The Covid-19 pandemic has created circumstances that have led us all to realize the inevitable. Our technology has advanced so much, so quickly, leaving our homes is no longer necessary. We can buy just about anything, go to work or attend school while on the couch all day. Whether this actually is a good thing remains to be seen, however innovation isn’t stopping for anyone, and sadly, neither is covid.
If we ever get back to normal, who’s to say it will be the same normal that we were used to? We can’t predict the future, but it’s safe to say that Covid will impact the way we live going forward.
Here is an example of innovation that allows us to stay home:
Online banking
Banks have existed for hundreds of years serving a very important intermediary role in our society. They offer many services and it has only gotten more and more sophisticated over the years. However, it’s recently gotten very simple again.
It was always a hassle to have to go to the bank to deposit just a small amount of money, so in 1969, the Automatic Teller Machine or ATM was created, making money transfers much more convenient. Now, ATMs are seen as the opposite. Online banking has permitted us to do even more than what an ATM can do with a few steps on your phone or computer. This type of banking is still relatively new and rapidly getting more sophisticated as well.
Bud Finch is an investment counsellor at Royal Bank and I challenged him to give a reason why the world still needs physically accessible banks.
“There is still a big need for human interaction. Being able to look someone in the eyes and shake their hand is important. For a lot of folks it’s part of their weekly routine and happiness to get out and interact with people.”
Finch gives another example regarding the complexity of banking.
“Not everybody understands banking. Not everybody grew up in a digital world,” said Finch. “The physical [bank] location offers the ability to sit across the desk from somebody and have a conversation about things a lot of people might take for granted. If they don’t understand the technology, they need it explained to them.”
Finch brings up some people not growing up in a digital world. But what about decades from now when everyone has lived with the technology for years?
“I think that’s the basis of where things are going. As this becomes the norm for more people, there is going to be less need. I always like to think what are some things in my job that can’t be replaced by computers. I always come up with empathy, effective communication and some people just want to be listened to. I think there’s always going to be a subset of the population that requires those things.”
What Finch mentions could be true, although if fewer and fewer people require the need for a physical bank, then eventually there won’t be enough people to make them worth it. Cryptocurrency was invented for the purpose of not even needing a bank. We can use the blockchain as our digital middle man. In an efficiency-driven world, there might be no room for the banks at some point.
Getting outside
There are seemingly endless aspects of our lives that are also going digital, and we could talk about them all day. Things like e-commerce, automation, education/jobs and telehealth. However just because we can stay inside, doesn’t mean that we should.
Mary Anne Ivison is a media professional with over 12 years of experience in the field. She also has a passion for the outdoors and has started a podcast about the importance of getting outside. She agrees that no matter how advanced technology gets, we still need to enjoy the outside world.
“These past couple years have been incredibly tough,” said Ivison. “Getting outside, getting fresh air, being in nature… There’s so much science behind how it benefits our physical and mental health. It helps with stress, it helps with anxiety. It’s so good for our creativity and our emotions [as well].”
Ivison called getting outside “meditative and therapeutic”. But she agreed that the biggest thing that we can’t take for granted is our communication. Yes, we can talk on the phone or on facetime, but it doesn’t match what it’s like to meet with someone in person and have real-world interactions. We can’t let our technology consume us, no matter how incredible and close to reality it gets. There’s a world we can visit and all we need to do is get outside and enjoy it.
Comments