This blog is gonna be about the future of financial activities of us as well as my passion is “fintech”. In my opinion, if the financial actors spend over 10 billion $ in a year just for giving a meaning of customers behaviors and taking an action for that, the future of financial services should be interesting.
I would like to start with a history of banks. Why did we need a bank? When people start to save they need to keep their money safe. But Where are the safest places and trustable person? Sure temples and monks.What did the monks to do with these savings? They have created a basic financial system. They started to obtain interest from these savings but the first name of interest was a gift. As far as we know the first rate of interest was written in Code of Hammurabi in such a way that there was a limit for a yearly loan with the different rates for different items for example grains, persimmon, and metals at b.c 2000s.
Over the ages, all modern terms of finance were born with different names as bankers, exchange, draft, banknote etc.
On the other hand security concern always keeps popularity for every component of the system. Also, the kings could break the rules, I. Charles confiscated all gold which entrusted by merchants in 1640’s England. It caused to “Goldsmith Notes” thereby banknotes system.
This knowledge of history is enough for now. Here is a time warp to 21 century with the one of the first bank is still active ” Banca Monte Dei Paschi di Siena” please check it here or ask google. You going to see digital banking is the first option as a result.
When you analyze the progress of the online world for a last 50 years the superiority of online business should need a new shape of finance that is Fintech. There is no other way to overcome. I would like to be part of the future of finance as a create of thinkers.
Here is a Tedx Talk about the Fintech ;
https://youtu.be/pPkNtN8G7q8
Next blog will analyze the internet entrepreneurship economically since 1969 and try to explain how we could make a difference with our projects unnecessarily tried before or not.
