September 11, 2017
Financial services is not a completely free market and for good reason. It’s unreasonable to expect even those who work in the industry to understand all of retail and commercial banking, capital markets, and treasury management - they have better things to do. Moreover, the power large financial institutions, central banks, and government wield is something that shouldn’t be unchecked which leaves us with regulations, standards, and a (generally) conservative industry culture. This week we explore issues of influence and how technology continues to challenge the status quo.
This could create an effective hybrid currency that could easy trade and make exchange rates between BRICS states and their partnership more equitable. There is also a potential for such a currency to be used as a means of everyday exchange among businesses and individuals in growing and emerging markets that seek to partner with the BRICS in the so-called BRICS Plus format.
While cryptocurrencies are relatively easy to create, they are more difficult to promote as a widely accepted means of exchange. However, with the prominent economies of the BRICS backing such a currency, this problem could be easily bypassed, as a semi-central regulatory body would likely be the logical outgrowth of such an initiative.
Put aside your feelings of Bitcoin, Ethereum, Mooncoin, Pizzacoin, and Woodcoin (to name a few…) Cryptocurrencies are here to stay and this week’s consideration of a BRICSCoin should signal to you that past returns do not guarantee future performance. If you squint, you can start seeing an entirely new geopolitical world where previous tactics leveraging the (traditional) global financial system start changing. When you ask? No idea. That’s why I said you had to squint.
RPA is expected to have a $6.7 trillion global economic impact, a plan that will result in a 40-45% growth of global spending on technology. In addition, the estimated global market potential of RPA stands at $8.75 billion by 2024.
RPA is not new but it’s market penetration is far from being considered universal. With impact potential in the trillions, our future robotic colleagues are certainly going to change how we work. A lot of attention is placed on individual jobs lost (and rightly so), the potential for entirely new banks, credit unions, and companies makes for an interesting future. How does customer service change and what new experiences are there when someone rethinks a bank of employees serving customers and robots processing small business loans.