Hi, my New York City and Central Park. I thought I'd talk a bit about the personal financial system. After recording the last episode, I asked my taxi driver what he uses for financial system. My driver and I talked for 15 minutes came down to effectively his financial system, his his bank account, and the critical balance in the bank account that gives him all the information he really needs to know is the account balance. The account balance is his financial system, asked him if he had other things. He said, Yeah, I have a savings account, but that's about it.

We talked a bit more about the kinds of data that he has and the kinds of information that's available to him. He shared that the GPS company that manages the taxis, it for the city has all sorts of information, all kinds of data available to them. They can tell when a person gets in the taxi cab where they get in exactly where they get out. What what the charges were down to the penny even attract now cash transactions by adding on tips for those, all of that data is available to the city. And some of that in summarized form gets presented to my taxicab driver at the end of the year, maybe on a quarterly basis or on an annual basis when he gets his w two, which he files for his taxes. But all that data isn't available for him to do analysis about what his trips were, like I said, you could take that data and the city could compile a list of the Top 20 taxi cab drivers in the city.

And I said they could do an analysis of where they're making most of their money. What the the routes were that they were driving that has driven them to be at the top 20 List of taxi cab drivers in New York City. He said yeah, but I don't get that data, his data, his personal financial system comes down to his bank account. That's the critical balance that he gets the transactional data for My Tax Account. Driver, that he doesn't have any access to that really at all. it spills out into receipts and things that get thrown away probably on a daily or weekly basis, maybe he doesn't have access to that information because the only thing he has access to is the balance that's in his bank account.

That's the critical measure of his financial system. This aspect is things that we're talking about here where financial systems come into play, and, and start to meet up against individual needs. We've broken down the posting processes and the transaction processes in so many different silos, even within large banks, the transactions for deposits within large banks. They don't know anything about the loans that are made for the same customers in those large banks because they're segregated by different systems. The posting processes were broken apart and made individually all of this data that we post into critical balances. It gets a in one form or another, I suggested to my taxi cab driver.

I said, Imagine if you had access to that, that detailed data that the city has. And you could analyze what routes you would go on. And you could manage your own finances and understand where you're spending as he said, Yeah, that would be interesting. Can you build me that kind of system? I said, Yeah, I'm kind of working on that. Thanks.