Ricardo Miranda Zúñiga

Structural Patterns

Reflections on Art, Technology and Society

The Golden Age of FinTech

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FinTech for the Precariat (working title) is a net art work that speculates on the false promises of income distribution in the Age of Bezos. COVID-19 has compounded existential insecurity; the pandemic of stress has been inseminated by the novel flu virus to birth a new reality – a chasm of uncertainty. As unemployment soars, speculative futures drive a stock market that has largely rebounded from the initial shock, but on what basis? The basis that this moment will soon pass and the age of plutocrats, technocrats and authoritarianism will continue thriving a year from now; the slight disruption soon forgotten. The agenda of economic growth must be embraced at the cost of human health. After all, those who enjoy the economic growth will remain safely at home in their condo or rural cabin or yacht.

It has been projected that the 2020s will be the decade of the FinTech Revolution. This marketing hyperbole is on the heels of many such revolutions – the Green Revolution, the Personal Computing Revolution, the dot.com, web2.0 and Social Network Revolution… These revolutions are sold on the promises of democratization and wealth. And they always leave a toll from cancer and the privatization of agriculture to unparalleled surveillance. Today financial technologies present the promise of democratizing complicated transactions, facilitating personal banking, mass speculation in stocks… Whether budgeting or gambling, these tools are relatively harmless. However, entirely new finance mechanisms or rather schemes are being developed as part of FinTech including autonomous finance, bitcoin and ultimately the financialization of human existence. A sector of FinTech will compound income inequality nationally and globally to insurmountable levels. As made abundantly clear by world leaders, finance no longer serves humanity, humanity serves finance.