Hey wiki comics is advertising some pharmacy links you can find below. Sorry for any inconvenience. Hope you can understand... Links are below: Tadalafil Citrate | generic cialis 10 mg | tadalafil citrate 10mg | tadalafil citrate 5mg | generic cialis 40 mg |

Business - Written by on Thursday, July 10, 2008 17:32 - 8 Comments

Naumi Haque
The future of consumer banking

First of all, a disclaimer for the hardcore financial analysts – this post is purely from a consumer perspective; I make no pretense of knowing about the complex inner workings of the financial services industry. That being said, the inner workings is exactly the problem.  The byzantine and misunderstood rules that govern the financial services industry have led to an entire industry built around helping people manage their money. In fact, our ability to actually control and manage our own money has been in a downward spiral ever since people decided to stop storing money under mattresses.  Seems to me like another opportunity for technology to disintermediate those businesses making money off imperfect information.

Here’s my ideal 2.0 banking environment:  I envision a unified single-sign-on financial management space that spans all of my financial interests so I could easily move funds—across different banks and institutions—from my checking account to my line of credit, or Visa, or RRSPs, or investments, or mortgage. Picture a Web portal that aggregates data from all of my financial accounts in a single dashboard.  The “smart” interface would highlight opportunities for me to save money by using different investment vehicles or compare different promotions being offered. More than just making recommendations, the authenticated system would actually facilitate these transactions via a single click.  I would also get dynamic results on how my actions are affecting my lending rate, monthly payments, and tax return in real time.

I would be able to link my pay, expenses, charitable donations, and other information into this system. From here, the system would let me simply hit a button, and BAM, the unified financial management system automatically files my taxes and prints me a receipt. That would be magic.

If you think this utopian vision is too far-fetched, consider solutions like Jwaala.com. The company is taking some early steps towards enabling this type of functionality at banks with products like personal money manager, budgeting and reporting tools, account aggregation, and dashboards and widgets.



8 Comments

You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

DH
Jul 11, 2008 9:24

Great post Naumi. Years ago (2001), I worked for one of the big Canadian banks and was tasked with building a vision of what the future of online banking might look like. Low and behold it looked quite similar to what you describe above – transparent, open competition, single sign-on… But at the time, online banking was still a nascent product, and security and privacy concerns were used to squash any further work on the idea. A pity, from the consumer’s POV it’s still the way of the future.

Wikinomics » Blog Archive » The Wikinomics Roundup: Week in Review
Jul 14, 2008 0:46

[...] that doesn’t work. Here’s a smarter way … On July 10, 2008… Naumi Haque talked about: The future of consumer banking Here’s my ideal 2.0 banking environment: I envision a unified single-sign-on financial [...]

bankalar
Jul 16, 2008 19:18

he says his understanding is they won’t get any free shares

şömine
Dec 15, 2008 19:07

[...] that doesn’t work. Here’s a smarter way … On July 10, 2008… Naumi Haque talked about: The future of consumer banking Here’s my ideal 2.0 banking environment:� I envision a unified single-sign-on financial [...]

dekorasyon
Mar 16, 2009 17:30

I would be able to link my pay, expenses, charitable donations, and other information into this system. From here, the system would let me simply hit a button, and BAM, the unified financial management system automatically files my taxes and prints me a receipt. That would be magic.

dekorasyon
Aug 5, 2009 6:46

Definitely a great style, thank you

Şubeler
May 27, 2010 17:36

A pity, from the consumer’s POV it’s still the way of the future.

sigorta
Sep 21, 2010 23:25

a great post. thank you

Now available in paperback!
Don Tapscott and Anthony D. William's latest collaboration, Macrowikinomics: New Solutions for a Connected Planet. Learn more.

Business - Oct 5, 2010 12:00 - 0 Comments

DRM and us

More In Business


Entertainment - Aug 3, 2010 13:14 - 2 Comments

Want to see the future? Look to the games

More In Entertainment


Society - Aug 6, 2010 8:19 - 4 Comments

The Empire strikes a light

More In Society