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The Quid Corporation

The banking industry is extremely complex, it's not that easy to explain how the money gets from the Bank of Canada to each individual bank or who controls the interest rates that mortgages and loans are given out at. There are a number of factors as to why we are charged account fees, and fees for taking out and accessing our own money. It's not the easiest system to crack and to understand is even more complicated. There are also ways around using traditional banks. With the evolution of technology, there are even ways to remove banks completely. However, banks hold tons of power in the world's economy, as well as using a robust system and moving everyone over away from that would take years to do. It would have to be a slow transition into a new system. The more interesting questions are not from creating a new system but from looking at what the current one lacks: Services or features that banks aren't currently offering that they should be, like helping their clients become more financially stable earlier in life. The sooner this happens the more money you have to store in your bank and even better invest back into your bank; mutually making both parties more money.

Money is a very defining aspect in our society, there are students swimming in OSAP debt and there are students that don't even know what debt is. We can blame this on the fact that we learn more about finding a point of a line on a graph in high school than we do about financial stability. The problem is there is no course on the stock market, there is nothing to help us learn how to properly spend out paycheque. We end up moving out to go away to school without realizing how much living at home saves. We then need to figure out how much we can spend on food, rent, and the internet. Sometimes without realizing if we can actually buy that new pair of shoes and still make payments on our cellphone. With the knowledge of knowing when your payments are due, whether tonight's restaurant cheque will be on this months visa or next, you can budget accordingly, as well as make payments into your debts when you see there is extra money sitting around. Allowing the transparency and ability to budget accordingly while also paying off debts sooner. 

 

Bringing the possibilities to have expendable income sooner, allowing you the opportunity to save money for that new bathroom you have wanted, or retirement in the country of your choice; bring artificial intelligence into your investments. Whether you are a novice or you studied finance at university, creating an interface that is simple to use and allows the user to make informed decision and trades in the stock market or even Cryptocurrencies market. Taking the data from your transactions to see where you shop with and what companies you agree with to suggest stocks of similar companies with similar products of values.  Allowing you to gain a return on investment that your arent worried you don't agree with. While also telling you what is in your price range and allowing you to know through notifications of your stocks are rising or falling. This should be the kind of features that would take the current backing system into the future for the success of both insinuation and customer alike.