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Banking APIs such as those provided by Finology allow us to move money seamlessly between our accounts, and personal finance managers like Pod mean that we can see what goes into and out of those accounts with ease. Platforms like PayPal, eGHL and iPay88 have made it easier than ever to shop. The improvements of mobile computing have fundamentally reshaped and digitised the ways we interact with our money. It has remade an entire industry – Fintech – and started a financial revolution. The launch of App Store led from no apps to hundreds of apps overnight: the modern mobile computing platform is born!

Psst payday loans software#

And a day before the US FDIC seized the mortgage company IndyMac, Apple launched its App Store – a way for those developers to distribute their software to iPhone users worldwide. Eight days before the collapse of Bear Stearns, Apple released a software development kit that offered developer community a legitimate way to write software for the iPhone. Steve Jobs unveiled the first iPhone in 2007Īfter watching “The Big Short,” I could not help but reflect: Wall Street banks, as a result of the financial shock, were focused on themselves and began to turn inward whereas Silicon Valley during that exact time had seen the birth of iPhone – dubbed the first-gen of smartphone (Steve Jobs’ famous keynote “today Apple is going to reinvent the phone”) – and started to explore ways that emerging technologies might appeal to everyday consumers. To them, ‘innovation’ and experimental financial instruments had gotten the banks into trouble in the first place, and they steered clear of anything that seemed remotely innovative. Banks had to take a haircut and their behaviour shifted. Almost overnight, every major financial institution found itself in a liquidity crisis, and some eventually were bailed out.

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Investment banks and insurance houses discovered that their balance sheets were full of unsellable assets with no practical value. This also created a problem for anyone holding a mortgage-backed security. By 2007, subprime borrowers were defaulting on their mortgage in growing numbers, and when the banks foreclosed on these houses, this flooded the market and depressed housing prices. Most of the world’s biggest investment houses, including pension funds, were tied up in these bets. Banks created all sorts of investment products – not just bundles of mortgages, but bundles of those bundles, and bundles of those bundles – premised on the underlying bet that the housing market would continue to rise. Since mortgages are collateralised and deemed low-risk, banks began bundling up large sets of mortgages into something called a “mortgage-backed security”, which then sold to investors with the assurance that they were safe and profitable. Mortgage lenders began offering bigger and bigger loans to more and more borrowers, including people who did not have the income to service these loans. This however changed during the early 2000s.

And if a borrower does default, the bank comes into possession of the house.įor the bank, historically, this has been win-win. Borrowers want to keep their homes, so they do their best to make payments. Mortgages are among the safest loans a bank can make, because the homeowners put up their house as collateral. Banks lend money to would-be homeowners, and they pay this money back with interest, in regular installments that show up as reliable profit for the bank. Mortgage lending is an important part of a bank’s balance sheets. The 2008 financial crisis began as a subprime mortgage crisis. It was based on a non-fiction book by Michael Lewis, about the real lives of several people in the financial industry during the mid-2000s against the backdrop of the rise and then dramatic collapse of the US real estate market that eventually led to global financial crisis in 2008.

Psst payday loans movie#

I came across a movie called “The Big Short” last weekend, thanks to an online streaming service.

It has been a busy start to 2022 and I had decided to spend most weekend this month at home – Psst, I am in favour of a warm bed and peace over a good book or a nice movie as opposed to a restaurant vibrating with high-decibel blathers and drizzling with natters!Īs I was occupied with work commitment during the week, I’d try to finish a book that I picked up over Christmas and watch some movies – old and new.