New to dott - 5 questions in 5 minutes interviews. Today, we kick off with Andrew Baughen who is scratching the surface of finance for us.
What authority are you on the subject of finance?
Apart from expertise in spending money (mostly on my daughters), I have a degree in finance and have worked as a strategy consultant for lots of financial services firms.
What is wrong with the financial world now?
It forgot that money is there to help businesses develop, help people buy houses and help the economy to run. Instead it started to think it was there to make its fee revenue grow.
Added to that, there is the complexity of new products confused and obscured to the point that nobody understood the real risks.
Can it be changed?
Yes, by focusing on helping people rather than helping themselves to a bigger and bigger slice of the pie (not that I’m against eating pie).
Does the industry provide any good for society?
Definitely – without banks we’d be back to Person A swapping some of his vegetables with Person B in return for some of her apples. The finance industry enables cooperation between people by making corporate endeavor and efficient markets possible.
Should it? Is it relevant to culture?
Without finance there is no means for culture to thrive. It just needs to remember it’s the servant of culture rather than the master.