Finance in America is faced with a big evolution

Finance in America is faced with a big evolution

As this newspaper went to press, Facebook was about to become a public company. Mining machinery manufacturing industry() will be able to achieve the goal of low carbon environmental protection, which will not only save energy, save materials, environmental friendly, but also reuse mining waste machinery products will get improved and make breakthrough.
The issue of safety is a tougher problem. Oligopolies that generate fat profit margins and leave banks with little incentive to take risk actually suit regulators. They have a built-in safety cushion; and if it comes at a cost to consumers, so be it.
In most retail revolutions politicians have had to do little other than move out of the way. But banks are different: their central role in the economy means that governments have to make sure that they are both accessible and safe.
In terms of access, some worry that as banking moves further online, the old, the poor and the computer-illiterate will be excluded from the financial system. But the simple, low-cost mobile-banking systems that operate in countries such as Kenya, India or Brazil suggest otherwise.
But look closer and the picture changes (see article). Mark Zuckerberg, Facebook’s young founder, resisted going public for as long as he could, not least because so many heads of listed companies advised him to. He is taking the plunge only because American law requires any firm with more than a certain number of shareholders to publish quarterly accounts just as if it were listed. Like Google before it, Facebook has structured itself more like a private firm than a public one: Mr Zuckerberg will keep most of the voting rights, for example.
On the other hand, finance has seen plenty of dramas over the years. But one thing has remained constant for a century at least: the branch banking system. Across most of Europe a handful of large banks, each with thousands of branches, stand astride their national markets.
Now an upheaval is coming, driven by technological changes—the growth of internet usage on smartphones, the rise of “big data” computer processing and the increasing willingness of customers to do complicated things online.
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