FUTURIST: Personal Financial Information Is About To Go Real-Time And Tell You Exactly What You Have To Spend | Business Insider

balloonsreprinted from Business Insider

The world of credit cards we’ve been living for the past 40 years has increasingly cut us off from the feel of cash.

But technology is about to change that and it will mean a shake-up in the financial advising industry, according to Australian futurist Morris Miselowski.

“Up until now, society has been coming to them (financial advisers) with what I call the Oliver principle: ‘Here’s my finances, please give me more’,” Miselowski says.

“And the financial adviser, with their skill set and their wisdom, would say: ‘Here’s your finances, this is who you are and this is what your family needs’.

“They would then put together a scheme for them and nine times out of 10 these are great.”

The process was abstract for most.

“Since the ’70s I believe we have lost our connection with money,” he says. “What happened was that we stopped using cash and we moved into a credit card society.

“Most people look up their bank account and do mental gymnastics on what they owe and when to pay it. We really don’t know so we go out and spend anyway. We think we’re OK so we hope it will be.”

Before that, there was American Express and Diners for the well-off few. The height of credit for most was lay-buying at the department store.

These were the days when people saved and each child had a Commonwealth Bank account.

“We were really connected with cash in every sense and we knew if we ran out of cash, like if we ran out of water, there just wasn’t anymore,” Miselowski says.

That connection to money is about to be re-established.

“Now we will have a digital connection to money that we have not seen before,” Miselowski says.

“We are now really comfortable with using banking apps.”

It seems so obvious but 10 years ago people would say: “We are never going to do our banking online.”

Now 80% of all ordinary transactions are online and 40% are through an app.

What isn’t common, except at the top end of the market, is all a person’s financial information, including superannuation, bank accounts and share portfolios, brought together in one place.

In Australia, there is Pocketbook and in the US there are several apps and services including one called Simple.

“When we as human being have our noses rubbed in information we tend to react,” he says. “If the screen is telling us to hold off we will.”

Simple has just sold in the US for $117 million. It re-imagined what banking should be online with an easy interface.

Questions can be answered quickly: How much have I spent on coffee in the last month? What’s my dog cost me in the last year? How many shoes has my wife been buying?

It gives answers in real-time and in plain English.

“You will get a true indication of who you are,” he says. “I am talking about individuals becoming the centre of the ecosystem.”

At the moment most people seek out a financial adviser when they hit about age 53. They have a bit of super and they know they are eight to 10 years away from having to make big decisions on retirement.

“We will now start far younger,” he says.

“Kids are more intimate with it and have more of a sense of saving. We will now be more comfortable paying for advice. We will look for it and we will get advice in real-time.”

A financial adviser’s system will tell them when a client is spending too much or when the share portfolio needs a tweak.

“That’s what I call financial intimacy,” he says. “They (financial advisers) will be able to work better, deeper and for longer with clients.”

Are $16,000 exclusive Cocktail Sisha’s part of your future?

811962-9798bad6-e096-11e3-9096-801fbb4e8d9bExclusive Cocktail Sisha’s Price $16,000; Margaritaville Tahiti Frozen Concoction Maker . Price: $499.99, Wolf Warming Drawer. $1,925, 24 Karat Gold Genuine Ostrich Egg Vase. Price: $280 and a holiday beach locker that screws into the sand and stores your personal belongings were the conversation starters for Michael and Clare of Brisbane’s 4BC’s afternoon program and I to take a fun look at some of tomorrow’s gadgets we can, but I’m not sure why we would, buy.

We also meandered our way through some of the other tech and gadgets on the horizon, including 3D food printers, various kitchen gadgets and even a glimpse into the kitchen of tomorrow.

All in all a hilarious interview so have a listen now…


A brave new financial intimacy

hp_future_of_finance_starts_with_youOn the back of two around Australia speaking tours I’m currently on, for two different Financial industry clients, speaking on the Future World of Financial Intimacy, David Dowsett of ABC Bay Wide and I chatted about the new connect consumers will have with their money and finances.

These connections will come about through the abundance of new apps and devices on the horizon; be driven by a new found respect for money which post GFC has begun to mean a little bit more and seem a little bit scarcer to get and the cultural and societal reality that we will live and work longer and that Government pensions are most probably not going to be able to give us the lifestyle choices we want.

These conspiring political, social and technological realities started our discussion about all things digitally financial including digital currencies like Bitcoin – what they are and will they stick around; technologies new role in financial management; our new connection to our money and financial health and well being and who or what will be advising us about our money in the future.

Have a listen now and then share your thoughts on the Future of Finance…


Ban #3Dprinted guns and then…?

Of c3d kidneyourse we have to ban the manufacturing and use of illegal guns and weapons regardless of how they’re made, but let’s not judge all of 3D printing by this one abhorrent use, but rather celebrate it for its potential purposeful uses, but it seems like the pollies can’t help themselves and in Queensland PUP Member for Yeerongpilly Carl Judge has announced he is seeking to introduce legislation to do just that.

Great step, but then what? Let’s look broader than this populist knee jerk response and have a real debate on what new laws, thinking and culture horizon technologies are going to require and perhaps let’s even try to put a positive spin on it, like the wonderful Queensland story announced on the same day as this negative story of Queensland University signing a deal to print 3D human kidneys.

This debate, an overview of 3D printing, what it is and what it might do in the very near future were all part of my catch up this afternoon with Pat from ABC Local Radio Queensland.

Have a listen now.


3D printing – coming soon to a home near you


Print a ring on it. reprinted fromThe NewDaily – Jackson Stiles

We could all soon be 3D printing custom-made clothes, food and spare parts as easily as we print on A4 sheets of paper.

The technology is young but you can already get your hands on it.

MakerBot, a US company that builds desktop 3D printers, has just released its smallest and cheapest model, the Replicator Mini, for about $1475.

Morris Miselowski.

Morris Miselowski, an Australian futurist and innovator, says 3D printers are about to hit the home market in a big way.

“They will become as ubiquitous as the ordinary laser printer has become over the last 30 years,” he says.

The future is going to be “hyper-personalised” thanks to this nifty technology, Mr Miselowski says.

Cap Hanger Co

And unlike all the other cool stuff you see in movies, the technology is not decades away. It is already being used to print houses in China, guitar hangers in Australia, long-life food for astronauts and, alarmingly, illegal guns.

Boeing currently prints “various bits and bobs, including wings” for its planes, Mr Miselowski says. And the US Military uses it to print replacement parts for tanks and other vehicles.

So what is it?

3D printing is used to build physical objects layer-by-layer from a digital recipe or blueprint, which is bonded together with lasers, UV light or types of glue. The ‘ink’ can be almost anything, including steel, glass, plastic – and even edible food paste.

In 10 years’ time, a third of the population will have some sort of 3D printer in their home, Mr Miselowski predicts.

32 food

While all this may sound super advanced, 3D printing is also a throwback to a simpler time.

“In many ways, it’s really going back in history to what we had before, back when we did not mass consume,” Mr Miselowski says.

“Clothing was, until the last 100 years or so, produced by individual artisans. It was made for you, to fit you, and you waited until it was ready.”

With this new technology, clothes and many other personal items will be fully customisable.

“It will push us back into bespoke and real time, which is what we had before,” Mr Miselowski says.

Hang on a minute. Body parts?

Anatomics scull

By far, the most exciting application of 3D printing is in the world of medicine.

Anatomics, a Melbourne-based medical device company, uses 3D printing to create ‘BioModels’ of various body parts.

Andrew Batty, CEO of Anatomics, says these models are used by surgeons to plan operations and better explain the procedure to a patient before the go under the knife. They can even be used as moulds for surgical implants.

“We take CT scans or medical imaging data of patient’s face, heads, spines, hips and… export the files to the 3D printer and make parts of the anatomy,” he explains.

While the company doesn’t directly 3D print its surgical implants, the technology is “an important component in the process,” Mr Batty says.

“If there’s a better way to do something, we’ll try it.”

The possibility, however remote, that 3D printing could flood our streets with illicit weapons is of course a grave concern. But using it to print your next home, copy the clothing of your favourite movie star, or even to save your life makes it worthy of pursuit, says the futurist Morris Miselowski.

“If we used it for no other purpose except for medicine I think it would be worthwhile and purposeful,” he says. “I would not want to see that stop because some twerp found out how to print guns.”


Red Hot Future Business Trends

ball-article-620x349You’re on the right track if you can arrange instant delivery and your fans are health nut octogenarians.

reprinted from SMH / The Age / Brisbane Times / Canberra Times /Watoday

SMEs trading near-instant delivery of goods and services will power the business world circa 2030.

Extra marks if your biz plan will appeal to health-nut octogenarians and their older peers.

Start-ups will become more boutique and individualised as our taste for tailor-made products grows.

“The death of the gatekeeper is here,” any small business that only provides distribution interface between suppliers and consumers will eventually fail, says trends expert and author of Winning the Battle for Relevance, Michael McQueen.
Michael McQueen

Michael McQueen predicts the death of the gatekeeper.

“Any profession with the word agent, broker or adviser in particular, take heed,” he warns.

Fellow futurist Morris Miselowski also sees a bleak future for any trader who hasn’t at least entered the shallow end of the digital pool by now.

“2014 is a watershed year” and only those who use technology to enable “real-time” trade with consumers in a global market will survive, says the founder of Eye on the Future.

Morris Miselowski sees 2014 as a watershed year.

“This new [technological] world just won’t give them [SME owners] respite because the market is saying ‘I need to be able to do business right now and if I can’t do it with you, even though I may want to be loyal, I will have to move on’.
“For many small business owners it [the online world] feels like a foreign land, but you have to take baby steps now and grab on with best intent.

“Inertia will be the death knell of any business.”

So what will be the hottest industries in the future?

Service-related businesses will dominate at the cost of traditional manufacturing.

Start-ups will become more boutique and individualised as our taste for tailor-made products grows, McQueen says.

“An example of this is one Australian business named Schkinny Maninny who deliver fresh fruit and vegetable detox juices to clients’ doors every morning.

“While this may sound like an indulgent product, consider that many of the products and services we take for granted today were considered the same thing only a few years ago, such as boutique coffee and mobile phones.”
Medical devices, aged care, and health and wellness will have starring roles in the 2030 small business alumni.

As Australia’s baby boomers sidle up to old age, this generational shift brings big opportunities for SMEs, Miselowski says.

There are currently about 300 Australians aged 100-plus, reports the Australian Bureau of Statistics. It forecasts more than 72,000 centenarians by 2050.

Add to this the fact today’s life expectancy is about 82, according to the ABS – almost double what it was in 1864 (about 41), before modern technology was a twinkle in Gates/Jobs’ eyes – and Miselowski predicts babies born this century can live to 150.

“We have moved on from ideas of repairing our bodies to maintaining our bodies,” Miselowski says.

“Minute-by-minute insight of our bodies’ wellbeing will be gathered by our wearable health devices, analysed by our onboard technology … and, at our request, sent to health professionals for future insights, comments and suggestions.
“We’ll all be wearing these personal wellness computers and small businesses are exceptionally well placed to benefit from this trend.

“Many of the apps I see being developed for Google Glass, for example, are health and wellness apps designed by small businesses.”

Another trend Miselowski sees is more real-time service providers and solutions. Consumer purchase lead times are shrinking. Subsequently, more online temp jobs’ marketplaces will emerge to place traditionally salaried professionals with only hours’ pre-notice.

“A few years ago you may have booked a plumber and expected the service a week later, but in the future that consumer will expect it today and I see that as an opportunity.”

Mass production costs will be scrutinised as 3D printers descend on the retail, office, manufacturing and medical sectors, able to produce bespoke and one-off items on demand without the need for huge inventories and investment of time and resources, Miselowski says.

“These new 3D printers are the equivalent of the old dot-matrix printers of the 1980s, which were incredible devices in their day.”

Is your head spinning yet? Wondering where you’ll fit in tomorrow’s brave new business-world.

According to McQueen, the key to long-term survival for every profession and small biz is simple. It depends on showing how your venture adds value to consumers rather than simply adding “clip-of-the-ticket” costs to the supply chain.
An unforgettable point of difference is equally essential.

“The old marketing adage ‘it is better to be different than better’ will be truer in the coming years than ever before,” McQueen says.

“In an increasingly competitive marketplace those who are not remarkable will quickly become invisible.”