All evidence point towards changing trends and evolution in every field of human development and human dealings. As is the norm, changing circumstances call for changing strategies. Many sectors have kept with the trend. But in my sovereign opinion, the banking sector has lagged behind other sectors in provision of its services to they that need it most. Wealth is easier to come by nowadays.
Even my granny acknowledged that fact recently when I bought her a rocking chair and knitting pins for her 74th birthday. In her own words, “Back in my days, I could only afford to cook a traditional meal or collect nice flowers for my grandma’s birthday.” Simple and casual as the statement may look, an entrepreneur would use it as a great foundation for his multimillion dollar idea, all thanks to the banking system’s failure to adapt to changing trends. Both my grandma and you will accept that the Y generation is currently enlightened and favored both financially and materially.
With the infinite opportunity technology has created as well as the relative ease in gathering of information, ideas and talent can now get a more practical shape and blossom into a fabulous money minting venture for us, something that was an uphill task in the 80s. Think of talent for instance. At 13, thanks to YouTube, Justin Bieber made his first million even before breaking his voice. I could talk of Miley Cyrus and Ariana Grande. These may be household celebs amongst teens and adults with midlife crisis who made millions in their teenage days. They aren’t an exception but the rule. People in their early 20s are the new bosses. They run the most innovative solutions and companies with annual turnovers exceeding established companies.
Kids in the X and XX generation are making money. And the banks are yet to realize this. Bureaucracy in the sector has reduced adaptability and rendered service delivery ineffective. Uptake of technological advancement is wanting in the banking sector of many nations. You are tempted to think of the developing and least developed nations, but how wrong you are! I am talking of the developed world: USA, Germany and The United Kingdom.
After all, mobile money banking services were invented and are more prevalent in the developing world than the developed world.
Banks, led by a cohort of conservatives who are either afraid of technology or adamant to maintain status quo, have on many occasions refused to offer loans to fund young and transformative innovations just due to lack of collateral security. As a result, The Sharks are now making a killing just from incubating and financing the ideas of the millennials. They have chosen to believe in the youth, something the banks are adamant to do.
We are facing a time where even with invention of bitcoins and online platforms that can offer great security and confidentiality, the banking sector fails to bank adequately for individuals who make their money online. As a result, traditional banks have been overtaken by the innovations of the same millennial including PayPal which give generation Y a chance to bank with great versatility and ease. All said and done, Barclays, Chase Morgan, Citibank, Standard & Chattered and the likes need to adapt with changing times and deliver packages that the millennials can comfortably associate with. Even while we get obese, the banks should be part of this evolutionary marvel and give us an easy time in our obesity-instilling ventures.