In addition to using banknotes, cheques, or Internet banking, today I can use my mobile phone to transfer money to a friend. All I have to do is to download the appropriate app, type a simple text message and select my friend’s name from my contacts list.
My friend would receive the money in a few seconds, and could even reuse it immediately for his own payments. The evolution of financial advisory services provides another example. In the past, when I needed financial advice, I contacted my advisor. In most cases he would not remember my name or my financial situation (although in some cases he would pretend he did!).