Topic: Mobile phones and the Internet are changing the banking (Read 1262 times)

One of the greatest evolution of these new technologies today and some banks are adopting with it but the greatest invention ever made is the bitcoins since we are able to earn even if we just leave our balance in our wallet and also we can transact with it globally without government traced out and tax payments with our transactions.

I do have an idea on what local wallet you are using because i do have the same experience too on my local wallet.Once i recieve funds on bitcoin form i do easily convert it on a matter of single click then it exchange to local value then you can opt out on cashouting it without or less fees involved and that transaction would only happen on a single day depending on the confirmation of such withdrawal.

I can hardly remember when the last time I went to the bank, the banking system in the digital world was influenced by the system, maybe easier but we can not touch the real money

I think with the advancement in technology, things will keep on changing and we’ll be able to see such a wonderful things like online banking and stuff like that. It is a very good idea and we must appreciate it. I think with the evolution of mobile phones and internet, we can do almost anything related to banking by sitting at our own homes.

Mobile phones and the internet are definitely changing the banking industry. Central banking system is getting thrown out the window in replace of a new one.

The emerging markets have outpaced the mature one’s development significantly, experts say. Let’s check out two of the major trends.
Smartphones golden age
The first trend implies that emerging market buyers are shifting from PC, laptops, and tablets with a high penetration in mature countries right towards a new generation technologies. That means that smartphones there have been adopted not only before PCs but instead of them. Due to continuous smartphone penetration on the market, the growth in a number of mobile phones in emerging markets is proceeding exponentially. According to GSMA Intelligence, for instance, it stands for 76% in Taiwan and for 70% in Myanmar. The reason is that smartphones in Asia have recently become rather affordable and its cost varies just from $30 to $50. Moreover, the capabilities of smartphones processors are on par with PCs’ processors, and the features sometimes wider — photo shooting, for example.
Contrary to all the rules
The second trend covers rising of the Internet penetration even among people with very low income. The emerging markets show interesting statistics: usually, they have a high percentage of the unbanked and underbanked population and, at the same time, the high level of penetration of the Internet and mobile services.

For example, Asian region overall is expected to become the world’s fastest-growing Internet region by 2020. While Internet industry is flourishing, only 27% of the South East Asian population have a bank account. In 2017, China has 731 million internet users and 53,1 %t of them are online. The country demonstrates a fast development pace but still has 21% of unbanked. In Myanmar, the Internet traffic growth is 58% and, at the same time, Myanmar has one of the lowest banking penetration rates in Asia, with over 70% of adults (aged 15+ years) unbanked.
Traditional banks and alternative fintech projects battle
What is more surprising, these trends have the strong impact on the totally different industries, for example, on the financial markets. Emerging market consumers, in the same way, skip traditional banking services and move to online wallets, payday loans cards, P2P credits and to online applications for loans that can be taken via smartphones! That happened since people found it is much easier and faster to do it by phones, however, this fact formed a new trend in financial services. As mobile and Internet services do not need paper documentation, therefore, neither financial services nor their customers need such traditional creditworthiness proofs as papers, credit histories, collaterals, persons to vouch and so on. All the traditional banks’ requirements make sense as they are just trying to de-risk their ​businesses, especially for the emerging markets banks.

In Kenya, for example, M-Pesa financial service lets customers store, transfer and send money via simple text messages. Usage of WeChat Pay and Alipay apps is approximately 7 times greater than average of top five conventional banking apps in China!

However, at the same time, alternative mobile services market is growing rapidly making all the classic rules senseless because the fintech projects found the way not only to accept applications online from mobile devices but to assess their customers online too.

For instance, the blockchain company MicroMoney has developed the mobile scoring system based on neural networks technologies that allow estimating of customer's creditworthiness remotely just having an access to a customer’s smartphone data. So its clients don’t have to collect a pile of papers, to provide a collateral and a one to vouch, or to wait for the bank approval. No struggle to prove that they are reliable credit customers or wasting the time if they had no credit history before (because for a bank it means the obvious rejection). MicroMoney’s mobile scoring system after getting the access to mobile data explores around 12 000 different parameters of data stored on a phone (SMS, contacts, social accounts data, searches and purchases, and even a music a user likes) within just several minutes and approves (or disapproves) a loan. In case it approved, MicroMoney immediately sends money right to a client’s e-wallet.

With the trends we mentioned before, it’s obvious that the banking industry will not stay the same anymore. Moreover, these changes give the banks the key to the audience untapped before — to the unbanked and underbanked people in emerging markets and worldwide.

Too many convenient in the mobile phone services will lead to the unsecurity of your bank account when your mobile phone is lost. In my country there is an app that can transfer money from this account to other account without a password ( cause the owner use the option " Always remember password". Then the thief takes away his mobile phone and his money in bank account. So you should need at least 2-FA code protection. Make the way to your bank account more complicated for security.

Yes it is best options for me now and they're customer services deserve a thumbs up. Never have an issue with this pattern of cash out for me. You can do it in fraction of time, less transaction fess and so much option to choose from. They're confirmation is instant from converting, receiving and cashing out. It was good to have it on phone for mobility. Banking system and technology works best with bitcoin.

it is a good option for you and i think if its be done in other country then we can changing the banking services although its far beyond from now but i am sure that in future, we can do this with easy. it is good for us to know that there is a wallet that could convert our bitcoin to our local fiat and send the amount to our bank account or our debit/credit card so we don't have to difficult to spend the money. we just only need to use our debit/credit card to buy something.

I can hardly remember when the last time I went to the bank, the banking system in the digital world was influenced by the system, maybe easier but we can not touch the real money

Mobile phones and internet are changing the banking and finance industry, newly developed countries most in Asia are rapidly adapting this mobile banking bandwagon but the widespread of mobile banking has also a threat to personal and financial security where most mobile devices, routers and other internet  devices are came from China. There are rumors that some Chinese chip manufacturers for mobile devices are injecting malicious codes or programs that can track your activity and can sniff your personal data like passwords, banks accounts and contacts, we don't know how true it is but if it is the case, this is the Chinese biggest secret weapon, the data invasion.

In some debit cards, you no need to do anything just send bitcoins to that wallet and can go to ATM to withdraw your money. In XAPO account you just send bitcoins and then you can straightway withdraw money without any additional work like converting into your local currency. They automatically deduct the fee and other conversion charges from your account.

The main concern with smartphones are them being the weakest link in a chain, from a security and attack vector perspective.

It is known that many smartphones may have backdoors built into them which allow for monitoring/data mining/state surveillance. Here is an example of this in action:


Here's another example of smartphones not being the most secure platform:


There are other potential issues with smartphones in financial transactions.

There's a push for lower smartphone encryption standards by intelligence agencies. There's the potential for cellphone signals being wirelessly intercepted and decoded to mine passwords and other personal data. As usage of cellphone based payment and monetary transactions increase, the number of viruses and malware which target cellphone platforms are also likely to propagate.

Smartphones are very convenient. Whether they can realistically be secured is another question.

Agree much of this topic. I do have an exchange wallet that can be done this transactions in seconds. No kidding, example given: I received 0.01 worth of bitcoin then I will convert it to same wallet to my local currency. Then there is an option for Master Card cash out then after putting information address or email and amount. Viola' it was done instantly. The only thing left that I should do is withdraw it on ATM or on bank.

Agree much of this topic. I do have an exchange wallet that can be done this transactions in seconds. No kidding, example given: I received 0.01 worth of bitcoin then I will convert it to same wallet to my local currency. Then there is an option for Master Card cash out then after putting information address or email and amount. Viola' it was done instantly. The only thing left that I should do is withdraw it on ATM or on bank.