My 25 year old son is well educated and has a good job. He stopped using social media seven years ago because of bullying. He tells me that e-mail, text and telephone enable him to keep in touch with all of his friends and most of them have he same view. I suspect that there are many like him.
In addition, most of my friends do not use social media for a different reason - age. I have never needed it. I have no interest in celebrity culture and grew up on mobile telephony (I got my first mobile telephone in 1987).
So your statement that most people now get social media is quite untrue amongst my and my sons friends.
19 Nov 2018 09:37 Read comment
Paul
You have pointed out the problem, but not the solution.
14 Nov 2018 12:11 Read comment
Excellent analysis
14 Nov 2018 08:19 Read comment
For this to happen there has to be a replacement to banks in the market. I, for one, want to entrust my savings to an organisation based in my country of residence - I do not like the idea of having to chase an organisation in a foreign country, with different laws and potentially different language when a problem occurs (and problems always occur). Can you imagine someone in France, Germany or Italy entrusting their monies to Amazon or someone similar? I cannot. So where is your solution? All you have identified are problems.
12 Nov 2018 16:16 Read comment
What this tells me is that cash is by far the simplest method of payment
07 Nov 2018 08:29 Read comment
Whilst iwoca provides a service, it is at a cost. The interest rate quoted to my business was extremely high. There are better and cheaper ways to raise money
31 Oct 2018 09:30 Read comment
Well said
26 Oct 2018 09:48 Read comment
How does this work in areas with very poor or no signal (Cornwall in SW England being a prime example)? How does it work when my phone battery is dead? How does it work in a different country to where my phone is registered?
Whilst mobile telephony has come a long way in 30 years I find that most people will not trust it for banking, because of the fact that Apple, Google, etc., can ascertain your activities.
25 Oct 2018 08:37 Read comment
Most core banking software products in the market were developed in the 1970s or 1980s. So replacing the banks software that was originally developed in the 1960s with something only a little more modern is not very clever, yet I can name at least a dozen banks around the world that have done just that - usially at a cost of more than $1 billion - yes $1,000,000,000. This is because the consulting costs are in excess of 75% of the cost and the banks rarely count the cost of their own staff in the equation. I have yet to come across a bank that has accurately estimated the cost of replacing their core system, or one that has got value for money.
22 Oct 2018 08:36 Read comment
I would not trust my banking to a company that is not reknowned for resolving problems. I trust my bank more than I trust Amazon (I'm sure that this depends who you bank with - mine is excellent)
12 Oct 2018 11:25 Read comment
Andrew MillerManaging Director at Net Effect Ltd
Phil DaviesManaging Director at Bancom Europe Ltd
Michael MellinghoffManaging Director at TechFluence
Christian SpaltensteinManaging Director at AFEX Americas
Maximilian SchausbergerManaging Director at Elevator Ventures
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