Mass amateurization is disrupting how traditional finance works, says Emmanuel Daniel, global thought leader on the future of finance.

The mass amateurization of finance is when thousands, if not millions of users of finance interacting with each other directly, identify financial needs that can then become products.

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With quantum computing, it becomes possible for users to generate even “more data that can suggest trends that in turn suggest products that are commensurate with their lifestyles and specific needs,” says Daniel to give a peep into the future of the banking industry.

How does mass amateurization of finance impact the future development of banking and how users benefit from this?


“Today, a financial product is something that the bank invents (a deposit account or a mortgage) and sells to customers, whether they need it or not. But when users of finance interact with each, they might find that they never needed a mortgage but actually a lease,” says Daniel,

He adds: “In fact, financial products are ephemeral because they have always been a means to an end – people don’t need mortgages, they want houses they can enjoy. A mortgage is a means to an end. They may also discover that certain segments of society are a good source of capital, and so on. The role of the financial intermediary is to capture all the insights floating around in the conversations between their customers.”

This mass amateurization is causing a disruption in how our financial systems work since before, banks were the ones to make the product, determining its value for the user.


Now the user is identifying their own needs, and with the increased personalization of finance, banking services are having the power pulled away from them, leaving a blank space to be filled by the next iteration of financial services.

Daniel goes on to say that, “the peer-to-peer (P2P) model was a first step to getting there because they were seeing new types of data on their platform as lenders and borrowers interacted with each other. But the P2P players themselves defined the product as being a mortgage, so that they were trapped in their own existing paradigms. They were not paying attention to the massive information being generated from the interactions between lenders and borrowers on their platforms and the trends that these conversations suggest.

“In the future with quantum computing, users will be generating even more data that can suggest trends that in turn suggest products that are commensurate with their lifestyles and specific needs. Future financial intermediaries will not start by assuming that what the customers want is a mortgage or a fund.”

Daniel is is listed as a top 10 global influencer in the “Fintech Power50” list for 2021 and 2022. He is also a global entrepreneur, the founder of platforms such as The Asian Banker and Wealth and Society, through which Daniel has had extensive contact with leaders in banking and finance around the world. His new book, “The Great Transition: The Personalization of Finance is Here,” has already received rave reviews from Barney Frank, co-author of the Dodd Frank Act, and Dick Kovacevich, retired CEO of Wells Fargo, on Daniel’s insight into the personalization of finance.

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