A new cloud technology could help save your money
The world is in the grip of a massive, exponential global technology disruption, a transformation that is reshaping our relationship with money, employment and wealth creation.
But for many, it’s also reshaping the way we live.
With the advent of a new cloud computing platform, the shift to the cloud could mean the end of traditional financial services, says David McBride, founder and CEO of the digital-services company Cloudy, and the end for some of the most traditional financial practices, including savings accounts and mutual funds.
“The cloud is a technology that allows people to move money around quickly and seamlessly, and is very cheap,” McBride says.
“So if you have a savings account, and you’re in a high-cost area, and people are having trouble with paying their bills, you could potentially be able to get a little bit of a break, and move some money into that account.”
A lot of the cloud-based money-management and savings services, he says, are geared toward people who have a lot of assets that they don’t need or don’t want to move.
“And a lot [of] them are in high-income countries, where there’s a lot less money in their pocket,” McBeers says.
So this shift to cloud services could mean a lot to people in low-income, rural areas.
In some cases, it could mean an even bigger break for people in those same regions.
A new technology is changing how people save and invest money in a world where a lot more people are in debt, and where the money is moving very quickly.
This article was originally published in the Globe and Mail.
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