ENH OBS RET REV Trade (through E-commerce), Education/ Knowledge (due to ease of information), Global coverage, Smart-phone sales/ use of smart phones, Networking and Real time communication, Everyone becomes a "publisher" Social life imbalance - isolation, Lack of creative thinking, “Too much information" Negative/Foolish acts like anarchy, racism, superstitions etc. , Augmented Reality (restricts human interrelation), Bad Eye-Sight (other harmful disorders), Unwanted addictions (like gambling, gaming, pornography) Social interaction (even if virtual), Transparency, “Power in the hands of few” (Intellectual), Text-based exchange of information Face-to-face interaction, Retailers (due to online shopping),Time/distance limitations, Middlemen (like travel agents), Letters/Newspapers/Books/Textbook publications Communication; personal and enterprise Decentralization Custom information retrieval Marketing efficiency (consumer data plus delivery) Labor mobility - remote work, digitized files, digital media (data collection, photography, audio/video) Nationalism (through global cultural flattening) Suburbanization (potentially, as retail declines and data-driven delivery services increase) Media channelization and monopoly Telecom monopolies Personal media ownership (1980s started home video era, now purchased "cloud" media can be removed by host) Craftsman economy "Public Square" of free opinion sharing Brick and mortar retail Newspapers, print media Traditional advertising revenue channels Film, television Telephone communication Letter mail Clerk related jobs Communication Globalization / Cross-Border Activities Sharing Economy Education Innovation Security Automation Analogue Economy Manual/ Labor Force Money Telegraph Printing/Press Traditional/Physical Retailer Individuality Freedom Digitalization Digital Payment AI IoT Blockchain-based Technology Rules and Regulation on Digitalization Privacy (On the Data) Digital connectivity (email) Knowledge creation and sharing (search engines, forums) Self-expression (through blogs, social media) Collaboration (Wikipedia) Sense of community (from pastoral/agricultural society) Decentralization of authority away from governments, religions, etc Formation of "tribes" with common interest (subreddits) Information glut -> proliferation of fake news Doxxing (mob mentality) Ironically, social isolation and degeneration of social skills Book publishers (physical creation of media) Libraries (physical consumption of media) The postal mail industry (physical correspondence) Individualism Church, king, government as one true source of information, hence power Mass communication( conveying different financial information &news on the Internet) Enhance development of big data No information barriers (be transparent withall the information and built trust quickly) Enrich life and spare time (meet new friends online) Work efficiently & effectively (financialcapital operation; accountants transfer money at office rather than counter) "Dark forces" (a cradle of instability and terrorism, like Pyramid scheme) violate privacy (personalinformation leaking) Work 7×24 (no rest foremployee engaging on the free money trade for higher profit) Stagnation on business (machine can not deal with all the problems, and sometimes need manual intervention) Limited by electricity (allthe business relying on electricty. can not imagine when blackouts happen… ) Unemployment crisis (bank teller replaced by AI and Intelligent counter) Sources integration (data collection tobusiness use like credit system) Daily-life convenience ( buying financialproducts on app/ using electronic money) Reduce pollution & paperless office (fill out the electronic form) Adapting to buyer's market & improve quality (adhere to the customer in the first place; constantly improve the services for long-term profit) Widen channels of spreading information (It's kind of like innovation. Traditional banking system, for instance, has to open arms to other marketing channels (like set up an official website for their customers, interact with customers actively in subscription, etc.) New career (online wealth manager) Interest rates liberalization (prevent from vandalizing financial market order because of the sudden decrease- interest rate) New form of currency (bitcoin..) Changing of leading role (In old days, clients ask the financial institution to apply for credit cards or loans.) Stepping out of the comfort-zone (In old days, without competetion, banking never worried about their marketing) Rely on paper (working with software instead of handwriting/sending mails instead of posting letters/using digital money instead of paper money) Information asymmetry (no interest rates liberalization) Money laundry Important but often overlooked effects Revived because of the obsolescence Blue . . . Suitable Black . . . Not suitable or al- ready mentioned Lecture 3 : Internet Technology and Governance (1) — FinTech — Financial Innovation and the Internet 2019 Fall — 2019-10-11 – p.14/37