sweetest talker with an influential voice ,He was in cape town a week ago to talk to fintech entrepreneurs in an event.
The massage was about the irrelevance of the banks and unseen purpose ,most of the banks have been built just for the distribution of paper in industrial era.
Today we are in age where the is just a distribution of data '' that is why money is meaningless'',it is no longer a physical asset ,it is a digital asset.The question that is hanging now , is what it means for future banks . I could build a personal financial system today without a bank involved because the capabilities of these fintech companies give me all of the things I need for my asset management, my investments, my trading, without having to have the whole lot delivered by one firm.
The bank’s job, in my view, is to curate the marketplace of specialists, who do one thing brilliantly well, and bring them to me,” he said. “I don’t have the time to integrate a thousand APIs [application programming interfaces] to build my own bank. I want the bank to bring the best to me and build a bank for me.
”https://www.moneyweb.co.za/news/tech/why-money-is-meaningless/
Today banks are not needed anymore,I agree they were once needed before but now they are just a hindrance to social progress.The most frustrating thing is you get to stand in long cue to withdraw or deposit money only to find out that there is still 3% transaction fee to be charged.
ReplyDeleteI think we do need banks to save, invests and borrow funds and in a case of long cue most banks have improved their systems in such a way that you can deposit money while you at home.
ReplyDeleteBanks are still needed these days. Where can we save our money and borrow loans. What about the businesses that have to keep bank statements. Lets just give thanks that banks are improving their technology
ReplyDeleteI personally think that we do not need banks. It is possible to get by without a bank account. Prepaid debit cards that make it easy for us to shop online, pay bills and withdraw money from ATMs just someone with a bank account.
ReplyDeleteBanks are no longer of use as they did before times are changing,more and more new technologies are invented so as for banks they are coming to an end sooner or later.
ReplyDeleteFor some, banks are still of importance and will continue to be regardless of the ever changing technology.
ReplyDeleteFor people who still lacks knowledge in Technology banks are useful to them but for those who have became technological literate banks are no longer useful.
ReplyDeletebanks are important in terms of investments and gaining interest for our savings.. it is true however that banks are becoming useless as people are also avoiding the bank costs so they prefer keeping the money where they do not have to pay the banks when they make transactions.
ReplyDeleteTo save money we need banks, so yes we still need them even today
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