Review of The Great Transition

[Francis Omotayo Aderogbin]

[Following is an official OnlineBookClub.org review of "The Great Transition" by Emmanuel Daniel.]

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4 out of 4 stars

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Change is constant. The world's system has been changing from the Stone Age down to this age. The world’s financial system is not left behind in these progressive changes. These gradual changes in finance sector and their effects are what Emmanuel Daniel discusses in The Great Transition.

Emmanuel brings forward his original ideas on rising issues in global finance, economies, and society. He compares the iconic ice trade to the changes in the financial industry. He discusses the evolution that is gradually taking place in the global financial industry and opines that the world is gradually moving from the platform era to the personalisation era. This great transition is favoured by people's agitation for freedom and the ability to control their data. Emmanuel argues that the banking sector needs to brace up for the incoming disruptions. He explains that if banks do not develop new and unique products, they will be left behind as new technologies like blockchain, cryptocurrencies, virtual and augmented reality, 5G, quantum computing, and the Internet of Things (IoT) will offer people the freedom and independence they desire. This disruption is imminent, and its advent is here.

Emmanuel Daniel is a thought leader in the future of finance and the founder of The Asian Banker Global. He was listed as a top 10 global influencer in the FinTech Power50 in 2021 and 2022. With his vast experience in the future of finance, his ideas need to be looked into critically. I give him huge kudos as he writes about this reality set to occur, which many are resisting. The matters arising from this book should be taken seriously. I like the simplicity in the delivery of the points in this book.

I felt like I was in a lecture hall while reading this book because the author carefully developed his line of thought. He laced it all out properly, from the faulty legacy in the financial sphere to how emerging technologies are solving these problems. I am a crypto enthusiast and have been exposed to terminologies like DeFi, decentralised exchange, NFT, and others. It is a privilege for me to review this book. However, if you are a general reader, there is a glossary of technical terms used at the end of the book.

When I read the foreword by Barney Frank (co-author of the Dodd-Frank Act) and Richard Sandor (father of financial futures), I knew I was in for a cool knowledge ride. One of the things explored in this book is learning from previous financial crises and preparing for the Great Transition. The financial industry will be at the heart of this transition. This transition will remove the intermediaries, as people will clamour for proper use of their data. The readers were exposed to some concepts, like financialisation. This is a concept where the value of any asset will be based on a piece of information, data, a digital token, and an index attached to it. Other concepts like perception, the networked phase, interoperability, etcetera, are combined to project the inevitable transition to the personalisation era.

The author did not just push his ideas regarding personalisation; he also envisaged the likely problems that could arise during the networked and personalisation phases and the solutions to these problems. He was able to do this by studying the previous financial crises and how the authorities were able to address them through Basel interventions (I, II, III). As Richard Sandor said, 'The content of this book is not only a vision of the future but an encyclopaedia of what is currently happening in the digital world'. This book will project for you the future of the global financial system, show you what is currently happening, and equip you with the knowledge of how to position yourself to benefit from it. You won't learn; it will intellectually open your mind and constructively criticise the author's argument.

As much as I appreciate the tables, as they help me understand the discussion better, I would have preferred it if they could be in a vertical and straight format for easy reading. It will also prevent readers from tilting their heads before reading what is on the table. Apart from this, the book is adequately formatted with a legible font type. The points posited are clear, and the delivery is superb. I found a few errors that made the book look professionally edited. Therefore, I will rate this book 4 out of 4 stars. The negatives are not enough to remove a star.

I recommend this book to people working in financial institutions, FinTech CEOs, cryptocurrency enthusiasts, and people who are confused about what is happening in the financial sector. This book is a massive resource for them.

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The Great Transition
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[Oluoma Chukwu]

I am interested in reading about how the financial world is transitioning. Like you mentioned, change is constant. I have been hoping to find a book that can throw more light on the financial world and I would love to read this.

[Judy_Akha]

I am not curious about financial matters but your review is so detailed and well-written that it piqued my interest. Thank you.

[Nwaka Chukwuemeka]

I'm happy to come across this book the second time. The Great Transition is one of the books that gave me alot of insight and undeniable information.

[Prisallen]

I am not familiar with a lot of the terms you used; most of my savings are in stocks and bonds. So, I think I would probably be totally lost with this book unless it is well explained for novices like myself. I appreciate your informative and interesting review.

[Chris Walter Mason]

I agree with you, change is constant. I love this book from your review. I believe it will be a great read as stated in your review. Great review.

[Chiwendu Ikechukwu]

Change is constant as you said. And it would be wise if we embrace this change. The earlier the better. Nice review would definitely read this book someday

[Ozioma Miriam]

Wow, there's a lot to learn from this book. Your review contains so much that I'd like to know more about. Finance is changing with the advent of new technology. Nice review

[Christabel Egbeama]

I do know that the world is changing and most especially in the financial sector. However, I know very little of this revolution. I believe The Great Transition will provide me with all of the things I need to know regarding this revolution. Thanks for the detailed review.

[Muna Chizzy]

The financial global sector is changing by the day. And other financial savings organisation is taking over the banks. In other to prevent this from happening the banks need to step up their game.

[Oyedeji Funmilayo]

The world is changing is indeed and the financial sector is not left behind. I am a crypto enthusiast too and I hope to read the book soon. Welldone!!!

[Victor Munakombwe]

Interesting ,intriguing and very direct . I love the way his pharased the writing. It speaks to the mind and lives one thinking how well an adaptive open mind can work.

[Bri Denzel]

I'd love to learn about the gradual changes in finance sector and their effects. Great review.

[Amarachi Nwankwo03]

Wow! The author is definitely an expert in his field, and like you suggested, his opinions should not be taken lightly. It’s no news that indeed, the finance world is transitioning. With the invent of cryptocurrency, etc that provides individuals independence and simplicity. I would like to read further and learn a thing or two. Thank you for your detailed review.

[Judy O]

I would love to read this book. The world is changing and I believe our perceptions are as well. This book seems to make the readers understand some of these transitions and that is commendable.