The End of Banking?
July 24, 2007 at 5:22 pm by Ehab BandarThis term paper by Tessa Johnson (dated 2024) looks at how banking ceased to exist as we know it in 2024. The term paper was prepared for the non-existent Google Virtual University.
This term paper outlines a historical review of the banking industry and examines the underlying causes behind the turbulent past 20 years that led up to the Financial and Wealth Services Industry Act of 2024. This act has essentially eliminated “banking” as a distinct industry in the United States.
Looking back at banking 20 years ago, it is clear that this industry became entrapped in “legacy” issues that resulted in slow action, poor risk decisions and ultimately massive consolation during a time of innovation and change in the our economy.
The root causes cited in the term paper are:
- A difficult quarterly profit focus
- Widespread commoditization without strategic adjustments
- An inability to invest and innovate
- A “hollowing out” of skills and knowledge
This quote in particular caught my eye:
Today, all Google University students are familiar with and active users of the Internet-based, highly collaborative FINANCIAL MATRIX that drives most financial services activity across the network of specialists. To think that one company attempted to control the entire financial supply chain is hard to grasp in our time.
Is Google trying to tell us something? If money becomes mere bits and bytes, flowing electronically between individuals, groups and businesses, customers cease to be customers but rather users. In this world, providing tools and services that facilitate such transactions becomes the new way to create customer loyalty.
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