Opinion Pieces

Issue #1- Amna Noman Sagheer (Opinion 1)

It was super detailed and was backed up with a lot of valid reasons. An amazing use of vocabulary and knowledge. Congratulations and thanks!

I believe that financial innovation is a net positive for society.

While it has a clear and dangerous "dark side" tied to systemic risk and complexity, the collective benefits of modern financial innovation, specifically its role in lowering transaction costs, enhancing efficiency, and dramatically expanding financial inclusion through technologies like mobile banking, have profoundly improved economic well-being for a larger portion of the global population than its crises have harmed. The critical distinction is that its benefits are widespread and constant, while its major harms are just irregular failures of regulation, not of the innovation itself.

I think that even though fintech may prove to be beneficial for some, it i usually a bad idea as it isn't as reliable as it is prone to cyber-attacks and hacking. Children, Senior citizens, or people unaware of scams are more likely to lose money. There is also the issue in data security, There were 1,862 data breaches with an average cost of $4.24 million in 2021, which is quite a lot of damage. I think it is important to keep physical cash so that everybody can use it fairly.

I fully support FinTech, especially cryptocurrencies. I know a lot of people think it is risky and have suffered lots of losses, i think that if it is used wisely in moderation, it would really help societies and economies. It has reduced costs, improved customer inclusion, and has provided easier access to funding. It is also very efficicent and accessible, which in my opinion are the key things a resource should have.