Apple created the platform for digitization of banking via their iPhone. Facebook will finish us off. They’ve figured out how to become a bank while usurping banking laws. We’re totally screwed.
https://www.yahoo.com/finance/m/ad7e835f-5e89-309d-9169-bceddb823172/facebook-will-soon-have.html
This is very true, we IT folks already automated hundreds of thousands of bookkeepers and accountants out of jobs, clerks, anyone with beans to count, now we're coming after all retails jobs, pharmacy (you should see an automated warehouse pharmacy, OMG), fast food jobs, self driving trucks will replace 8 million jobs in the next ten years or so.
We need a plan for what people will do when their labor is no longer needed.
And we needed it yesterday. I'll do it if I have to, but eating rich people to survive sounds awful.
Average cost to deposit a check at a branch? $4.00
Average cost to deposit a check at an ATM? $O.40
Average cost to deposit via phone?
$0.04
Technology is increasing customer satisfaction and convenience exponentially while simultaneously decreasing costs (ie people needed to do the work) by orders of magnitude. And that’s just check transactions. Clearing trades, transferring money, contracts, will all experience the same phenomenon via blockchain technology.
If you can’t see it you’re experiencing the ostrich effect and are doomed in the next 5 years. 5G is going to change the world.
So many id--ts keeping their heads down. Too busy to see the world has changed around them while they were busy pushing paper around and mindlessly drawing their paychecks.
Classic case of "Who Moved My Cheese?"
Remember when computers were introduced and many were left dumbfounded in the digital wake?
The cycle repeats.
Original poster is 100% correct.
And everyone with a brain knows it.
Traditional banking with branches and monstrous back office staff (with its bloated compensation) is unnecessary and dead. No more pulling the wool over consumers' eyes.
The days of telling people what they need and how they need it is over. Everyone and everything has wised up!
(Anyone following blockchain? Individual control rules the day.)
Sure you’ll need Various accounts but that’s not the point. Let me spell it out for you. You will not need the PEOPLE (a vast majority) is the point.
WF has yet to be dismantled and they committed outright fraud. What makes you think the government would dismantle Facebook??
It’s a miracle this place can still operate as a business with mo--ns like you working here.
you will still need a bank account.
mortgage.
credit card.
business account.
facebook will be dismantled by the gov.
etc, etc.