Last Decade’s Iconic Moments that Formed Modern Finance 📌



Staff member
Jun 15, 2018
Cash is the thing that people have been using for centuries and it is leaving our lives. How did this happen? Chris Skinner, financial analyst and the best-selling author of “Digital Bank” shared his opinion, which led us to a new wondrous financial world.

The Global Financial Crisis

Since September 14, 2014, the global banking system has changed forever. These days not only Lehman collapsed — Washington Mutual was absorbed by JPMorgan Chase, the Royal Bank of Scotland could not resist, and many others struggled to stay afloat. As a result of the crisis, the regulation of the banking system has become much tougher, and capital requirements have increased more than ever before.

In addition, there was a tightening of loans and opening of credit lines, and many credit cards were defaulted - within two years after the crisis, American banks wrote off over $ 100 billion of credit card debt. It is interesting that today the use of credit cards has returned to the pre-crisis level. Are we waiting for the new 2008 in the near future?

The Growth of Mobile Social

In the early 2010s, most people have not yet used social networks, at best they have heard something about them. The idea of the smartphone was also a novelty, the first Apple iPhone was released only in 2007, and many doubted that phone without a keyboard could be successful.

This article was initially published on - Online Investment Watch Blog.

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