Barclays Bank has been heavily advertising their new personal banking system using phone transfer applications to pay bills or debts no matter how small. Ping it will enable billions of transactions to be made in an instant using mobile phone communication. Combining computerised banking systems with cellnet telecommunications looks like a mega-disaster waiting to happen with Murphy’s Law coming in to play. The recent O2 cellnet collapse and loss of 3g services shows how vulnerable the ping application is.
Another week and another crisis in the financial sector caused by the scandalous behaviour of bankers. Individuals directly implicated are disciplined or dismissed as if they are wild mavericks and solely responsible. Their line bosses deny knowledge and claim immunity while the scapegoats carry the can. The reality is that there is an institutional and systemic culture within banking and insurance corporations, together with a lack of basic morality, that results in the creation of ‘exotic’ products designed to profit the financial institutions. They are too clever by far in devising complicated derivative and investment plans to a formula that only mathematical geniuses can understand. Even the employees selling the product do not understand them. There is misrepresentation and misselling alongside manipulation of the markets and interest rates, all designed to benefit the finance corporations and reward the executives at the expense of the personal customer, and small and medium enterprises [large enterprises employ experts to avoid these risks]. This toxic behaviour pervades and permeates into every nook and cranny of our economy and society, poisoning and undermining our efforts to recover and progress. For every one big winner there are lots of small losers and the cost of putting matters right and eliminating debt falls on each one of us individuals as a taxpayer, consumer or customer of the banks and insurance corporations.