With new exciting technologies, such as Crypto, developing rapidly and changing the face of the financial industry, the growing gap between those who have required digital skills and those who lack them is more visible than ever. To better understand the reasons behind this problem and possible solutions we asked our expert, Lord Holmes, to shed light on this problem.
New technologies present both extraordinary growth opportunities, as well as alarmingly efficient ways of increasing the inequality gaps in our society. According to our expert, this problem is mainly caused by the unfair distribution of digital skills and the needed hard infrastructure across the country and around the world. There also seems to be an unfortunate correlation between digital, financial and social exclusions, which reinforce each other and increase the overall negative impact.
A big part of the possible solution to this problem are the right regulations. There are two promising opportunities coming up this parliamentary session in London:
This bill aims to introduce relevant regulations for future financial services in relation to consumer protection, competitiveness and economic, social and psychological possibilities in the UK. An example of this would be allowing small businesses and retail investors to better access the funding provided by UK capital markets.
The objective of this initiative is to enable electronic signatures to be recognized for international trade as of equal value as the traditional wet-ink signatures. That reduces the need for extensive paperwork and bureaucracy, while increasing the business efficiency.
Another important element of our transition to more inclusive financial services is the change in our mindsets. While we think about digital and media skills as optional or simply intuitive, we need to realise that they’re actually a vital infrastructure by themselves and one that needs to be built.
Those regulations combined with the impact and possibilities of the new technologies and the change in the way we perceive digital skills together present really exciting opportunities for the society as a whole. This is just a small part of what we discussed with our guest during the interview and it gets even more interesting from here!
Join us on our new course and delve into the vast topic of digital inclusion with Lord Holmes.