Will fintech make banks redundant?

18

October

2019

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Today, ING announced a reorganization, with the loss of thousands of jobs, but also the improvement of online processes at the bank. Digitising even further. But everything is already digital, isn’t it?
An average bank customer handles his banking business via the Internet and has probably not seen a bank branch for years. And one might wonder: where are the hundreds of millions of euros that banks invest in going? The answer is: fintech, or financial technology that simplifies and accelerates the way we deal with money.
Voice recognition that ensures that the bank with which you call immediately knows who you are and which customized offer can be presented to you. Or biometrics: a video of yourself proves that you are who you say you are. With your passport to a branch is then no longer necessary.
Fintech also appears in the less visible parts of the banking business. Artificial intelligence that immediately provides a solid answer to the question: ‘What does the Nigerian election result mean for my investment in Shell?’, without anyone being involved. Or smart software that assesses behaviour on social media and considers whether or not you are creditworthy.
Even a digital alternative to the regulation of financial transactions has the full attention of the banks. Blockchain technology would ultimately eliminate the need for central banks.
Small, technology-driven start-ups are generally faster and better at developing and applying innovations than traditional banks and insurers. The Dutch Banking Associations (NVB) commissioned the consultancy firm PWC to draw up a trend report on fintech.
Researcher Eugenie Krijnsen: “Often the financial services of fintech companies are not cheaper than those of banks. But faster and better.”
She mentions payment service provider Adyen as an example of a successful Dutch financial services company. “They have broken through the traditional triangle of shopkeeper-bank-customer and turned it into a quadrilateral. The company adds payment options, for example by supporting many payment methods worldwide, including contactless payments. And they ensure that the customer can pay easily, so that the shopkeeper gets paid quickly and has a good overview of the cash flows around the physical store and the web store.
Banks and insurers can only survive if they are able to link up well with the development of fine-tech. And fine-tech companies are attracted to the customer files and customer information that are held by banks.
Krijnsen: “Fintech is seen as a threat to the traditional financial sector. But you can also look at the possibilities offered by new technologies. Old and new can reinforce each other. Banks are prepared to spend a lot of money and effort on attracting the best minds in the field of finance. They organise bootcamps and invest in start-ups.”
references:
https://nos.nl/artikel/2135773-fintech-stemherkenning-en-biometrie-maken-betalen-makkelijker.html

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Are games a cause of school shootings?

18

October

2019

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Since the 1980s it has been a fairly persistent myth; violent games such as Call of Duty, Red Dead Redemption or Fortnite make the children more violent. According to British research, this is not the case at all, and the negative effects that emerged in earlier publications are also exaggerated.

The most important conclusion of the most extensive research on this subject so far, is that teenagers who regularly mow down others with a virtual character are no more likely to show violent behaviour than teenagers with other hobbies.

No evidence has been found that teenagers who experienced adventures in the past month with a controller or mouse in their hand also cause violent incidents in the ‘real world’. “The statement that video games lead to violent behavior is very popular, but never well proven,” says Professor Andrew Przybylski, from Oxford’s research institute. “Despite the fact that parents and policymakers are concerned about this, our research shows that there is no reason to do so.”

However, games can lead to outbursts of anger, especially when playing online. “Some things like curses, competitive behaviour and trolls on online platforms, have indeed been observed anecdotally. This could be seen as anti-social behaviour; however, there is no pattern or causal connection,” he says.

The study involved 1,000 British 14 and 15-year-olds who were questioned beforehand about their behaviour and habits, and showed that half of the girls and two-thirds of the boys play an interactive game in a virtual world on a regular basis. With these conclusions they want to refer this persistent myth once and for all to the realm of fables.

According to the researchers, in the past research data has often been used fairly selectively in order to frame parts of a study as the truth. They warn that this is the order of the day for interested parties such as religious institutions, parents or conservative policymakers.

“Our findings suggest that there is such a thing as bias on the part of researchers. This may have influenced the results of previous studies on this subject and thus made the effects of video games more negative. These studies were the basis for policy making,” explains Netta Weinstein of Cardiff University, who helped to describe the research.

Scientists are calling for more methods to be used in the future to prevent cherry picking. This applies not only to gaming but also to other topics that can cause social unrest. As examples, they cite studies on the psychological consequences of social media and the relationship between screen time and depression.
Donald Trump disagrees with these conclusions; he believes that gaming affects the brains of young people and that it is a cause of school shootings.

references: https://www.metronieuws.nl/in-het-nieuws/2019/02/worden-tieners-agressief-van-gamen-nee-zeker-niet

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