Just yesterday, my friends and I discussed various ways present-day monetary systems are changing to meet consumer demands and support a new globalized economy. As you can imagine, the discussion was an interesting one and full of our own speculations and prediction on what the future has in store for currencies, banks, and the likes.
While it’s truly hard to grasp all the factors that drive which gaps in the financial system are focused on for improvement and when, we (friends and I) all came to the realization, in many cases, the changes we’re witnessing is not necessarily driven by the financial institutions of the world (Banks, Stock Markets, Financial Advisory Firms, etc), but instead by entrepreneurs, technologists, economists, and consumer tech companies that have taken on the challenge of fixing an outdated financial system. A few examples are:
- Peer-to-peer funds transfer and mobile payment services like: Venmo, Apple Pay, Google Wallet, Paypal, Samsung Pay, and so many more.
- Cryptocurrency: Bitcoin, Ethereum, Litecoin, Ripple, Dash (see full list)
- Chatbots / AI-powered digital assistants: Alexa, Erica, ENO, Ally Assist, Facebook Messenger, COIN. Just to name a few.
Take a look at some of these new systems in action below.