Someone told me I should start a travel blog, as I fly more than most pigeons do. True. But I’m not sure my travel blog would be read so much. However, it does make me reflect on travel and money. Some countries are still reliant on cash whilst others are cashless. I go to the Nordic region and most countries take card and contactless payments everywhere. Try that in Italy and Russia and it’s not so easy. Cash still rules. Meantime, go to many African nations and mobile is ubiquitous, as it is in China and may other nations. In the USA, try to make a mobile payment is ok, but cash and card works far better. It’s a real mixture of experiences and every country is different.
The reason for making this point is that many pundits forecast the end of cash and the death of bank branches, but you cannot generalise. Not every nation is the same. In fact, every nation is different in culture, attitude and outlook and even with the euro, you cannot expect European banking and money to be the same, as illustrated by the differences between the Nordics and Southern Europe.
This is why banking and FinTech needs to be nuanced to realise everyone’s situation, not just the one you live in.
However, one of the biggest changes is what is happening with mobile payments. The mobile network includes everyone. Someone called me out on this and said that not everyone has a mobile phone. My answer is that everyone has access to a mobile phone if they need one. The mobile phone is now more ubiquitous than toothbrushes and toilets, and so if you need to use one, I’m pretty sure you can find one. Once you do, you can trade and transact as well as talk sometimes.
This is why the mobile technologies and ecosystem fascinate me so much, as it’s creating inclusion for all. Along with this are other technologies like Distributed Ledgers, which are democratising the world.
That’s an interesting conversation in and of itself. Is the world being democratised through technology? Is technology removing central powers and centralised authorities, and putting power in the hands of the people?
I know many who believe this is the case but I’m not one of them. Power is always held by those who have it, and power is consolidated by those who want to keep it. Breaking the powerbase is not necessarily going to happen with technology. But inclusion is.
In other words, you have two friction forces working together with technology: those who are driving inclusion of all and those who believe this will democratise the world.
Which force do you hold with and which is true? Does the mobile network give everyone on Earth opportunity or does it still allow the governments and powermongers to hold force?
I guess we will have to wait and see how it plays out. Many believed that the Arab Spring showed the true power of the network to democratise the world and yet many now say that the Arab Spring was the worst thing that could have happened.
What is the future?
A future utopia, where everyone is equal; or a future dystopia, where cybercrime rules?
Ah shoot. It’s a Monday morning and I’m getting all philosophical and challenging. Time for Money 2020. See y’all in Vegas!
Advisors: Why it is NEVER about YOU
Consider Emerging Europe for Yield
Pricing and The Importance of Loss
How to Write a Cold Linkedin Request That Gets Accepted
Are You Connecting or Broadcasting?
How to Move Forward During Times of Stress and Uncertainty
What Signals Are You Unintentionally Sending Your Clients?
How To Be Resilient When Times Get Tough
Why Your Back Slapping Content is Just Noise
The Road to a Million Successful Seminars with Jorge Villar
Development11 hours ago
Pricing and The Importance of Loss
Development21 hours ago
5 Reasons Why Clients Might Not Want to Refer You
Insights21 hours ago
Are the U.S. and China Capable of Saying Sorry?
Entrepreneurs21 hours ago
Lab Grown Diamonds: Where Business and Science Meet
Advisor Marketing3 days ago
What Regulation Best Interest (BI) Means for Your Firm’s Digital Marketing Efforts
Strategies3 days ago
G20 Relief Party with Fireworks
Compliance3 days ago
The SEC Will Be Conducting Its Third Round of Cybersecurity Sweep Exams; What You Need to Know
Insights3 days ago
Trump Is Wrong on Bitcoin, Placing Himself on the Wrong Side of History