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List of forums -> Your suggestions and bug reports -> Banking system (suggestion)

Suggestions on how to make our virtual business game better and reports about discovered errors.

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Topic created : 13.05.2016, 03:16
Sulaco
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l:
Weyland-Yutani Corporation
n:
EDEN Corporation
m:
Weyland-Yutani Corporation
 
Hi
 
I suggest to introduce a new service: banking to the game.
It could work similarly to the electricity market.
 
My basic idea would be the following:
1, introduce a new rentable unit: the bank (similar to offices) however only 1 could be established per city.
2, The bank would work like the following:
In each turn the player can assign a certain amount of money for each bank, on which he would like to earn return.
So for example, I would like to lent out $ 40 million, then I type in $ 40,000 (in thousands).
Also, the player should determine the "price" of the money he is lending.
So for example, if I would like to earn a 6% return, I would type in 6 as an interest rate.
The "money market" of the city would work like the "bargaining" method, so there is a certain amount of loans needed in the city, and the players should compete with each other for the debtors. The money which could not have been given away as a loan should be returned to the player.
 

However there is a trick:
In every turn there is a chance that you will loose your investments. So for example, there is 3% chance that you will not get back anything from your money. This chance could be lowered by researching technologies. The more advanced your technology is, the lower the chance of insolvency. The occurance of insolvency should only affect a certain bank, not the whole city. This method would decrease the chance of liquidity probelms and bankrupcies.
 
Or, the market could work as a regular market, however prices should be replaced by interest rates, and quality with the chance of insolvency.
 
All returns earned on the investment is subject to tax.
A new qualification: banking and financial services should be introduced. The qualification would determine the number of workers you can employ, the maximum level of introducable technology and the maximum amount of money you can give out as a loan/bank  
 
Some other features could be:
-Negative correlation between the size of the credit market and changes in unemployment.
-Negative correlation between the size of the comodity market and changes in interest rates. An equilibrium interest rate should be determined in every city by some kind of algorithm to modell real life happenings and effects.   

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13.05.2016, 11:50
JustNash
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this is the best banking suggestion this far!
 
Retail banking that works just like stores and service centers. Simple, fun, won't impact the dynamics of the game too much. 
 

17.05.2016, 09:50

Last time edited : 17.05.2016, 09:54
jeka_igla
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Red Swarm LTD
 
We v had a very similar concept in development for a looong time but it never was implemented.
 
Banks are very complicated, they should be realistic, balanced and this would be something really new (it is always hard to develop something completely new). Our main issue was that banks may break the balance almost with any possible implementation.
 
Another big problem we faced is that game's economy currently doesn't seem to need borrowings as a tool because there is nothing players can do with extra money. Money is not a problem in this game and expenses are very low from my point of view (construction, rent, salary and almost all types of expenses). Much more valuable things are qualification and point property and because of that we can't have realistic business simulation. The fact that people don't need to borrow to expand their business is sad and not realistic but it is how it is.
 
Also we already have enough businesses where players getting guaranteed income which leads to inflation (more correct way to call it here - huge surplus of money). Actually in Russian forum we have a slang word for virtual money in this game - фантики, which means something which worth nothing. So if banks would work with virtual people (even if they would lose money sometimes) in general they might be just another way to get even more money. If we make them not profitable - no one ill use it.
 
Anyway this is very complicated and we spoke about it with devs many time (banks come up 3-5 time every year).
 
I definitely agree that financial services should be in the game but it is hard to say when we finally might see it. Banks are actually first thing many people thinking when it comes to business simulation so for 9 years we had too many Russian topic like "add banks". Your concept here is very decent and we also wanted to do them very similar to how they work in real life. 
 

17.05.2016, 15:14
JustNash
Twelve years with Virtonomics Jubilee Ten Shagreen, VII-XV places Shagreen, VII-XV places Macedonian common amphora Common amphora of Heraklion The winner in the nomination Your Way to success of the Industry Competition Winner of the Contest for Managers in the nomination "Knowledge is power!"
One year with Virtonomics
Основатель г.Хасселт Jewelry Loupe Founder of Carcassonne Twelve years with Virtonomics Belgium soccer ball Traskor Swedish standard Viking helmet
Dalahast Deer horns Ingvar Kamprad Order Mathematic teacher Compass Festive glasses Jubilee Ten Silver Ten
For contribution to the development of Virtonomics The tender collider, VII-XV places The tender collider, VII-XV places The tender collider, VII-XV places The tender collider, IV-VI places The tender collider, IV-VI places World Cuisines, VII-XV places World Cuisines, VII-XV places
World Cuisines, IV-Vi places Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, VII-XV places
Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, VII-XV places Shagreen, IV-VI, places
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that's surprising feedback. Given that we've seen autorepairshops, for example. Retail branches for financial services would look extremely much like those. Just copy autorepairshops, change a few words and formulae and you're done. There is no risk. There is no influence on game dynamics. There are no intercompany loans (as you correctly stated: there is no need for intercompany banks).
 
Example:
 
City district: same as autorepairshop
Area: same as autorepairshop
Equipment: same as offices, ie computers
Employees: influences service level
Popularity/advertising: same as always
 
Specialisation: multiple options:
* mortgages
* savings and loans
* insurance
* multi-discipline (twice the number of visitors, but lower margins)
 
Number of visitors: same determining factors as autorepairshop
service level: same
uniqueness: same
 
Price: as Sulaco already said: you should fill out a margin. This is typically put in "base points". Higher margins have the same implications as higher prices in autorepairshops.
 
The bottom part of the page is the same for any subdivision with workers.
 

The only tricky part is how to set profitability. Indeed: if there's no profit that's comparable to what can be made through similar efforts, nobody will use financial services. Just start small and see what happens. It's always easier to improve profitability as you get along than to lower it.
 
Later on, you can gain realism by including loan delinquencies. Those would be correlated to city district and employee qualification. If you really want to expand, you might include shifts in city unemployment into the mix. And/or add anything else to increase realism.
 
Again: no intercompany activity! That would not work. "Financial services" would just be another generic term like "autorepairshop" or "fitness center" or "restaurant" or whatever you choose. 
 

18.05.2016, 03:49

Last time edited : 18.05.2016, 03:54
Wonson
Seven years with Virtonomics
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Wondime
m:
Wondime
 
This is great indeed, still I wonder what should happen behind the scenes when updates happen.
 
We already know what happens behind the scenes is not so complicated but this does not seem to be a fantasy monetary game that money is created out of nothing. The virto residents seem to be doing tasks during updates and that's a simple worker/consumer role. It's not known to me how these simple roles will fit into new banking system. Should they define some more activities for virto residents? something like buying their own houses empowered by new mortgage system? You know what I mean, without a certain need a supply/demand system cannot be defined. 
 

18.05.2016, 13:09

Last time edited : 18.05.2016, 13:23
gamerz300
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m:
Egg-Roll International
 
@jeka_igla how are banks hard to implement in this case? Money you input in the bank isn't for puppet masters (players) it's for the puppets (game worlds population)
 
I love this idea and when I was working on something similar to this game (mess around project that I've basically dropped) I got bare basics for banks working including which is neglected in here, interest rates controlled by the government... I even got barebones stock market update script working too...
 
Basically, yes banks and stock markets are hard but if I can do it they shouldn't have any issue at all To you
 
What's missing from here or what's wrong?
 
1: government needs to control max/min rates
2: players should be allowed to open multiple locations like stores. This is because they unlike offices provide financial services, my bank I deal with has 4 locations at least in a small town, another bank has equal number at least as well. More locations better the service quality imo, as you don't have to wait in lines as much.
 
I'd show the pictures of the project but image shack is either gone or deleted my images and I'm no where near my computer To you 
 

List of forums -> Your suggestions and bug reports-> Banking system (suggestion)

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