AM I JUMPING THE GUN ?

 Peter :  Can we expect this  ?

 

In his latest blog ,

FUTURE OF FINANCE & BANKING - PART 1  ,

 

Peter Diamandis writes :

peter@diamandis.com

 

Beyond interest rates, a second failure of traditional consumer banking is that customers do not control how their stored money is invested by banks.

 

Meaning that your money could well be invested in the petroleum industry when you are in fact a die-hard environmentalist.

 

As the name implies, Good Money enables you as the user to choose how your stored money is invested, aligning it with your vision for humanity.

 

In Part Two of our  Future of Finance and Banking  Blog, we'll explore ,

 

·      how exponential technologies are impacting  investing and lending,

·      AI financial advisory services (e.g. Robo-Traders),

 

 

·      new stores of value (e.g. Bitcoin and Stable Coins), and a discussion on

·      how we might ensure that FinTech can be trusted in our rapidly accelerating future.

 

 

With the dematerialization, demonetization and democratization of financial resources, today is the greatest time in human history to be an entrepreneur — no matter where you live on planet Earth.

 

Peter,

 

Will your Part Two , support what I envisioned some 2 YEARS  ago , as follows :

 

A Matter of Time    [  03  Jan  2017  ]

 

 

Extract  :

 

Yesterday's Proverb  :   Necessity  is the Mother of  Invention

 

Today's Mantra        :   Competition  is the Mother of  Innovation

 

 

 

So , just wait to find out which Mobile Wallet comes up with the following " innovations " FIRST :

 

 

*  All bank accounts of a person ( in different banks ) become inter- operable / fungible

   through seamless interlinking , using Aadhar / UPI Interface in a Mobile Wallet

 

   No need to " select " a particular bank name

 

 

  

*  All transactions using a Mobile Wallet, automatically entered in  BLOCK-

   CHAIN  database commonly shared by ALL banks

 

 

  

 

*  Wallet based algorithm will  move funds across different bank accounts  for best yield ,

   constantly searching for best interest rates offered by banks on Fixed Deposits

 

 

   This will happen automatically , much like algorithm-based share trading , taking

   advantage of price differences in two bourses located 300 km apart ( in one thousandths

   of a second ! )

 

 

   No rocket science here considering availability of  " BEST PRICE "  apps for thousands of

   goods and services

 

 

   And since computing power of mobiles are doubling every 18 months ( Moore's Law ),

  nothing will stop algo-trading through a Mobile Wallet , as well ! ( Demat A/C on

  Wallet ? )

 

 

17  Sept  2018

www.hemenparekh.in / blogs