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- Liberating Voices (Arabic)
- Liberating Voices (Chinese)
- Liberating Voices (French)
- Liberating Voices (German)
- Liberating Voices (Greek)
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- Digital Resources
Change The Flow of Financial Information
Pattern number within this pattern set:186
Access to the economic system, for individuals, is controlled by the collection of personal financial information by financial institutions and businesses for the sale and profit of business products and services. Leaving the collection of personal financial information in the control of the profiteers limits and denies democratic use of the economic system by all people. This access problem is further aggravated and reinforced by government regulation.
A new financial group should be created that truly cares about the quality of life that is preserved, protected and enhanced by each persons financial position. In this new group trust bridges can be built that allow people to engage in transactions with other individuals, governments, and business entities. In this group people are in control of their own financial identity and the flow of their own financial information. Many tried and true business principles and business regulations meant to protect the individual can still be applied where appropriate but individuals are in control of the system.
To decrease economic disparity in the world all people need the opportunity to participate in the economic system. This kind of economic empowerment can only happen if the collection and use of personal financial information is for the improvement of people's financial health, not to support big business.
The flow of personal financial information from individuals to financial institutions and businesses was formulated by business to "do business". Businesses have been the record keepers and judges of people's financial fitness to engage in business transactions. This control of the people's financial information gives business power to control the financial markets.
The potential for a change in this information flow is now available with the development of information technology. Personal financial information can flow a different direction as people begin to collect and manage their own financial information. We see the advent of this with popular software programs like Microsoft Money and online banking. However, these types of programs have no muscle in them.
What we really need is a whole new way of doing business. We need a system in which people are in control of the collection, management, manipulation, privatization, and use of their own financial information. Greater control of their financial identity by individuals would create economic empowerment for many people. The problem is that the idea for accomplishing this runs counter culture to business, as we know it. And the idea here is not to destroy business. The idea is to make business serve the people.
Information is a powerful tool and if used collectively can create energy like water behind a dam. Seeing how the personal information collected by business really belongs to the people so should its collective energy. If people took back their information and collectively used this energy they could change the nature of business today.
We need a system to privatize financial information in which individuals are the keepers of their own financial identity. This system would recognize individuals who become involved and proactive players in their own financial future. This system would promote access for all who participate and encourage participation by all.
Create an online financial group that manages a system for individuals to control their financial information. This system would not look to encryption technology to protect individual privacy. Instead this group would be a social system that allows people to "still be real". A new understanding would develop giving individuals the choice to disclose certain information when they are with friends and associates and become anonymous when they are interacting with strangers. Financial information could not be tracked in the way it is now but authentification of identity and auditing of financial information would be an integral part of the system. Building trust so that transactions can go on as usual would be a key element. Inside the financial community the individual would be able to collect, manage and dispense their own information. Privacy, control, empowerment, and access to the economic system by all individuals would be the social standard.
This pattern is only for creative thinking and educational purposes at DIAC-02 and is not meant to be investment or financial advice. However, due to my professional licenses I am required to disclose that I offer securities through PMG Securities, Corp, Member NASD, SIPC, 3900 E Valley Road, Suite 202, Renton, WA 98055 (800) 367-4388. Investment Advisory Representative of Shelgren Financial Group, Inc. a Registered Investment Advisor.