Future of Banking – 2034
While 2034 sounds more like the setting for a Skynet take-over, It’s also just a short 10 years down the road and we all know how quickly things can change in a decade. Looking in the finance sector, Banking in particular, I see a number of emerging changes that are set to reshape the environment – so let’s revisit in 10 years and see how close/far off I was. And entirely out of left field, this is my view of the most drastic change we might see: Banks as Product Manufacturers.As OpenData, AI and FinTech converge on the industry, I…
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The Finance Super App : Increased Financial Literacy and Empowerment
Imagine a world where advanced financial, tax, and accounting advice is democratised through an app accessible to everyone. The distribution of this knowledge, which has traditionally been the purview of the uber-wealthy, could have profound impacts on how individuals manage their finances, make investment decisions, and plan for the future. While there are many apps available treat each area of personal finance as a discrete vertical, they lose out on a full picture of an individual’s financial situation and without wich, they arent able to give personalised and meaningful guidence. Here are my thoughts on the potential impacts an application…
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Rethinking Compulsory Superannuation: A Closer Look at Australia’s Retirement Savings System
In Australia, the mandatory Superannuation system has been a cornerstone of retirement savings for decades. Introduced to ensure Australians have sufficient savings for their post-work years, this system requires employers to contribute a portion of an employee’s earnings into a superannuation fund. However, there’s been an ongoing debate about the efficacy and fairness of this compulsory approach. Is it time to rethink the mandatory nature of Superannuation? The Case Against Mandatory Superannuation 1. Government Control Over Personal Savings: 2. Reduced Take-Home Pay: 3. Impact on Small Businesses: 4. Investment Risk and Market Volatility: 5. Delayed Benefit and Inflexibility: 6. Inequity…
Keep readingBridging the Gap: Understanding Wealth Inequality in Western Soceity
Have you ever wondered why, in some of the world’s wealthiest nations, so many struggle to make ends meet? Wealth inequality in Western countries is not just a political catchphrase; it’s a reality that affects millions. But what is wealth inequality, and why does it matter? The Current State of Wealth Inequality Recent studies reveal a startling picture: the richest 1% in many Western countries hold more than 40% of the wealth. This gap has widened significantly in the past few decades, fueled by various economic and policy changes. For instance, while a CEO in the 1970s might have earned…
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Clinton Cunningham 