Off Line Financial Software Products
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Fee Free On Line Financial Services
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Ease of Use
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Unfamiliar words are often a huge barrier to
success. Management and accounting disciplines have evolved, creating
code words and concepts that are only of value to people with a
cultural or educational background that permits them understanding. |
Dynamic Artificial Intelligence (DAI) is a tool
that invites unsophisticated users to experiment with the mechanisms
of wealth management. By providing an interface that allows the user
to respond to the phrase, “What do you want to do today?” DAI enables
the user to literally create keywords or “menu” references that are
common to the specific language or idiomatic expression that the user
is comfortable with using. A “chartdex” file associated with the
user’s login name is used to present concepts and activities that have
historically proven useful to the client. DAI breaks down economic,
educational, social and cultural barriers, making the Wel-Fi Financial
Highway accessible to rich and poor alike. |
Licensing
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Typical financial and management software is
licensed for the individual business entity it serves. Licenses are
usually sold based on the total number of expected users or on a per
seat or per user basis.
Typically, a license must be obtained for each
software module that is being activated. For instance, there would be
one license for accounting software and another license for project
management software. A large institutional user usually requires a
database to determine who owns which license. Ordering these licenses
and keeping them current can be an overwhelming task. |
When financial services functionalities are
delivered via the Wel-Fi Financial Highway, there are no licenses for
the user to purchase or maintain. Merely having an account at a
Wel-Fi.com is all that is required to gain access to the multiple
modules that are available. |
Installation Issues
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Installation is a complex as licensing. Each
business unit must first secure the appropriate license, prior to
physically installing all of the software modules that have been
purchased, |
Installation or access to a computer with access
to the internet is all that is necessary to have all of the software
and services available. Enrollment as a customer with a participating
commercial bank includes being given a user name and password that
opens the doorway to the Wel-Fi Financial Highway. |
Training Issues
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Lacking well-trained personnel to oversee
licensing, installation and training issues, organizations using these
software products may have to spend thousand of dollars to have the
software vendors send installers and trainers to the various physical
locations of the users to oversee these functions. |
Internet delivery also allows intuitive training
modules to be associated with each step required for implementing the
Wel-Fi Financial Highway.
Because the training modules are centrally
located for all users in the universe, critical updates to the
training materials become immediately available to all users. |
Error Trapping
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Stand-a-lone financial software depends on human
accuracy for the integrity of the data being reported and managed.
Errors are introduced when an employee is lax in performing tier work
or when key employees are sick or absent from work for any reason. |
Financial transactions are captured in real time
as they occur at an ATM machine, point of purchase or in the bank
office when a deposit or check is recorded. This is accomplished by
having an intermediary financial institution install its file and data
base servers in line between the central office of the commercial bank
and the point where the bank customer performs their banking activity. |
Fraud Factors
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With an off line, stand-a-lone software product,
there are many temptations to manipulate the system. Sophisticated
users are in a position to input fraudulent data and make balancing
entries in other parts of the registry that tend to hide these
fraudulent entries. The most dangerous abusers are talented
bookkeepers and accountants who have discovered ways to manipulate the
system. |
An on-line system that captures actual financial
transactions when they occur electronically is verified by the
software and by the intense precautionary controls implemented by
commercial financial institutions. |
Availability to Users
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Conventional financial services software modules
are typically only available to those who can afford the licenses and
have the additional resources to maintain expensive computer systems
with the associated training installation and upkeep requirements.
Physical access to the computers is usually
required. Remote-access client software using virtual private networks
are available to those who are sophisticated enough to install and use
them. |
Internet services are available to anyone with a
debit card or a bank account with a participating bank. These
services can be accesses from any internet access point in the world. |
An Egalitarian Solution
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Conventional solutions to financial management
problems are available based on the financial capabilities of the
user. Affluent corporate entities tend to use the most sophisticated
and useful tools. As the size of the business entity decreases, the
software functionality that they are able to afford decreases. The
rural and urban poor are literally denied access to meaningful
accounting and business management tools. |
When services are paid for by adbertising
revenue, all of the software capabilities and functionality are
available to everyone.
The Wel-Fi Financial Highway guarantees that the
urban and rural poor can gain access to wealth management tools that
have the potential of delivering them from their economic plight. |
Hardware Infrastructure
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Off line software with users licenses are
typically served to the users from a system of personal computers and
file servers. Depending on the sophistication of the client business
unit, there may be a lack of access to the climate control and
electrical conditioning needed for a secure solution. Depending on
business unit owned file serves requires an advanced plan for
replacing legacy hardware, periodically migrating data and
applications to newer hardware. The additional burden of maintaining
intranets that adequately satisfy the burgeoning need for increased
bandwidth results in the various business units creating staff that
are dedicated to keeping the hardware infrastructure meaningful. |
Internet delivered services allow highly
sophisticated infrastructure providers to assure all users that they
are working with the most modern and dependable equipment. Central
offices with air-conditional, climate control, dependable, properly
managed and conditioned electrical power with back-up diesel
generators assure all users that up time is optimized. When using
conventional, off line systems, this sophisticated hardware is seldom
used by even affluent business entities. |
Data Security and Backup
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Studies have shown that mature business that
encounter a major system failure are likely to go out of business
because of their inability to recover form the loss of data.
Users that have independent personal computers
are familiar with the pain associated with a hard drive failure. The
majority of personal computer users in the world are inadequately
protected against catastrophic damage to their information. |
The Wel-Fi Financial Highway depends on a network
of mirrored servers that are physically separated from each other to
protect data from local and national crisis. For instance, typical
financial reservoirs of data require parallel resources on more that
one continent. A revolution of natural disaster is less likely to
produce recovery pain. In fact, failure of one or two of the
sophisticated centers can be accommodated in a manner similar to what
happens when an airliner loses two or its engines and continues to fly
to its destination on the remaining engines. |
Software Updates and Revisions
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Much like managing licenses and out of date
hardware, the need to update software with the associated revision
changes is a burdensome task. It is even more burdensome when
associated business units fail to synchronize their efforts. Partners
with non-parallel versions of software are often unable to communicate
with each other. |
Software updates and revisions occur
transparently and are typically never even noticed by the users. |
Software Changes for Special Needs
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Typically, conventional software is designed and
licensed to accomplish specific tasks. Requests for function changes
usually require expensive software development. This is due in part to
the wide spread use of proprietary technologies that are patent
protected and inaccessible to programmers unless they are authorized
by the owners of the patents. Asking for an addition or a change to
this type of software is complicated by the licensing issues and is
expensive. |
The Wel-Fi Financial Highway, much like the
information Highway that reaches us via the internet, is written in
Open Source Code languages and uses Open Source Code data
repositories. This means that agencies, governments and business
units, using the openly published Application Programming Interfaces
(API’s) can create functionality for their specific needs. A testing
and verification system exists for making their work available to the
rest of the universe. |
Operational Costs
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To evaluate operational savings, simply estimate
that money that is currently being spent of installation, updates,
data security, license management, infrastructure overhead, etc. |
The operational costs that require significant
attention are the needs to verify that the interconnection speeds and
integrity are adequate. |
Purchase Price or Capital Investment
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The capital needed to purchase licenses, update
file servers and network infrastructures frequently is a barrier to
progress. Detailed studies must be performed to evaluate cost versus
benefit. Long-term highly intelligent planning requires lengthy study. |
The Wel-Fi Financial Highway is paid for in small
increments as the system is used. Fees are limited to a small
percentage of amounts deposited into the bank. The providers of the
Wel-Fi Financial Highway resources are encouraged to add an
ever-increasing number of value added features to the environment.
Doing so makes the Wel-Fi Financial Highway more attractive to new
users. New users increase revenue that is used both for profit and for
research and development needed to further universal access to
financial systems and services. |
Auditing Features
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Systems that depend on human integrity to verify
accuracy of the information must be continually audited.
Unfortunately, the information that is available for audit may be out
of date or filled with error, especially if there are not standard
procedures for collecting and delivering data for audit. The Enron
debacle in the United States revealed on a massive scale how complex
accounting systems can be manipulated. |
The Wel-Fi Financial Highway includes both ad hoc
reports and the ability to design targeted reports for special
information. Auditors can routinely develop new strategies for
analyzing the flow of data that is before them. When required,
business units can grant read only privileges to the respective agency
that are assigned to audit their activities. |
Compliance Issues for Institutions
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Agencies and institutions are constantly
developing guidelines and systems for accomplishing their missions.
Conventional systems force supervisors to personally travel to visit
and inspect records kept in a variety of forms with varying levels of
integrity. |
The Wel-Fi Financial Highway allows managers to
create and instantly distribute their latest concept of what needs to
be done to succeed. Ad hoc and standard reports are easily filtered to
discover indications that a specific task has received attention or
has been blatantly ignored. Using Dynamic Artificial Intelligence
(DAI), managers rapidly learn how to mine data for significant
indicators of compliance. DAI not only helps them to ask the right
questions, but it also helps them to understand the answers they
receive. |
