Business

Here’s the good news: banks will be obsolete in 10 years

05.04.2015  |  22:43
Here’s the good news: banks will be obsolete in 10 years

Every few centuries or so, an amazing new technology comes along that fundamentally changes human civilization.

Every few centuries or so, an amazing new technology comes along that fundamentally changes human civilization.

There are so many other examples throughout history. The Agricultural Revolution. The Industrial Revolution. The invention of the printing press.

The printing press was a particularly interesting parallel for what's happening today.

Before the printing press, people were living in the dark. Their information was heavily controlled, and they were forced to rely on the ‘authorities' for personal, financial, educational, and spiritual guidance.

The printing press changed everything. It was an extraordinarily powerful social technology that spawned entire political revolutions and the rapid advance of human education.

In Europe, the number of printed books went from millions to literally billions.

Suddenly information became extremely difficult for governments to control. Ideas became unconstrained. Antiquated political regimes were brought down. And intellectual achievement flourished.

We are now in the early stages of a brand new transformation brought about by yet another technological advancement-the Digital Revolution.

And it's changing everything, from how we do business to how we meet and engage with one another.

Most importantly, the Digital Revolution has created the ability to bring together literally millions of people and spread ideas quickly and efficiently. Information cannot be controlled.

This has the power to make entire industries obsolete. And banking is one shining example.

‘Modern' banking is still based on the same system that has been in existence for at least a century.

Yeah, sure, they all have websites now. But this doesn't make them high-tech.

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