Money develops with humanity side by side and shows the people's wishes of every era very clearly . So, let's have a look at where it all started and where it leads us to.

The history of financial relations began around 9,000 B.C. It was primitive barter-style. You give me a cow, and I'll give you an apple. But people got bored with it quickly, because they felt a certain catch. However, primal society needed true equivalence too. Thus, the first prototypes of money appeared. People used as money the most significant in their region things like cocoa beans in Mexico, shells in Oceania, animal skins in Canada and Russia.

About 2,000 B.C., the people began using precious metals, pottery, pins, and arrowheads for money. But it was also inconvenient - cumbersome, heavy, and sometimes even sharp.

Without much thought (only until the 7th century B.C.), earthlings begin to use the first minted coins. They were invented in Lydia, then in Ancient Greece. A real rich man of those times is a gentleman with a huge bag of coins. Though, their weight must have diminished his joy.

Precious metals are difficult to extract and transport. Despite it, coins seemed to be the ideal means for a long time until the first paper money appeared.

In the 8th century A.D., the first paper money and the semblance of checks appeared in China. In Europe, the first paper money appeared in the 16th century, and the first bank was 100 years later. Booming world financial events began in the 19th century:

• Announcement of the Gold Standard for sterling in England,
  
• Transition of the United States from silver coins to a banknote system,
  
• Active use of banknotes in the Russian Empire and formation of the banking system,
  
• Bretton Woods Agreement and linking the dollar to gold.
  

Well, at long last, the accelerated development of banking began with the creation of bank system all over the world. Further events unfolded with incredible speed. So, fasten your seat belts, ladies and gentlemen! The glorious and terrible 20th century awaits us.

People of the 20th century could get tired of the kaleidoscope of events:

• world's first bank card of cardboard (1951),
  
• first credit card (1964),
  
• first ATM (1967),
  
• first magnetic stripe card and terminal (1971),
  
• first microchip card (1974),
  
• ATM networks in the US, Europe, and Japan (1980).

The 20th century culminated with a blind signature (by David Chaum, 1982), the first electronic money (1994) and the appearance of PayPal in 1998. This was a critical period for financial evolution. So, let's look at why people required financial change.

Money evolution reveals several bright human goals:

• To conceal the financial capabilities;
  
• To comfort monetary resources use;
  
• To increase the physical security of the money.

So, David Chaum presented a monument work (1982), that described the unique cryptographic principles as financial anonymity, availability, and provability. Electronic money has been actively developing in China, the U.S., Japan. But just when it seemed like it couldn't get any changes, the 21st century rolled out new updates.

Gradually the furor from digital money was dispelled. Users noticed tangible fees for financial services, high cost of international transfers, inaccessibility of some banking services. The first idea about a decentralized alternative financial system that bypasses banks appeared. People wanted low transaction fees, total accessibility, simplicity, and anonymity 24/7. Besides, one by one out of the magic hat poped up:

• PayPass (2002),
  
• Bitcoin (2009),
  
• NFC as Google and Apple Pay (2014/2015).

The notorious Coronavirus was the magic dropkick for people who realized they wanted:

1. contactless,
   
2. quick,
   
3. secure,
   
4. self-handling,
   
5. simple services with the minimum effort.

Well, the evolution of fintech alternatives has become a challenge to the world banking system. Now banks have several options to choose from. Otherwise, the curse will be triggered: change or disappear. Let's take a look at what 21st-century society desires and how the bank can perform it.

We face the concept that can be called "pay and live". There is no more need for POS terminals or physical plastic — everything is going virtual. We're one step away from the payment method from "Altered Carbon," where the main character just spits on the sensor.

Down with the extra links
People no longer want intermediate links and are learning financial self-management in the embedded financial ecosystem like Alipay. What can the banks think of something nice to do? Powerful collaboration with Samsung, Google, Huawei, Amazon, Apple, Uber, and development of all sorts of perks like cashback, personal Robo-advisers, crypto-accounts, and crypto-wallets, data scoring offers, etc.

Banks without addresses and queues
Fewer people like queues and the Covid only reinforced that dislike. Today, not having a physical office is no longer something to be ashamed of. Neobanks are our new reality that no longer seems surprising. A bright example is FamZoo — a virtual family bank with services "pocket money", tracking spending on children's cards, a common piggy bank, etc. Open 24/7, safe, profitable — a modern people's dream.

Automated humanity
New financial assistants are entering the fintech market every day that are designed to help people:

• Manage a family's budget (YNAB),
• Control finances in a smart way (Qapital),
• Get out of debt (Charlie),
• Reduce unnecessary expenses (Trim),
• Analyzes card payments to identify errors in bank charges and send complaints (Cushion).

The growing popularity of P2P payments confirms that people want to work with people or those who are as similar to them as possible. People want to be understood.

The banking area will never be the same again. The events of 2019-2021 uncovered all banking weaknesses and showed strong alternatives. Today, the success expects only those organizations that can focus on caring people. Walk a mile in users' shoes to find out which product will joy them the most.

Maybe it's a virtual tax assistant that can help with reporting and counting taxes. Or maybe it's a caring nurse who tracks health indicators, calculates the cost of tests, and makes appointments. Or it could be an app that selects a babysitter and compares the cost of services to the family budget. Any idea is fine — as long as it speaks to people's hearts.

P. S. We'll tell you how to create software that will win people's hearts. Contact us today to win the world tomorrow.