Futuristic Fiction: #Research for #Writers, Part 9, Banking.

You’ll find the introduction to this series here.

This post looks at Banking.

Money, cash that is, will probably disappear in time. Currencies may also become a thing of the past when most transactions are completed online. What effect would such changes have on the banking industry and the customer’s need and experience of it? Many jobs, highly-paid and of questionable sociomoral value will disappear, along with the currency markets and all those other ‘financial services’ that accompany such gambling. International travel will become financially simpler, of course.

In the interim, will customers demand better security, more privacy, a better sense of responsibility from institutions currently designed to make money from clients without offering a comprehensive service in return? Will your credit card become something no longer attached to a specific organisation, instead making instant decisions online to achieve the best financial deal as you buy, borrow, or invest?

Will biometric ID become commonplace, removing the need for PIN numbers, account numbers, etc?

Who or what will regulate, own, and police financial systems running globally online with no discernible physical building as headquarters?

How will social rebels, the poverty-stricken, and street thieves manage when all access to money is via an online bank demanding multiple biometric ID information?

Will such change make life more difficult, or easier, for criminals dealing in drugs, prostitution, money-laundering, and so many other socially damaging activities. In fact, will such operations still be possible and, if not, will these criminals take to other forms of extortion and exploitation?

These are all considerations for any author writing fiction set in the future and delving into this topic in their story. What other questions come to mind in pursuing this aspect of our future? Feel free to place them in the comments below.

Part 1, Introduction and Accommodation. Part 2, Activism. Part 3, Advertising. Part 4, Agriculture. Part 5, Artificial Intelligence. Part 6, Animals, as Pets. Part 7, Art. Part 8, Authority.

Research examples:

Wikipedia
Xbank
Financial Times
The Financial Brand
Go Forrester

9 thoughts on “Futuristic Fiction: #Research for #Writers, Part 9, Banking.

  1. Valerie Allison

    Banking. Complicated topic from Stuart. My query would be: Will ‘buy, borrow, or invest?’ still be a necessary part of a Future Economic Financial System? I hope not. I’m hoping that people with better brains than mine will come up with a better, more just financial system for the world.

    Liked by 1 person

  2. I am afraid I am not looking forward to it as much as I probably should. There are things that do instill emotions of how us oldies but goodies will fare in the new society. We do a lot of online banking, with some reservations. Maybe writing about it will give me a sense of security.

    Liked by 1 person

    1. At the moment, Brenda, the ‘advances’ in banking are all aimed at allowing the instituions to make more money using fewer staff rather than at providing customers, you know, the people whose money is being used, with greater personal security. There is so much promise in the developing banking industry, but it is not being used for the benefit of ordinary people, and is unlikely to become a real benefit as long as profit is the driving force.
      That’s what we do, as writers; use our imaginations to create a better world, eh?

      Liked by 1 person

      1. That is my aim. I love to put my characters in danger but usually, save them in the end. I have only allowed one main character to die but had a good reason. The Spirited One will continue with a new master/person when I get time to concentrate on him and write a sequel.

        Liked by 1 person

  3. With the advent of Cryptocurrency, the current definition of money or currency is becoming obsolete. Even Elon Must has invested heavily in it and Tesla will soon accept payments in cryptos.

    Liked by 1 person

    1. At present, Asit, there’s an underlying issue with cryptocurrencies that will render them inoperable unless they resolve the major issue: Bitcoin mining utilizes more electrical energy every year than the whole of Argentina. Such colosal waste of energy is unlikely to be sustainable in the future. But I can see the idea of such a universal currency will attract certain companies and individuals. It’s seen more as a money-making device than a unifying tool for a world economy as it stands at present: no more than another form of gambling, as has been the role of the currency markets for decades.
      It’s to be hoped a future true global currency would actually remove this element of making money out of nothing from the role of such a currency.

      Like

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