In his latest blog ,
Peter Diamandis writes :
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
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