The disconnects of the connected world: Welcome to the great digital divide.
by: Peta Grewal
The great technological advances of our era and the influence and impressions that they have made on our day-to-day lives have utterly transformed and revolutionized the way in which our modern society communicate, network, and function as a whole. At its most populated and saturated state, it has never been easier for our global community to have access to people, resources, and services from around the world, for all matters and sizes it would appear — all but one.
While our modern societies make their technological advances to bridge the gaps between communication, distance, information, and all else, the financial services sector remains unscathed within many parts of the world, operating still in archaic, non-practical, and unfair methods.
UK consumers are inundated with free apps for every aspect of their social relationships. There is a huge variety of options available for the individual but for businesses however, they are often left relying on banks to carry out their deeds or alternatively a finance provider who for many can present itself either too complex or charge just as much as the latter.
The lack of options, transparency, and knowledge–base services within the financial industry create an even larger division within emerging markets that include Africa, Asia, and Latin America, where businesses are in a virtual technological time warp with little to no payment functionality available.
In an era defined as the ‘Digital Age’ where technological advancements are celebrated to bring people and businesses together closer than ever before, it is both unfair and unethical that this phenomenon not take effect within the global financial space to bring forth change and disruption to old standing practises and ideologies that prevent people and businesses from unlocking their full potential.
Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH. Readers that enjoyed this innitial abstract are invited to share and like it so that it may be featured in a longer version that will published in the FINTECH Book due to be released November 2015.