Fluidity in Business Models

"...We are seeing technology companies beginning to function as banks and banks as technology companies..."

Greg Medcraft as quoted by James Eyers 2019

Facebook with its new digital, crypto-currency (Libra) and including partners Visa, MasterCard, Palpay, Uber and eBay is an example of a technology company moving into the banking business. This is an extension of the worldwide trend of people making payments outside traditional banking systems using smart phones. This is seen as a real threat to the banking industry because their payment services provides the fulcrum to offer other profitable financial services. furthermore, there is the loss of annual fees from merchants swiping credit and debit cards (estimated to be worth around US$ 80 b.), etc and less need for intermediaries.

"...Payments have historically existed within banking because banks have the technology, networks, knowledge of customers, and funding structure to most easily provide these services......technology, particularly interconnections on social media, scale of digital e-commerce platforms, adoption of modern barcodes, brought the capability of new entrants into the system..."

Aaron Klein as quoted by James Eyers 2019

Regulators are struggling with the implications of this, ie whole-of-the-economy digitalisation and decentralisation of financial services. The challenge

"...is to establish a global set of policy principles to guide governments in dealing with distributed ledger technology, competition, interoperability and access, privacy, cyber security, consumer protection and systematic risk..."

Greg Medcraft as quoted by James Eyers 2019

Some researchers indicating that the modern teenager spends too much time scrolling through social media and watching TV that is causing increased symptoms of depression, ie

"...20% of students in Grade 9 through to 12 reported that they were bullied during 2016-2007 in school year, with 15% bullied online or by text..."

National Centre of Education Statistics (July 2019) as quoted by Katie Hurley 2019

It has been observed

"...When students share text and social media......is a stark lack of empathy and compassion......on the screen..."

Katie Hurley 2019

Students don't seem to understand the consequences of their actions on others, ie learn to be mindful of how their quips and responses affect others

"...it's far easier to communicate free of compassion and empathy when you are not looking someone in the eye, when you are not in their presence..."

John Duffy as quoted by Kate Hurley 2019

There is a need to find a healthy balance between different formats for communicating, like face-to-face, voice-to-voice, texting, social media, etc

"...social media and text......or taking care of business: setting up a time or place to meet, sharing a quick meme or in joke, and so on......it's fast, easy and convenient. they tend not to be the most effective avenues for communicating, deep emotional thoughts about relationships..."

John Duffy as quoted by Kate Hurley 2019

One technique to get better empathy is to read out loud the message on the screen before sending it. This allows the sender to reflect more on the consequences of sending a message, ie they absorb the emotions.

"...They learn to think twice before posting and using empathetic and positive phrases instead of snarky comments......the metric I ask kids to consider; write as if the person you're referring to is reading your text message. Be kind..."

John Duffy as quoted by Kate Hurley 2019

When the words are negative, they can struggle to read them out.

This is a better approach than lecturing them, as the lecturing is likely to result in defensiveness.

NB This approach is applicable to adults as well.


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