Introducing the new MBA Open access module by York St John University

One of the most challenging decisions before venturing into a Master’s programme is – when to start. Most of us are so engrossed in our daily lives, trying to make a living, juggling family and work that the thought of starting a Master’s is often put on a back burner.

However, I feel when you fear the unknown, start small and take baby steps before taking the plunge.

This is precisely what York St John University is offering now in partnership with Robert Kennedy College.

Dr. iur. David Costa, Dean of Robert Kennedy College, explains the Online MBA Entry Module.

All you need to know about the Online MBA Entry Module

Why enrol in the entry module?

The online open access entry module is easy to get started with. It is a gateway to enrol for York St John University online MBA.

What is the duration of open access module?

You can complete the access module in as little as 3 months. The full MBA can be completed in 12 months.

What do you receive at end of the programme?

At the end of the programme, you will receive the University transcript from York St John University. You also will have the opportunity to continue to pursue Full Online MBA.

What is the fees for the programme?

1000 Swiss Francs (approx.  US$ 1079) payable in 3 monthly installments of 333 CHF. You can register and start with just 333 Swiss Francs.  If you decide to progress with the full York MBA the  1000 Swiss Francs Entry Module fee will be deducted from the full MBA fee. 

What are the steps to enrol and study the open access module?

Here are few simple steps to get enrolled and started:

  1. Register for Entry Module: Just one click and you can get started. Start your MBA with just 333 Swiss Francs
  2. Access to Online Campus: Once you pay the registration fee, you will receive access to OnlineCampus and University Library
  3. Study 100% online: The programme offers flexibility to view the recorded lectures anytime, anywhere.
  4. Submit assessments: Prepare for the assessments. Our Professors will assist you in preparing for your final assessment.
  5. And Finally… Start your MBA: After successful completion of the entry module, you can choose to continue with the MBA programme.

Still have more questions? Talk to one of our advisors live on WhatsApp to know more.

6 questions to ask before deciding to do an online Master’s Degree programme

Deciding whether to do a master’s degree is a tough decision, and in some cases, it might even be an inevitable decision.

It is a tough decision if you have been out of the school environment for a few years – getting back to school can be challenging. You might have a family of your own, and from experience, I know it is a significant financial and time commitment. Then there are the pressures and deadlines you have to meet at your job, and I am sure there are many other personal obstacles unique to the individual. And the decision becomes inevitable as it is one of the options available to help you continue to grow – as a person and in your career.

Photo by Joan Kwamboka on Unsplash.

So, when is the right time to do a master’s degree programme? I can’t answer that for you, but the following are six points to consider that might help you make an informed decision.

1. Passion for the subject

With so many distractions and commitments vying for your attention, if you choose to do a programme that you have little interest in studying, chances are, it will be pushed right to the bottom of the list of your priorities. You will end up taking very little away from the programme and might end up performing poorly in your evaluations and even failing the course.

Photo by Randalyn Hill on Unsplash.

I suggest you choose a subject you are passionate about, something you want to learn. Your interest will naturally result in you putting in the effort to learn and will result in better overall performance in your evaluations.

2. Relevance of the subject

For most working professionals, time is precious. So, there has to be a reason for every extra calicular thing you plan on doing. If you intend to do a master’s degree and are not passionate about the subject, then the next best option (or even the primary option) is choosing a programme that will benefit you professionally. Something that adds knowledge to what you are already doing professionally or, at the very least, helps your growth in your career.

3. Are you a self-starter?

Unlike an on-campus programme where you are physically present in class on a daily basis, guided every step of the way by a professor and closely interact with other students. In an online programme, you are in the driver’s seat; the onus is up to you to complete assignments on time, put time aside to study regularly, and take the initiative to do all you can to complete the programme successfully.  

But this does not mean you will not have any support. At least in the case of Robert Kennedy College, with our online campus and library, online forums, live classroom sessions, student care and last but not least, the online residency, you will have lots of support in completing the programme!

4. Accreditation and Recognition

If you are going to do an online master’s degree, then make sure the degree you earn has value. Find out:

  • Which university will award the degree?
  • What is the reputation of the university?
  • How is the university accredited?

These are just three questions to help you get started. Think of more relevant questions, and don’t be afraid to ask.

Want to know more about the universities we have an exclusive partnership with? Click here to learn more!

5. Is it all a façade?

You have to know what you are signing up for? Is the college just going to give you some online study material and then wash their hands off you? Ask:

  • Who are going to be your teachers?
  • Is there trial access you can have to get a feel of how the programme is run?
  • Can you talk with current students or alumni to get feedback?
  • How are the evaluations done?
  • What are the modules involved in the programme?

Again, these are just a few questions to help you get started.

At Robert Kennedy College, you can Chat Live on WhatsApp with our Education Advisors and ask all your questions, ask them about our programmes and our key faculty members, open a trial account to access our OnlineCampus or request to connect with our alumni.

6. Fees

Photo by Sharon McCutcheon on Unsplash.

Finally, the fees – is the programme something that you can financially handle? What are the payment terms? Does the company you are employed with have a sponsorship programme?


These points are just six simple tips to help you ask the right questions before joining an online master’s degree programme. Please share any other questions you deemed necessary to help you make an informed decision.

If you are ready to apply for one of our programmes, click here.

Live session with Robert Kennedy College Dean Dr. iur. David Costa

Yesterday, Robert Kennedy College (RKC) Dean, Dr David Costa, conducted a live session introducing our 100% online master’s and bachelor’s degree programmes. This interactive session was held online and was packed with essential facts and information about the college, the universities RKC has partnerships with, and the master’s and bachelor’s programmes we offer. The session received an overwhelming response and participation from all the attendees.

As the session began, Prof. David Costa gave a brief presentation about the history of Robert Kennedy College. He also provided information about the University of Cumbria, the University of Salford and York St John University. The presentation also showed the participant’s sample degrees certificates and transcripts from all three universities.

Prof. Costa also explained the reasons that make RKC’s degrees unique. The factors include (but are not limited to):

  • a practical and flexible online programme
  • minimum duration of one year
  • 100% online, contemporary courses
  • no formal examination system, assessment based on assignments
  • British degrees that are recognized worldwide

Prof. Costa also discussed the fee information and the discounts being currently offered. He also introduced our “ask the Ambassador” initiative, which allows you to chat with either a current student or alumni and ask any programme related questions or about their experience studying at RKC.

After the presentation, Prof. Costa opened the floor to questions from the interested candidates. He answered queries ranging from fee information, assessment method, eligibility requirements, referral discounts, course delivery methods, and more.

Does this look like something you wanted to attend and get information first-hand from the Dean himself? Do not worry. You can watch the live session recording and find answers to your questions. And if you still have questions or feel confident to apply right away, talk to one of our advisors in real-time on WhatsApp.

“Focus on your key objectives in 2022” – Dean’s message for the New Year!

A new year means new resolutions. As we all fasten our seat belts and rush to achieve our newly formulated objectives, Prof. David Costa, Dean, Robert Kennedy College (RKC), advises to the contrary and suggests we take it slow. Dr Costa proposes not to get overwhelmed or distracted with a long list of resolutions but to focus on small and critical objectives to start with.

We have a great support system for our students at Robert Kennedy College. From highly qualified faculty to a world-class professional alumni network, you’ll know you made the right decision to study for your master’s degree with RKC. Join us today.

5 ways of marketing effectively during Christmas

On behalf of the staff and students at Robert Kennedy College, I would like to wish you, our readers, and your families a very Merry Christmas!

Merry Christmas, everyone! Photo by Mitya Ivanov on Unsplash.

Christmas is a time of happiness, hope, and celebration. A time when families come together and broken friendships are mended. A time of holiday and exchanging gifts. A time for children and Santa Claus. It has always been such and hopefully will always be such.

In short, it is a dream come true for every marketing executive. 

Almost every aspect of Christmas can be made into a marketing campaign. Understanding the emotions associated with Christmas and determining how to best capitalise on these emotions will result in the success or failure of the marketing campaign.  

Whether or not companies choose to take advantage of the “Christmas Spirit”, people will still need to buy gifts, travel to be together with family or go on holiday. And, the choices that customers have today are many, and all compete for the same portion of the pie. So, why not position your company to take advantage of the opportunity Christmas offers.

The following are just five points to consider when planning your Christmas campaign!

1. The holiday emotion

This is the time of year when most people are happy and relaxed. There are lights and decorations everywhere, and everything looks beautiful; it just makes one feel so buoyant. I am sure it will come as no surprise, but happy customers tend to spend more. Companies and brands should take advantage of this and position themselves to be more associated with these emotions of happiness and sharing. Receiving presents makes everyone happy, but Christmas is not just about receiving gifts; it is also about giving gifts. This is a message that must be driven to the customer.

2.   Social Media

Photo by Merakist on Unsplash.

It is that time of the year when everyone is enthusiastically active on social media. From food to pictures of them in holiday attire. From holiday pictures to images of snowmen to umbrella drinks on the beach. Or, even just wishing each other a merry and prosperous time. This time of year is one of the peaks that social media experiences, so make sure your social media strategy is in place to take advantage of this period.

3.   Make it all about the holidays

Build-up anticipation for the Christmas season. Photo by Jon Tyson on Unsplash.

The good thing about the Christmas and New Year’s holidays is that they come towards the end of the month. So, there is a whole month to build up excitement and anticipation, to make us desire that cherry on top of the cake. This build-up adds to the positive energy of Christmas, encouraging customers to spend more and tempting them with sales and new product launches. If a marketing campaign can build up positive holiday energy around its brand, customers will begin to associate the brand with the season, and when it comes time to spend, that is where the money will go.  

4.   It’s all about the presentation

Everyone likes getting gifts. Photo by Kira auf der Heide on Unsplash.

Christmas is a season of giving and receiving. In short, it is a season of gifts; whether it is for someone else or for yourself, it is always lovely to receive a gift. So, present your product like a gift, even change your packaging to make it look more gift-like. If your product can be personalised, encourage your customer to personalise it, let them build an emotional connection with the product.

5.   Set deadlines

All good things must come to an end, and the Christmas season must also end. Similarly, the Christmas marketing campaign must indicate a clear end to the promotion and sale period and build anticipation around it. A customer must get the impression and be convinced that they will miss out on something if they miss this promotion and might have to wait an entire year to get something similar.


Explore several specialised master’s degree programmes in Marketing, Social Media and International Business that Robert Kennedy College offers through exclusive partnerships with top British universities. You could also get in touch with our team of admission advisers on WhatsApp, who can have a look at your profile and give you some advice.

If you have already made up your mind, click here to apply.

The new age leader – a coach and a mentor

We live in a world of flux – a world where change is the only thing constant.  

I remember when I was a kid, my father would tell me about his job and the management style at his office. He worked in a semi-government organization where hierarchy and command-and-control leadership dominated. A more technically qualified and experienced leader would lead a team or a department and evaluate each team members’ performance against a pre-set benchmark. Little or no importance was laid on developing the skill-sets of employees or encouraging innovation.  

Fast forward 20 years, the leadership styles shifted dramatically. The existing (ancient, in my opinion…) management styles were not sustainable and organizations begged for a radical transformation; transformations that would inculcate new energy, ideas, motivation, commitment, and innovation. 

Leaders are expected to step up and assume the role of a coach and a mentor

Types of coaching styles 

Coaches come from a variety of backgrounds. Having a consultant coach from outside the organization could be helpful for developing specific skills or as a one-off motivational camp. A modern learning organization would invest in a coaching style appropriate to the needs of the company. Keeping in view the long-term goals, the leaders within the company are expected to step up and fulfil the need of the hour – the need to assume the role of a coach and a mentor.  

The leader may adopt one of the many leadership styles, with some of the most popular being: 

  1. Democratic: This style as the name suggests, encourages the general principles of democracy and takes into consideration the opinions, ideas, and interests of the people involved.  
  1. Laissez-Faire: This style is the minimum leadership style when the team members operate at their maximum efficiency and vigor and do not require any supervision or direction.  This is generally seen as inefficient, and depends largely on the ability of the teams to self-manage and self-regulate. Not recommended.
  1. Directive: Quite contrary to the Laissez-Faire coaching style, directive leadership requires the leader to ‘tell’ people what is expected of them, assign necessary resources for successful completion of their job, and convey the expected results as well.  
  1. Holistic: No organization today operates in isolation. Businesses are global and companies all over the world are taking wholesome decisions for the greater good. This leadership style recognizes the connection between leader, follower, and organisation, and focuses on a people-in-environment and developmental approach. 

Mentor or a Coach 

People usually use the term coaching and mentorship interchangeably. This is not correct. Mentoring is offering advice based on knowledge, expertise, and experience. Coaching, on the other hand, is inquiry-based. A little push with insightful questioning can spark a person to see themselves and the world differently and solve their own challenges. 

Mentoring is more formal and structured, where a mentor helps his mentee gain a broader and deeper perspective and understanding of the business (and life). A mentor, based on his own experiences, guides and channels mentees by illuminating the right path for them. It is, therefore, more directive in nature and could be related to a directive leadership style. Mentors offer exposure and connections to other functions and levels of the organization.

A coach supports, challenges, and encourages. A coach approach for leaders, on the other hand, uses very different techniques for developing people. The role involves asking and listening rather than knowing and telling. The coach empowers the employees, by making them fully capable of finding their own answers to their problems. Employees have more self-awareness and experience an increased performance.  

Now, this is easier said than done. While leaders may recognize the need to embrace the idea of coaching and mentoring their employees and subordinates, the flair does not come naturally to every leader. However, using right set of tools and resources, anyone can become a seasoned coach. 

Using right set of tools and resources, anyone can become a seasoned coach. 

Our MBA in Coaching, Mentoring, & Leadership programme creates opportunities for you to develop through practice a range of coaching and mentoring skills and techniques and enables the development of a critical understanding of issues related to the design and implementation of coaching and mentoring schemes. The programme is delivered in such a way that you are encouraged to utilise your professional and work-based context as a resource in which to practice and develop your skills in coaching and mentoring. Feel like you could benefit from this? You are not alone! Apply now to join our more than 150 students currently taking the programme!

Should you consider a career in International Business? Here are 3 reasons why you should!

I dislike starting a blog using a cliché, let alone one the is well worn. The world today is really small. One could even call it a “global village”. There are several reasons for this: cheap, quick travel across the world to clear, instantaneous, and secure audio and video communication and conferencing. Decisions can be made from across the world, data and finances can be transferred securely and instantaneously to execute decisions, and human resources, if required, can be flown in overnight.

Small world/global village. Photo credit: Bill Oxford on Unsplash

As the result of all this globalisation and economic barriers disappearing, businesses, even small businesses, have become multinational.

Having said that, there are still several barriers businesses must overcome to be genuinely international or multinational such as language, culture, local labour laws, politics, economy, and geographical distances, to just name a few. A business will have to overcome at least as many difficulties as there are countries to truly operate internationally.

There are several ways companies overcome these challenges, from recruiting locally to creating or recruiting specialists in international business who are familiar with the local laws, culture, etc., and who can learn and adapt quickly. These specialists will not only be familiar with the working of the company but will also be familiar with the expectations of the company from their local subsidiaries, partners, and vendors. 

These international business specialists will have to work closely with their local agents communicating the company’s policy and expectations. They will, in all probability, have to travel to the new country of operation as a representative of the company and spend a substantial period in-country to ensure the processes are set up correctly. 

More prominent companies will also set up an international office with the primary purpose to troubleshoot any issues that might arise from operations in any country. 

Here are 3 reasons why YOU should consider a career in International Business

Salary and Demand

Photo by Alexander Mils on Unsplash

As per the National Center for Education Statistics (NCES), in the U.S., only about two thousand students graduate with a master’s degree in International Business every year. To give you an estimate of the earning potential of a career in international business, according to data published by PayScale Inc., in the United States, the approximate early career pay for someone with a bachelor’s degree in International Business is about USD 52’000. I can infer from this that there is an opportunity to get in on the ground floor for a career in international business as the number of graduates is still very low. The salary offered is competitive, and depending on the company and job profile, there is the potential to earn more from the get-go itself. 

Job Satisfaction 

Find a job you enjoy doing, and you will never have to work a day in your life.

Mark Twain

Job satisfaction is very subjective. You might hate to do the work that I love, and vice-versa. So, before you take up a job in international business, ask around, find out what the job entails, how much travel is involved, what kind of job security is being offered? According to a survey by PayScale Inc., about 40% say that a career in international business has “meaning”, here “meaning” means they feel their work makes the world a better place. Whereas about 70% say, they are satisfied with their work. So, the potential of having a satisfying career is relatively high, and maybe even a meaningful career. 

Future-proof 

International business is a people-oriented job. It is dependent on people-to-people interactions, decisions, and analysis made by managers, understanding the cultural nuances of (a) people. As a result, international business cannot be automated. Even if the process you are involved in does get automated, something new will get created just above your current profile in the value chain. So, a career in business in general and in international business in particular will, in general, be future-proof, and unless something goes drastically wrong at your company, you need not worry about losing your job.


If you are ready for great career opportunities, professional growth, traveling and exploring new cultures, then a career in international business might be for you. Robert Kennedy College offers several programmes in International Business. Chat LIVE on WhatsApp with one of our Education Advisors for more information.

#DILO (A day in the life of) a master’s student – Nicole

Through the #DILO series of blog posts, we have been bringing you insights into the life of our master’s students, sharing their thoughts and opinions, ups and downs, and key learning points during their online studies. The whole idea behind this series is to make you aware of the realities of online studies, and aid you in decision making.  

This week we take a look at a day in the life of one of our master’s degree students – Nicole. Here are a few insights and some words of wisdom that Nicole had to share from her experience:

An Introduction 

“I am still learning about who I really am” – Nicole

Who are you, really? 

Nicole Weiner, a lifetime learner with a family and a job, but I am still learning about who I really am 

Which Uni are you studying with? 

University of Cumbria 

Which programme did you choose and why? 

The MBA in Public Health Management program. Being a nurse, I am interested in helping people live better, healthier lives through prevention. 

Being a nurse, Nicole is dedicated towards helping people live better and healthier lives

The Study Plan 

How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week? 

When I do something, I do not think about “the how” so much. I decide and I do. Thankfully my responsibilities at home are minimal and I was able to carve out some time from my work agenda, since I am an occupational health nurse, I took about 2.5 hours from my work schedule each week since the two are related. Plus, I worked at home as well, especially the weekends.

But it was not difficult to participate in the forums on a regular basis. In one sitting: sometimes an hour, sometimes 6 hours. In my opinion, your work agenda should allow some time for master’s, if the two are related.

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?) 

Anytime. If I have to do something, I can do it just about any time of the day, but after 7 pm I do like to just relax, so usually not in the evenings. During my thesis this will change because I have changed jobs and in this new job, I will not be able to carve out time to write or study during work hours.

Relating to my above answer, my next job will be as a research nurse, therefore I cannot study during work hours because I am not caring for a whole population group and there will be more technical duties to do. As an OHN, I was one nurse to 650 people. That’s significant, but the company was great and gave me space for balance. 

How much time did you devote for each assignment? 

Depends. Like I said earlier, forums usually half an hour to an hour. Assignments I dedicate a lot of time but I cannot put a number on it. But one thing I can say is that I try to start working on it very early, so that I am not rushed in the end. 

Travelling and Communication 

“As long as I had my computer I could study if I wanted to while travelling”- Nicole.

How did travelling impact your ability to study? 

No problem, as long as I had my computer I could study if I wanted to. 

How were you able to interact with peers and/or professors given the time differences? 

In my personal case, there is no time difference between the UK and Switzerland. 

A typical day as a master’s student 

What does a typical day as an Online Masters’ student look like for you? 

School is just an extension of my other activities. I can say that definitely, the program being online makes life a bit less complicated. 

Any advice? 

Do a little bit every day, with a day off every now and then, or vacation even. If you work on your assignments regularly, you can afford to take time off and not stress it. And please advise your professors of your absence. 

Well indeed, incredibly helpful advice from Nicole. A contingency plan not only saves you from an unpredictable situation but also helps you follow your study plan with confidence. To get you through the master’s studies we have great faculty who are subject-matter experts, who guide and encourage the students to achieve their potential.  

If you have been dreaming of joining master’s programme or have had this personal goal to gain higher education, now is the time! Take the valuable advice from our current students, gain from their experience, add your own unique study strategy, and make your own success story!

Chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, the application process, and information on discounts we might be offering at this time. 

Getting ready for 2021

Phew! It is 2021! 2020 is finally over and behind us. After having an incredibly unique (and for many a traumatic) 2020, I am a little sceptical and at the same time joyous and hopeful of welcoming the new year.   

Well, let me first extend my warmest wishes to you, our readers, happy new year! One of the greatest joys of this season is the opportunity to say thank you and to wish you the very best for the New Year.   

‘Tis the season…  

So, what do you think 2021 will look like? Are you ready to embrace the new year as it still encapsulates certain uncertainties? Have you set any personal goals, professional goals, or academic goals for yourself? Because it is that time of the year when we sulk on unfinished resolutions or celebrate their achievement (I fall more in the former category than the latter 🙁) and look forward to new ones!   

In my opinion, it will be much more than just resolutions this year. People are frustrated with unfulfilled wish-lists, lockdowns, and fear of the pandemic. Emotions are running high; there will be no holding back, it could turn out to be a year where you tick off all the boxes (or most of).  

Here are the five trends you must watch out for in 2021:  

1. Shoppable TV and social media influencers   

Consumers will be able to buy anything they like, on the go and instantly!

With worldwide lockdowns, the retail industry saw a categorical change with the brick-and-mortar stores shutting down. Shoppers had to move online, and the businesses capitalised on every opportunity to grab consumer’s attention. Consumers will be able to buy anything they like, on the go, instantly, as they watch the advertisement on their favourite streaming channels, or a product recommended by their favourite social media influencer. I have personally experienced this; a tik-tok video made the CeraVe skincare products fly off the shelves within days. That is a powerful sales tool.   

2. Big data becomes bigger  

Big data is inexhaustible

As we rely more and more on online platforms for almost everything, from groceries to banking, to buying cars to education, the data is building up exponentially and is inexhaustible. There will be an increasing new need for data analysis and customer personalisation.  

3. Artificial Intelligence (AI)  

AI is predominantly the most significant trend to watch out for in 2021. With bigger data, better interpretations will be required to understand the world and the changing patterns of the consumers. In 2021, we are likely to see further sophistication in machine learning algorithms and tools.  

4. E-Sports  

Gaming is in line to become a multi-billion-dollar industry

Gaming is one of the sectors that was positively impacted by COVID-19. While other industries suffered losses, gaming has been trending and is in line to become a multi-billion-dollar industry by 2023. It is one of the top entertainment activities that people engage in, kids and adults alike.  

5. eLearning  

With the sudden closure of schools and universities owing to social distancing and self-isolation requirements in an attempt to flatten the COVID-19 curve, online learning became a necessity overnight and is here to stay. There are several benefits of online education, such as flexible learning and quality education offered at affordable prices.

Robert Kennedy College has been a pioneer in online education since 1998. When you decide to study with us, we promise you an excellent course curriculum, British education, Swiss quality, highly qualified faculty and a variety of Online master’s programmes to choose from. Start early and talk to our education advisors to find out how you can make the most of the new year 2021 though learning.

Evolution and Innovation of the Financial Systems. Can the Financial System be updated?

Finance has always been my Achilles’ heel. It was my weakest subject during my MBA, the subject in which I scored my lowest grades. Never understood anything about the subject, but now that I think about it, it was probably because finance never interested me. And, as fate would have it, the first job I got straight from college was with a bank, and a few years later, the second job was with an insurance company.

So, whether we like it or not, finance will always be a big part of our lives. And if you think about it, you have been involved with finance ever since that day your mother gave you that coin to buy that candy from that shop near your school. And today finance is part of everything we do.

In today’s world, without a financial medium there is very little that can be done – no shopping, no job, no entertainment, no companies, no products, etc., etc., you get the picture! Finance is one of the key fulcrums around which the human existence revolves.

Today’s financial system is a product of thousands of years of financial evolution. The world’s financial system is very complex, formed by the overlapping of multiple, global financial networks that move trillions of dollars a day to serve billions of people. People who in turn use it to improve their quality of life – purchasing, trading, and investing.

Like everything huge and complex, there are a number of drawbacks. The system’s size and complexity makes it slow, expensive, lacking in transparency, and hence open to fraud. It is a system that thrives on speculation and seems to create concentrations of wealth. In today’s age of information and globalisation, is it possible to create a more functional financial system?

A complex system, formed by the overlapping of multiple, global financial networks that move trillions of dollars a day to serve billions of people

So, what is a financial system?

Simply put, it is the information layer that records and mediates economic activity. Finance serves the function of accounting for, and exchanging of, economic value. Financial systems enable funds to be stored and moved between the people involved in an economic transaction. Enabling the economic players involved, be it individuals or organisations, to share in the ownership of the economic activity, with the associated risks and returns.

Evolution of the Financial System

A financial system has always existed, and throughout history it has evolved from a community based financial system, to an industrial age centralised system, to today’s new global financial institutions centred around information technology. There are of course a number of factors that have contributed to the development of the modern financial systems, from double entry accounting, to nations adopting a single, common economic system that spanned a relatively large geographic area, and finally, to capitalism and large investments in industrial infrastructure.

Capitalism and industrial investments lead to the amassing of great wealth, which in turn resulted in even greater investment in industry. This resulted in the need for bigger, more sophisticated institutions for the regulating, storing, investing, and distribution of financial assets. Due to industrialisation, organisations moved from a more local/regional level to a national level, as a result, small local community banks with their local financial systems could not meet the demands of the industrial age. This naturally resulted in a centralised national/federal/reserve banking system coming into existence, which was the driving force behind the industrial economy.    

With the world economy becoming more accessible and deregulated, financial systems have evolved to become more standardised at a global level, becoming a system that manages a large flow of capital, organising the assets and liabilities of people and organisations around the planet.

The financial system continues to evolve and innovate to serve customers better, and move money more efficiently – from credit cards, to SWIFT interbank exchange, to ATM’s, online and mobile banking, and finally to financial products that are heavily based on speculation.

While the modern financial system continues to innovate, evolve, and improve the lives of the people using the system, there are also a number of challenges that impact the system.

A large percentage of society today is only interested in making the “quick buck”. This has resulted in the creation of financial products that are based on speculation, and this is where most people are investing their money. As a consequence of this, the actual investment made to the economy, and industry is reduced, and makes the system unstable and prone to collapse.

  • Global financial systems, while having a digital façade of simplicity, are in reality very complex and expensive to create and maintain, requiring a number of intermediaries to keep the entire system functional. All of this adds to the cost of the system, making the system inaccessible to billions of people around the world.
  • The system is made closed on purpose to protect the data it contains, as a result it lacks transparency, which from time to time, results in people on the inside taking advantage of the system to commit crimes and abuse trust.

45% of financial services organisations have suffered frauds in the last 12 months

PricewaterhouseCoopers LLP, Sixth Global Economic Crime Survey – Financial Services Report
  • Like any system centred around information technology, security is a major concern, and back doors into the system can always be found by a determined hacker.
  • The modern financial system can be complex and difficult to understand, especially with the evolution of FinTech (finance + information technology). Technology companies have entered the world of financial services, offering a number of products along the value chain, but are still not able to offer the full services that a traditional financial service provider offers.

The financial system is once again starting to evolve with the internet driving innovation, pushing the financial system into a more decentralised model. Blockchain, distributed ledgers and tokens are showing the potential for the new forms of the financial system. With the internet providing the platform to record, store and exchange value independent of centralised institutions, resulting in an economy wide accounting system that is secure and transparent. Is this the future of the truly global financial system?

This is all truly complicated to be covered in a blog post, and especially not by me!


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