Banking in digital form is not really that different from traditional markets, we are talking about still banking and as long as regulations do not change they are going to try to get all the money in the world.
Any business that aims at having more and more money or they will bankrupt is not a good business. You have a shop and you want to make money right? If you make a certain amount of money that is enough for you to survive, that company will not bankrupt right?
You spend 1000 dollars a month and you make 2000 a month and that is enough. Banks are not like that, if a bank makes 2 billion profit this year, it needs to make more profit next year, and more after that, which means by logic eventually they will need all the money in the world or simply we just print more money instead. That is a bad business traditional or digitally.
Topic: The 2nd generation of banking is going digital - page 2. (Read 873 times)
The banking is already digital. It became digital the moment they stopped holding physical records of every transaction and allowed computers to take over.
Digital banking is far better than traditional simply because it's faster, more convenient and requires less people in the middle and even less people contact. In Japan they introduced restaurants and bars where you don't order, but instead press a button on the list and swipe your card. IMO this is how all future trades will look.
Digital banking is far better than traditional simply because it's faster, more convenient and requires less people in the middle and even less people contact. In Japan they introduced restaurants and bars where you don't order, but instead press a button on the list and swipe your card. IMO this is how all future trades will look.
The change of banking to digital helps us to minimize procedures and make things faster than before. We will save more time and drive a more liquid economy. I hope in the future we will reduce economic recessions and evils such as corruption and money laundering.
The traditional banks we have are already moving their services to digital and online. These days that’s why we all have these online banking and banking applications that are being used for things like sending money, managing your cards, paying bills, and so many other things that you can do with them.
These transition to online and digital has made a lot of things to be so damn easy. Just like I mentioned paying of bills, I can remember when there wasn’t things like this and I had to go to offices to pay, waiting in queue and all that, it was really annoying.
You also don’t need to go to banks before sending money to someone. And then Bitcoin has also made things even more easy. It’s really good that things are changing.
These transition to online and digital has made a lot of things to be so damn easy. Just like I mentioned paying of bills, I can remember when there wasn’t things like this and I had to go to offices to pay, waiting in queue and all that, it was really annoying.
You also don’t need to go to banks before sending money to someone. And then Bitcoin has also made things even more easy. It’s really good that things are changing.
Yes everything is going digital, and this digitalization is starting to play some of the major role in our daily activities. I have been seeing a lot of the Digital banks, but for now I am still very careful with them and I am not going all out into them, because I feel that there are some risks. In some ways the normal banks we are using are still okay.
Moreover the traditional banks are moving their services online, every traditional banks I know all have mobile apps and online banking. Just like the bank I make use of, there are lots of things I can do with their mobile app and I can even log disperse errors and all that, and there are also some problems that I would have that will require going to one of their branches. But if it’s all these fully digital banks, if you have a problem there is no branch to go to.
Moreover the traditional banks are moving their services online, every traditional banks I know all have mobile apps and online banking. Just like the bank I make use of, there are lots of things I can do with their mobile app and I can even log disperse errors and all that, and there are also some problems that I would have that will require going to one of their branches. But if it’s all these fully digital banks, if you have a problem there is no branch to go to.
It will take a long time for the whole world to go digital is a big barrier to fiat currency i haven't read the whole law yet some provisions will encourage more corruption people will keep their money in the bank and every time they will be given a chance to whitewash it through the budgetary process. Banking services various banking companies are now relying on mobile phones for their services.
Some banks are already accepting BTC. Its a slow progress but I think we are going to that direction still thisis why some countries today are already developing digital fiat. Mobile transactions is goingot be the future for everyone, we would be able to buy small products and even in the fruit stand we can just scan the QR code to pay for them. Banks are also going to be just working online as everyone is dependent to the internet already.
The second generation of banking services has turned digital, but it hasn't got a complete transformation. This will change slowly, now through mobile wallets and through other forms of digital transfer more transactions have been taking place. We can expect a completely digitized transformation by the upcoming generation.
If they completely go digital, how will the primary role of fiat disbursement to the public happen? I don't expect that banks will completely go digital because that means that cash also is going to suffer. This move to me won't be possible to hold because bank is primarily for cash savings and disbursement.Banking system is partially digital now, I don't see how it will become drastically different.
The second generation of banking services has turned digital, but it hasn't got a complete transformation. This will change slowly, now through mobile wallets and through other forms of digital transfer more transactions have been taking place. We can expect a completely digitized transformation by the upcoming generation.
If they completely go digital, how will the primary role of fiat disbursement to the public happen? I don't expect that banks will completely go digital because that means that cash also is going to suffer. This move to me won't be possible to hold because bank is primarily for cash savings and disbursement.
I think we will not be seeing banks going to be fully digital even in the next coming years. A large of population are still unbanked and not connected to digital world. So phasing out fiat money is not gonna happen anytime soon. There may be areas that will turn to be cashless society but not all areas can afford to this kind of lifestyle. So even after 10 years, we will still see a large portion across the globe using their fiat money in their day to day lives.
The second generation of banking services has turned digital, but it hasn't got a complete transformation. This will change slowly, now through mobile wallets and through other forms of digital transfer more transactions have been taking place. We can expect a completely digitized transformation by the upcoming generation.
If they completely go digital, how will the primary role of fiat disbursement to the public happen? I don't expect that banks will completely go digital because that means that cash also is going to suffer. This move to me won't be possible to hold because bank is primarily for cash savings and disbursement.
The present generation is much attached to the digital growth. Anything and everything has got something close with technology. The most developed being the transaction support system. Right now itself banks have given access to create account without reaching the banks for verification and other purposes. If banks gets incorporated with the cryptocurrency market then surely the thought about cryptocurrencies will change and it gains more trust. Within the next ten years we can experience such a massive change to happen.
thats because other business are going digital , will banks gonna be late with it ? no but they also join this ride . i like the fact that we can create or we can open an account in banks without having to go in thier office . this is perfect for the people like me that are shy and dont have a time to travel far because bank main outlets here are far from my place but only few non major banks are doing this , im still waiting for the major banks to end up the same . same as wih the partnership of crypto which is also less but i believe that it will just grow in the future .
The present generation is much attached to the digital growth. Anything and everything has got something close with technology. The most developed being the transaction support system. Right now itself banks have given access to create account without reaching the banks for verification and other purposes. If banks gets incorporated with the cryptocurrency market then surely the thought about cryptocurrencies will change and it gains more trust. Within the next ten years we can experience such a massive change to happen.
I am already using a digital bank as it is. I do not have any office or whatever that I can go to, I don't know what the place for banks is called, just banks probably, mine has zero physical location at all. They have plenty of ATM around the city so I can withdraw or deposit there, but I usually do not need that neither, it is rarely ever needed.
In the end, all I have to do is open up the app on my phone and do whatever I need to do and thats it, there is really nothing more I have to do, it is so simple. I can't believe the traditional banks, they are really a lot worse, the other day I had to deposit money to my wife's account and it took me 15 minutes (without even a queue) to give the teller to put that money in the account, it was really an experiment that made me realize how awesome my digital bank is.
I am not even sure why we would need physical locations for banks to begin with, what do we really need it for?In the end, all I have to do is open up the app on my phone and do whatever I need to do and thats it, there is really nothing more I have to do, it is so simple. I can't believe the traditional banks, they are really a lot worse, the other day I had to deposit money to my wife's account and it took me 15 minutes (without even a queue) to give the teller to put that money in the account, it was really an experiment that made me realize how awesome my digital bank is.
I understand that back in the day we needed that and it made sense because we didn't have high tech, but why do we need it right now?
We have our phones and bank apps and there are ATM's everywhere so I assume that everything could be done without a physical location where employees would be helping you and bank tellers would be giving you money etc etc, that is not really a thing anymore. I am using a digital bank for the past 2 years or so and I can tell you that I didn't needed anything like that ever, not even a moment when I considered "it would have been nice to have it at this moment" for some problem, I just talk to them and fix things out on the phone.
Except for some basic things (such as having a Central office and a mandatory license package) there are already quite successful projects of such banking. Have you heard about Tinkoff (a Bank in Russia)or revolut? They do not have offices for clients, only ATMs. All communication with the Bank takes place over the phone/in the support chat, all products are delivered to customers by courier representatives.
And it's not just services for individuals - the same principle applies to legal entities, from opening an account to renting payment terminals for their point of sale.
As for me, Tinkoff is a very cool example of what banks should become if they want to continue to be competitive.
And it's not just services for individuals - the same principle applies to legal entities, from opening an account to renting payment terminals for their point of sale.
As for me, Tinkoff is a very cool example of what banks should become if they want to continue to be competitive.
I hope 2nd generation of banks accept all the cryptocurrencies and online payment gateways.
Many people consider cryptocurrency as a scam but if banks support it then people will start believing it plus the chances of getting scam will be reduced.
I trust the forthcoming occasion of banks develop itself enough that individuals get involved with digital money.
As for me, this is not how it works. To accept payments and enable operations in cryptocurrencies, the desire of banks and people is not enough. You can't just take and start spinning conditional BTC on your accounts just because the whole progressive and cool Bank 2.0.
Bank needs licensing for this, confirmation of the possibility of conducting such activities from regulatory authorities, and so on and so forth.
If this happens, then initially (as for me) it will be their own pilot-level projects to create their own small cryptocurrency and use it to attract people via cashback in cryptocurrency, a discount for paying it somewhere, and so on, but it will still be strictly tied to fiat and there will not be so big volatility
Except for some basic things (such as having a Central office and a mandatory license package) there are already quite successful projects of such banking. Have you heard about Tinkoff (a Bank in Russia)or revolut? They do not have offices for clients, only ATMs. All communication with the Bank takes place over the phone/in the support chat, all products are delivered to customers by courier representatives.
And it's not just services for individuals - the same principle applies to legal entities, from opening an account to renting payment terminals for their point of sale.
As for me, Tinkoff is a very cool example of what banks should become if they want to continue to be competitive.
And it's not just services for individuals - the same principle applies to legal entities, from opening an account to renting payment terminals for their point of sale.
As for me, Tinkoff is a very cool example of what banks should become if they want to continue to be competitive.
I hope 2nd generation of banks accept all the cryptocurrencies and online payment gateways.
Many people consider cryptocurrency as a scam but if banks support it then people will start believing it plus the chances of getting scam will be reduced.
I trust the forthcoming occasion of banks develop itself enough that individuals get involved with digital money.
Except for some basic things (such as having a Central office and a mandatory license package) there are already quite successful projects of such banking. Have you heard about Tinkoff (a Bank in Russia)or revolut? They do not have offices for clients, only ATMs. All communication with the Bank takes place over the phone/in the support chat, all products are delivered to customers by courier representatives.
And it's not just services for individuals - the same principle applies to legal entities, from opening an account to renting payment terminals for their point of sale.
As for me, Tinkoff is a very cool example of what banks should become if they want to continue to be competitive.
And it's not just services for individuals - the same principle applies to legal entities, from opening an account to renting payment terminals for their point of sale.
As for me, Tinkoff is a very cool example of what banks should become if they want to continue to be competitive.
I am already using a digital bank as it is. I do not have any office or whatever that I can go to, I don't know what the place for banks is called, just banks probably, mine has zero physical location at all. They have plenty of ATM around the city so I can withdraw or deposit there, but I usually do not need that neither, it is rarely ever needed.
In the end, all I have to do is open up the app on my phone and do whatever I need to do and thats it, there is really nothing more I have to do, it is so simple. I can't believe the traditional banks, they are really a lot worse, the other day I had to deposit money to my wife's account and it took me 15 minutes (without even a queue) to give the teller to put that money in the account, it was really an experiment that made me realize how awesome my digital bank is.
In the end, all I have to do is open up the app on my phone and do whatever I need to do and thats it, there is really nothing more I have to do, it is so simple. I can't believe the traditional banks, they are really a lot worse, the other day I had to deposit money to my wife's account and it took me 15 minutes (without even a queue) to give the teller to put that money in the account, it was really an experiment that made me realize how awesome my digital bank is.
The up-and-coming age of the bank will begin tolerating bitcoin as a payment method.
I do accept they'll include with blockchain innovation to improve their second eras of financial state.
Presently they're attempting to bring digital money down which are pointless for them.
They'll be tired from all the gibberish and toward the end, they will deliver the second era where bitcoin will be acknowledged and utilized in around the world
I am already using a digital bank as it is. I do not have any office or whatever that I can go to, I don't know what the place for banks is called, just banks probably, mine has zero physical location at all. They have plenty of ATM around the city so I can withdraw or deposit there, but I usually do not need that neither, it is rarely ever needed.
In the end, all I have to do is open up the app on my phone and do whatever I need to do and thats it, there is really nothing more I have to do, it is so simple. I can't believe the traditional banks, they are really a lot worse, the other day I had to deposit money to my wife's account and it took me 15 minutes (without even a queue) to give the teller to put that money in the account, it was really an experiment that made me realize how awesome my digital bank is.
In the end, all I have to do is open up the app on my phone and do whatever I need to do and thats it, there is really nothing more I have to do, it is so simple. I can't believe the traditional banks, they are really a lot worse, the other day I had to deposit money to my wife's account and it took me 15 minutes (without even a queue) to give the teller to put that money in the account, it was really an experiment that made me realize how awesome my digital bank is.
The second generation of banking services has turned digital, but it hasn't got a complete transformation. This will change slowly, now through mobile wallets and through other forms of digital transfer more transactions have been taking place.
In transition I suppose, I kinda seeing a lot of bank here in my country offering online services such as online banking and online loan, even non bank organization does the same. Mobile banking has been so easy these days, they already support bank to bank transaction and bank to e-wallet transaction. Perhaps, a couple of years from now we'll start to see a complete transited society from traditional to digital. 
We do not need such a high level of centralization in the banking sector. A single bank will simultaneously concentrate all information about the financial activities of people, this is very dangerous. In addition, if we switch to non-cash forms of payments, each person will be easily tracked by his financial activities. This is not worth doing.
More precisely, we do not need a commercial bank that is profit oriented and works relying on profits from interest. Banks have the right to play customer funds, but when the bank fails to maintain its liquidity, the government protects the bank with bailout funds, this is very unfair, paying for the miss management of private companies with public money.
In addition, banks accept savings from all groups of society, but banks are only intended for those who have because those who can borrow from a bank with low interest are only those that have collateral, while those that do not have collateral will get high interest rates. In addition, banks are a sunset business, because banking can be done by non-banking institutions.
Indeed. Having a central bank for all purposes needed can lessen the hassle on every user since the process would be quite simplified by then. This doesn't mean that banks were not good for anything. Banks were the foundation of our economic market in the past after all. It is just, its time for us to improve and innovate not only our tech but also our markets, payments, financial transactions and such. Well, before such a virtual central bank could exist, a lot of things are still needed and a lot of countries still need persuasion so that everyone can have access to such a bank.
We do not need such a high level of centralization in the banking sector. A single bank will simultaneously concentrate all information about the financial activities of people, this is very dangerous. In addition, if we switch to non-cash forms of payments, each person will be easily tracked by his financial activities. This is not worth doing. Jump to: