Steps financial institutions can take to prepare for social media compliance with impending regulation from the Federal Financial Institutions Examination Council.
To the detriment of consumers, innovations in banking tend to be conservative, late, and incremental, despite top talent and plenty of ideas. Is regulation backfiring?
Money was never meant to be a method of supranational identity tracking. Its use in that way could signal law enforcement desperation. When all other tactics fail, surveil the finances.
Digital money like Bitcoin opens up possibilities for banking without central planners or a lender of last resort, where interest rates and reserve requirements are driven purely by the market.
Empowering the unbanked to save and invest in themselves and others, through technology as simple as text- or Tweet-to-pay, will create opportunities to get people out of poverty.
Banks have made hugely successful bets on emerging technologies that changed their industry and they barely have time to perfect one innovation before the pressure to find new ways of staying relevant starts up all over again.
If a customer connects to an open Wi-Fi network, fails to follow adequate Bluetooth communications protocol or uses shoddy passwords on smartphones, a bank's internal networks may be exposed to fraud.
Now, with an ATM that directly converts paper cash to bitcoin anonymously, the interaction is with a machine rather than another human. No more face-to-face meetings, no more counterparty risk.
