We live in a digital age, where every economy innovates and implements new strategies based on newer technology in order to provide the greatest items on the market. When it comes to banks, they aren't far behind and are continually looking for ways to improve. However, we have discovered that there are no fraud occurrences in the bank, no non-performing assets, and a smooth banking platform that allows us to conduct transactions from anywhere using a click of a button, voice authentication, my fingertips, or my iris.
It sounds great on paper, but is it really possible? This is my dream: to create a financial environment in which banks representatives and clients are so intimately linked that we never recognised the Know Your Customer norms before. In each segment, I imagined the world in the next 100 years when I would not be alive, but I am convinced that everything I envision would be realised through the most advanced and high-quality technical innovation.
Banks and financial institutions are constantly focusing on know your customer regulations, and we've even heard in the press that certain banks have been penalised for failing to comply with KYC regulations. But we ever realized that when we penalize some one can be actually driven by the source who penalised. Confusing? Let me explain what I mean by KYC. For me, KYC is knowing each other so well that I have no doubts about them, and this confidence is gained not just via personal knowledge but also through reliable sources.Now, if my dependable source meets extremely high requirements, I have no reason to suppose that the person I know is of a suspect character. Furthermore, with time, people's wealth may change, necessitating KYC details in comparison to previous income.
What I propose is that the government construct a KYCI repository. Know your clients and income; this is what a country needs to know in real time in order to construct advanced weapons to combat various scams. So imagine a country that creates a unique repository of any identification evidence, which varies from country to country, as well as a real-time quality data flow for achieving KYCI norms from what I call superhit trustworthy sources.
These reliable sources seamlessly serve banking and financial services, businesses when they are in need of.
Let's say I went to any physical branch of a bank to open an account, and now I've provided my ID proofs and authenticated using my Iris, and the bank receives real-time income details, and if there are any negative flags about the customer, where is the point that the bank should be penalised, and if there is anyone to penalise, it's always the source, which we know we can't do because if we start penalising sources the credibility will suffer.
If someone asks me honestly about my ideal banking system, there is no need to punish anyone; instead, the source should oversee all monitoring efforts. Banks only function as a conduit to serve the nation; anything related to deficit management, such as KYCI regulations, transaction monitoring, fraud prevention, and so on, should be handled by the source.
Banks should not be required to report anyone; they should simply conduct business and the rest would be handled by the source. They must develop mechanisms to define rules and logics, as well as continue to learn from it and advise banks on best practises. This manner, the time banks waste performing so many formalities can be used to create more wealth in the country, and the rest is managed by source. In terms of financial transactions, the networks should be smoothly integrated with the apex body, i.e. Source, for any form of transaction.
Now it is the source's responsibility to learn as much as they can from the customer profile, income, and turnover and decide what to do if these transactions appear suspicious to them. You have quality data, you are the decision maker, no other bank can tell you what to do, and you know all of this customer's transactions from multiple banks, imagine the accuracy of decision making.Here's an example of how I say one bank failed to spot suspicious transactions, having very little information into what this customer does with other banks. Risk management will be at the top of the priority list, and source has all of the data needed for anything.
I propose that country not allow various sources for financial transactions, but instead establish a backup system that is always on standby. Do we truly believe that banks must now reveal data to regulators? I don't believe so, because the source is achieving all they want.
Bring in a centralised repository for all requirements that banks can use to fulfil their obligations. Not only in individuals, but also in entities, which could be validated in real time with all of the parties involved.
It is a high-quality and dependable repository that will meet all KYCI standards. I'm just baffled as to why such a national repository can't keep track of everything, including beneficial owners, directors, authorised signatories, and so on.
Why can't we refuse a firm's transactions if the entity's authorised signatory doesn't match the database of the centralised repository?
Sounds fine, the authentication procedure should be improved with improved technology; nevertheless, it is up to the government to come up with and develop such an infrastructure that everything is under their control.
Do we not believe that in cases of tax evasion, various other departments function in silos, resulting in delays and delays by the time the fraud may have occurred? Nonetheless, I believe that each government agency's repository should be integrated so that information can be exchanged in real time, and when it comes to decision-making, even a tiny child can tell you when the curve is going the wrong way.
I went to a website to make a purchase and paid with one bank account and another bank account at the same time, consider the data, the source is aware that this particular customer is making numerous payments with separate accounts, why why???
In the current environment, how can an independent bank know this? The answer is that some centralised authority analyses data in real time by collecting data from multiple banks and creates a risk advancement model for each consumer. I have five accounts with five different banks, and I use them in various ways. If we really want to eliminate the problem of black money, tax evasion, or terror funding, here is the solution in my dream, which I envision in the next 100 years.
Now the point is that we should think about tax evasion in our country, since we now know that the largest difficulty in country is not the individual who hides taxes, but the system that lacks control due to a lack of data.
Imagine catching fraudsters evading taxes; we'll need to design a method. We frequently hear that this or that person evades taxes; the issue is, why? Instead of addressing the core problem, we close the case by issuing a simple declaration or sending warnings to the bank to freeze the accounts or seize the property, if any.
Now, let's talk about why a country has had so many terror attacks. because my banking system has insufficient user data profiling to detect such incidents. My ideal banking system will also aid in the early detection and mitigation of any such incidents, with no one knowing that the nation was actually protected, because my source system is a dog, and it will never allow any ill rotens, and it is 100 percent proven to detect and solve the issue. The nation will be protected from financial crime thanks to my most reliable source system.
Now, someone asked me what would happen if the government changed; if I had an opinion, I would say that when it comes to operational excellence related governance, departments may advise and rule on it, but when it comes to source system autocracy, it must be independent and above the supervision of any government, a frequently audited self-driven system based on codes written by an advisory body and the output is pretty simple to interpret.
The government can use these barometers for a variety of checks and balances, but I propose that each system be self-audited using codes and then examined by an expert panel. This is what I'm talking about when I say "dream system." Believe in the apex data of the system, its orientation and investment methods, and, most importantly, visibility in recognising any signals that the country requires. I believe that a nation will never find a difficulty in said approach.
I am a firm believer in a paperless society and a digital economy. I do not believe that the cheque system will continue to exist in the future; rather, digital innovation will soon take over.
Consider an economy where the issuance of physical cash is minimal and the majority understands digital currency to facilitate exchange.
Many argue that many people around the world are illiterate to utilise digital currency, but I disagree; if my fellow farmers can use electronic mediums to transact, why can't others? To promote digital money, the system must be corrected; this is not an issue of people not knowing how to use it or not having mobile phones with which to do so.The greatest and most cost-effective method to facilitate digital currency is to find the best and most cost-effective way to do so. Why can't a wristwatch, television, or the cheapest digital device, in addition to mobile phones, be used to conduct financial transactions? Are you crazy because I mentioned the lowest digital instrument for banking transactions? No, it is a truth that the government will make it easier for individuals to obtain digital instruments in a variety of languages. This is a one-time investment by the government so that citizens can use the electronic device for banking and other transactions.
This manner, corruption will not be a campaign topic, and politicians will be able to discuss how to add additional feathers to their crown in order to keep digital innovation moving forward. One thing in particular, I'd like to call attention to the "Power of Voice and Vision," which capitalises on the tongue and eye to make banking and other transactions as simple and secure as possible.
Technology will concentrate on the next phase of voice and iris advancements, as well as the development of an exceptional authentication system, and believe it or not, this is the future.
Today, we debate a lot about how two factor authentication to perform banking transactions is compromised when the information is highly confidential to the customer, but we are missing the concept of authentication. I mean, when you start authenticating through any channel that is executed outside of the human body, there is always a chance that OTP, CVV, and card numbers will be compromised.
Assume a system that uses a two-factor authentication idea, is highly secret, and belongs to a person. I started a financial transaction in an application using voice authentication, and then completed the transaction using iris authentication.
This may appear hypothetical at this time, but I believe this technology will become the industry standard in the future, eliminating the need to punch OTP, CVV, or any other external details printed on cards.
There's no need to use any extra channels to make things more complicated because two-factor authentication is the safest and easiest method.
One thing I usually say is that the answer to why a country faces corruption, tax evasion, money laundering, financial crime, and many other organised crimes, in my opinion, is that we have made the systems so complex that they are easily exploited for illegal activities, when an inquiry is ongoing, authorities are perplexed by the viscous cycle of this complexity, as well as the sophisticated transactions performed by the criminal, and they wonder how a country would be able to break this chain.
A person can only have an authentication medium that is totally internal to the human body, which is the need of the hour.
Why do banks or other organisations or individuals report regulators on a regular basis, whether it's regulatory returns concerning data, income tax returns, good or service tax calculation, and so on? In my honest opinion, the government's development approach is hampered by these duties. There is no need to ask individuals whether they filed returns or not; instead, if the source system identifies any divergence, the department will issue a notice, which is equally applicable to businesses.By doing so economy will flourish more because, businesses today waste valuable time in preparation to these returns.
Fear of doing business or fearlessness in doing business are two different things, and most of the country fails as a result of the strict regime. There is no need to apply rules before detection, or, to put it another way, if a 360-degree view of the source system proves that a specific individual evaded tax, there is no need to apply rules before detection, instead of wasting time by asking people to fill out forms and then having someone manually analyse them, the government could serve notice directly. Imagine how much time the government and businesses could save and how much income could be created.
Using these logics, we may expect a significant drop in tax rates and an increase in citizen participation in tax payments; people will be delighted to pay tax, why? Clearly, the tax rate will decrease in all aspects, whether direct or indirect. The day a country develops a system in which its citizens enjoy paying taxes is the day you realise the country is progressing.
Cross-border remittances are still a hot topic around the world, with many estimating that millions of dollars are laundered each year. How to stop them, and how has the world community participated or rather built a full-proof mechanism to stop them? In my opinion, fundamental corrections are required.
My philosophy on cross-border remittances is straightforward: for a nation, all transactions must be treated equally, and our nation-source system, which profiles everyone, will assist us in this endeavour. The day you start believing that your source system is proved is the day we notice transaction mediation.
For a nation, it's always important to know what its citizens are doing based on income, occupation, area, holdings, education, health, lifestyle, and so on, and this list keeps growing in our master source data. The nation that builds such a sophisticated weapon will rule the world for many years, I believe, but I also become emotional if this should have happened during my lifetime.
Can't we imagine a farmer with hectares of land and a vast past production capability of paddy crops, and his credit facility packaged with insurance being so spontaneous?
If a farmer's monthly income is poor and his crop is destroyed due to unknown causes, and he is admitted to the hospital, why can't my source data determine that my fellow farmer requires quick assistance? I can think of tens of thousands of such scenarios that every governments should be aware in ups and downs of their citizens.
Let's say a 20-year-old fresher joins a company and is fired, despite the fact that he is qualified. Why can't government job vacancies detect this through source system data, which we discuss throughout the book, so it's now a necessity to build an infrastructure that supports such an advanced source system.
Your apex statistics will determine who requires what, who must pay taxes, who requires a subsidy, who requires medical coverage, and who remains disadvantaged. Furthermore, this apex system will assist the government in determining who among my fellow citizens is crying and who is pleased, as well as designing policies and fostering personal bonds between people and the government.
My broad economic outlook, ranging from secret voting to travelling, eating, lifestyle, education, and other topics. Everything must be recognised and profiled by source system so that policymakers do not have problems formulating an appropriate strategy.
My enthusiasm in any subject, source system, indirectly, assist me in realising the reality by transforming those skillsets into professions, as the government will undoubtedly provide more value to it.
Human beings go through numerous stages in their lives, each with its own purpose and obstacles. "Source system" will define the world by enacting appropriate policies for its population, who will assist the economy expand to unprecedented levels.
There will be no need for a nation to sit for a complete year to make a decision; instead, a real-time and focused gun powered by source system will assist nations in making spontaneous decisions with greater accuracy and correct outcomes.
I'm just overjoyed that I'll be able to vote from the comfort of my own home, and the source system will protect my privacy and other threats, as well as the big day, election result day, when there will be no need to blame voting machines or counting votes, because this digitally supported system will greatly assist the nation's constitutional rights.
The additional source system feature will develop safety and security embedded tools powered to achieve the goal: a citizen voting signal initiated in the voting application will match with a security staff signal within a defined radius to realise the ever envisioned wonder of technology.
If this sounds or appears to be fictitious, I urge you close your eyes and imagine that this is the next generation of constitutional voting rights, with full freedom and enhanced information. This application will include numerous features to compare their leaders in many aspects, from education to social welfare, and more importantly, their historical track records as individuals and parties, as well as their vision and how they plan to achieve it.
The power of youth is very crucial for any nation, and we will discuss how to harness their abilities in the appropriate path. At the beginning of their education, and later in their education, they should be guided by their interests rather than by what others want them to be.
The nation shall define the scope of studies at the individual level, and I always talk to source system to assist with this, to develop an education assessment chart of an individual, with his interests and skills functioning in tandem.
The nation must develop education systems and technology to track an individual's progress throughout time, beginning with basic studies and progressing to advanced levels. Another aspect that influences an individual's greatest output is the fear of becoming literate and what will happen if I don't receive the best grades, and so on.
Our academic policy will be governed by our daring education programme; students will not be placed in situations where they must spend the most of their time worrying about how they will pay their tuition costs. Participation of the government in supporting educational programmes and tracking each student's progress is extremely advantageous to the development of a new lovely nation.
Whatever a human being does to make a living in this world is linked to skills, which can take the form of a profession or a large entrepreneurship or business; the challenge is figuring out how to translate, pick, and back up those skills with a solid education programme.
Many people continue to struggle to gain admission because their families lack the financial means to assist them in obtaining an education. Now we need to figure out what government policies are missing; I envision government education centres, schools, or colleges as asset-liability programmes in 100 years; this is perplexing to me; could you elaborate?
Yes, by asset liability programme, I mean that each of these centres will be registered with source system, and just imagine students paying nothing or almost nothing during their course or studies. But how will such centres operate? Simple, for running any set up money, deposits will come from earning or students who are placed, which is my asset. The more and faster I deliver, the more and faster I earn, and my responsibility will be my students who receive instruction from the centres, as well as the equipment and infrastructure needed to run them.
The government should stress a few unique and exciting ways to work on this approach to promote education and deliver talent to the nation, which in turn helps corporations make a huge imprint.
Many of us are surprised by how the insurance business handles claim settlement. In my fantasy, insurance serves not only as a financial safety net for family members in the event of unforeseen events, but also as a source of renewed hope for family unity. Every insurance holder must have imagined that the settlement would go smoothly, with minimal paperwork and the money credited to the nominee's account or, in the case of a sue, to the suee's account at a unprecedented speed.
Obviously, all intelligence data must be integrated with insurance companies in order to verify the legitimacy of the request. In this sense, source system, my beloved, will once again play a critical role in assisting the nation in the creation of a comprehensive database of fatalities. This will assist nations in understanding real-time data relating to population cohesion, not only death and also birth.
To service the needs of identity and evidence of residence, the government must manage a multipurpose human organ authenticated document. I don't see why citizens need several documents to verify their identity and address. Even business paperwork will be liberalised, with a single document serving the purpose of conducting business and obtaining other approvals.
Currently, most of the country is under tremendous pressure in terms of documents, whether for individuals or businesses. A single document will help to eliminate the root cause, and the government should focus more on expanding access points to all services related to document issuance, modifications, and so on. Increasing access points will undoubtedly aid in penetrating the nation's needs for document issuance. This multipurpose document will serve as the master in source system, assisting policymakers in a variety of ways.
Still, I don't understand why a driver's licence, or a tax identification certificate, or anything else, is required. If we construct an unified data repository, it will undoubtedly aid the nation in developing effective measures to combat societal ills.
Returning to the insurance claim process, investigations will be uploaded by appropriate authorities in system, which will be accessible to firms for faster claim processing. I recognise how important it is for someone to receive an insurance claim at the proper moment to protect family troubles that can lead to a slew of other issues.
I recall several insurance company slogans offering assurance after the death of the policyholder; think how much assistance nominees will receive when monies are received within a few days or, in some circumstances, immediately.
Many entrepreneurs are working on e-commerce solutions or establishing extra-exclusive platforms to make transactions more convenient. Consider this scenario: someone places an order using an application, and the client has a massive amount of time to evaluate the product and the cost of creating each component or buying specifics. Do not we believe the buyer is more confidence with said approach.
In a normal person's mind, they always want to know all the details of the goods they want to buy, but many buyers simply surf the website and check out as is.
The issue is that customers are hesitant to trust product descriptions. My dream system makes it simple to upload preferences and offerings, allowing application or website users to include everything they want to offer their customers, and artificial intelligence that simply provides an amazing experience when comparing product specifications.
Payments providers will enable more integration with each banking organisation, and banks will be able to issue pre-approved credit lines to consumers based on their risk appetite, which they can use for purchases, withdrawals, and third-party payments.
This is what the next generation payments and credit inter-change world will look like, if my credit line has enough balance, which I shall utilise in any way, at any time, as per my wish, as I visited a website and my purchase was simply divided into instalments as per my wish and preferences, this is what the next generation payments and credit inter-change world will look like, if my credit line has enough balance, which I shall utilise in any way, at any time, as per my wish.
Electronic gadgets will play a critical part in modern society, and self-learning capabilities with numerous features will save humans valuable time.
If I buy vegetables and fruits from an online market and keep them frozen in the freezer, each section of the freezer has many smart compartments that remind me in my phone which vegetables or fruits are about to expire, which compartments I need to pay more attention to, and my diet plan to reminders, everything is taken care of by this smart freeze.
Not only that, but I am delighted to see a world where humankind continues to explore smart technologies or gadgets. For example, I ate 100 calories of food one day, and my smart device recognised and informed me that my diet plan still advises me to consume more calories today.
Similarly, I keep track of how much fat I burn each day, as well as what I need to accomplish next. Simply ponder and think, if you're irritated, your smart gadget is ready to keep you occupied and distract your attention to interesting things.
I was just wondering about how schools would look in the future, and how theoretical studies will actually go hand in hand with the practical look and feel. Students would be excited to attend school simply to experience the topic that interests them to study more, gain competence, and deliver after they have grown up.
Obviously, little children's minds will be cultivated with advanced thinking abilities. Someone kept questioning the teacher, "I want to learn more about this issue," "What is missing here," and recall I said the education programme, where the government monitors the students' performance, just imagine the kind of shining wealth that nation will produce."
I set a limit on how much I can write; else, there will be more. I hope you consider the world in a hundred years, which was my goal, and that governments, corporations, industrialists, policymakers, and others contribute to making this a reality.
I believe the sky is not the limit, but rather we create limit, therefore keep your eyes open, believe in your surroundings, and suffle the sky every now and again.
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