The 2nd generation of banking is going digital - page 4.

ReiMomo

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Quote from: abel1337 on October 21, 2019, 12:30:48 AM

Quote from: ?? on ??

Everyone opts for convenience and this is what makes digital banking receives more attention as compared to the old traditional banking. In the near future, there will be more cryptocurrency related banks across the globe because there are projects which have already started this. Ridivi is a classical example as it intends to integrate cryptocurrency and banking.

Yes, of course, Everyone wants comfortability and comfortability comes with the future. Some banks may be open for bitcoin adaption but there are different factors why they can't adopt it. Banks may find a way to adopt blockchain technology in the future without not abiding the laws of the states.

Definitely right.
That's really good to hear. If that will happen, I think it's more convenient for a lot of people because it will be less hassle to them especially there's no need for them to go to banks to line or ques. Digital bank is easier and hassle-free and looking forward to that to happen all over the world as soon as possible.

Murat

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This is a really real issue that the Banking system is the core of any monetary system, without the Banking system we can't do many things which are very essential to us, not only that but also We can't transact anything without the banking system. so this banking system is providing more facilities than the previous days because of getting a digital system. When you are adopting this digital system then it could be easier and comfortable for both user and service providers, so it's a getting challenge for the blockchain system to provide the service more updated. I think when you get a fully digital system then it must be more user-friendly regarding the regular transaction.

abel1337

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Quote from: ?? on ??

Everyone opts for convenience and this is what makes digital banking receives more attention as compared to the old traditional banking. In the near future, there will be more cryptocurrency related banks across the globe because there are projects which have already started this. Ridivi is a classical example as it intends to integrate cryptocurrency and banking.

Yes, of course, Everyone wants comfortability and comfortability comes with the future. Some banks may be open for bitcoin adaption but there are different factors why they can't adopt it. Banks may find a way to adopt blockchain technology in the future without not abiding the laws of the states.

Oneandpure

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Quote from: palle11 on October 17, 2019, 04:02:38 AM

I see that the digital nature of the new banking system is actually giving cryptocurrency the help in growing. Some crypto systems are already understood by people because they are already getting use to the digital banking. For example, with many banks operating the card system, atms, KYC verifications etc they are thus not new again. The bitcoin ATM is not new nor strange because people are already use to the fiat ATM .

People have ready using fiat ATM but will have the same system with bitcoin ATM? we need give way how to socialization using bitcoin ATM to many people how to withdraw or how to check balance in bitcoin ATM, just adopt bitcoin as digital banking make many people where save money by traditional way want move to bank have adoption bitcoin as saving payment, become bank digital currencies crypto payment have many benefit for bank member.

ActAshton

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Quote from: Harlot on October 20, 2019, 12:59:22 PM

I think the OP is mixing up his understanding of banks that there are are two kinds of it one is what he calls “traditional banks” where their clients go to the branches to make transactions and the other one is where they can transact online or using atms or their phones. If that is his understanding then he is truly wrong about it since what he calls “traditional banks” are also the ones evolving into digital ones since its how they keep up with the technology surrounding it and of course against their competition. The fun thing about this is some banks are already applying blockchain into their system as well as including crypto onto their businesses.

I don't see how BofA or Wells Fargo or any of these other tradtional banks are turning "digital" with just their mobile apps and inner b2b transfers. The term digital banking is referring to these banks that can operate the same way as these bigger players but do not need to physically have a branch. They are more flexible in this case as they can partner with different corresponding banks, implement blockchain technology (RippleNet is the best example), provide insured custody for digital assets, etc.

There is much more flexibility in this case. Look at EQIBank, Revolut, N26, and more. EQIBank differs because they actually have a bank license but they're all very similar in the end.

dentolas

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the thing is that cryptocurrencies have brought the possibility for each person to become it's own bank, bank services will partly split between crypto finance companies that grant loans and credit cards, etc, and each person own personal management...
huge bank fees, abuses, etc are doomed to end
probably traditional banks will adapt to provide double crypto-fiat services, but in the end, most of their exploitation business is gone
(nowadays you can also send fiat money from one place to the other without banks via multiple service providers)

coolcoinz

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It's probably a bad idea to go full digital and deny people access to physical money. It's a great way to making fiat completely traceable and give more power to the government. Like in that movie enemy of the state, they will be able to completely cut you off, wipe you out of any records, make you a ghost, who is unable to even buy a meal. Having cash at hand has its benefits, especially when you're not a submissive type.

Harlot

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I think the OP is mixing up his understanding of banks that there are are two kinds of it one is what he calls “traditional banks” where their clients go to the branches to make transactions and the other one is where they can transact online or using atms or their phones. If that is his understanding then he is truly wrong about it since what he calls “traditional banks” are also the ones evolving into digital ones since its how they keep up with the technology surrounding it and of course against their competition. The fun thing about this is some banks are already applying blockchain into their system as well as including crypto onto their businesses.

TheCoinGrabber

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There is a fear among certain people that the banking system going 100% digital could mean the end of physical cash and that would be a danger to their liberty. A valid concern.

If this ever happen, that banks go full digital, there should at least be options like crypto as a backup. As we can already see now with hacking and fraud incidents, an account can easily be drained.

webtricks

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Digital Banking is no longer a future prospect, it is already happening and happening on very large scale, at least in my country. I have only visited my new bank once in last 12 months and that too because cheque I presented got dishonoured and I have to personally visit bank to collect it. Other than that all my banking needs are done over phone and I am doing like 600-700 banking transactions every year.

Also, there is one area where traditional banking has no approach and I think digital banking will solve that very soon. It is Foreign Transactions. Currently, such transactions are routed through forex departments and banks deduct ample amount as currency exchange fees. However, with digital banking we may use a universal currency having zero currency exchange fees. Such currency will exist contemporary with fiat currency in every country and whenever someone has to do foreign transaction, he can convert fiat to universal currency which could be reverted to native fiat by the receiver free of charge.

hahay

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Being digital is certain, if traditional banks are maintained then of course old or traditional banks will be easy to be replaced by a more digital financial system, the development of the era has proved that the digital era can work faster without wasting too much time on anything. So it is very possible that each bank will continue to update the system so that it becomes more digital so it is not easily replaced and continues to make competition tighter.

darkangel11

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Banks around the world are trying to go cashless because it makes it easier for them to track transactions and it's also much cheaper as no vaults and cash transports are needed. They are cutting expenses and maximizing profits. Isn't that what business is all about?

Sweden is trying to get rid of cash completely and if they do it other countries will follow. It's a bit like that idea of universal standard income that Finland was testing. The rest is looking at how they manage and may follow or not depending on the statistics.

NathanJB

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I have a feeling that the second generation of banking is far different from the old type of banking. The second generation of banking is much more personal. It is individual banking. It does not need a third party, an independent bank taking custody of what we own. The next generation banking is every single person owning a wallet which is safe and protected from any form of seizure or freeze. That is crypto banking.

mascherono

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The generation has changed a lot. People are now much more aware now and they don't want to lag behind. Lots of method are used everyday in order to receive and send transaction from one place to another. Lots of crypto wallets are available. So that anyone can order anything online by sitting at home. According to this article https://all-stocks.net/good-money-raises-30-million-for-values-based-digital-banking-services/ a digital banking platform which features best in class online and peer to peer banking services, values-based banking or other sectors. So there are lots of opportunities available for the people and it's increasing everyday.

ardentvolcanoes

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Quote from: Wysi on October 18, 2019, 02:11:48 PM

Quote from: teosanru on October 18, 2019, 12:54:09 PM

I think the second generation of Banking has already passed and banks have already moved to digital platform. What Credit Suisse is saying now has already happened 5 years ago with Core Banking Services in implementations. I think what we are waiting for now is the third generation of Banking which I think will be based on blockchain. Like the idea introduced by Ripple. Banks would start using cryptocurrencies for swift payment mechanisms. Moreover, earlier we used to see banks at a local scale without much inter-bank transactions but now we can clearly see how banks are interconnected with each other throughout the country, future would be a global banking system with almost zero delays in remittances and receipts.

Yes those digital which we are discussing here is something which we have been involving from past couple of years, but I think we are already into third generation which we are talking about as Ripple is an unofficial offshoot of the bankers and I believe they are experimenting with Ripple model to come up with a more conventional blockchain based technology to compete with cryptocurrencies.

If this innovations will be properly introduced and be adopted by more banking system, then we will see the blockchain system being added to banks industries.

The inter connections will be much easier with the use of blockchain dealing between borders is not much quicker and easier, the help of blockchain will be useful to any banking business that will take this change seriously.

NewRanger

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Quote from: ActAshton on October 20, 2019, 01:11:31 AM

Quote from: teosanru on October 18, 2019, 12:54:09 PM

I think the second generation of Banking has already passed and banks have already moved to digital platform. What Credit Suisse is saying now has already happened 5 years ago with Core Banking Services in implementations. I think what we are waiting for now is the third generation of Banking which I think will be based on blockchain. Like the idea introduced by Ripple. Banks would start using cryptocurrencies for swift payment mechanisms. Moreover, earlier we used to see banks at a local scale without much inter-bank transactions but now we can clearly see how banks are interconnected with each other throughout the country, future would be a global banking system with almost zero delays in remittances and receipts.

What do you think about digital banks that don't have a physical branch? I think if there's some form of physical presence its ok but it's not necessary if said bank has all requirements to be fully operational. EQIBank is an interesting challenger bank.

in digital banks , physical branch does not need at all.all transaction based on online transaction which is customer only need to send their document through online form.digital banks only a name, actually the fact was conventional bank that have digital services.as we know many banks trying to attract customer as much as they can with launching digital services which is will give easinet to customer.

ActAshton

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Quote from: teosanru on October 18, 2019, 12:54:09 PM

I think the second generation of Banking has already passed and banks have already moved to digital platform. What Credit Suisse is saying now has already happened 5 years ago with Core Banking Services in implementations. I think what we are waiting for now is the third generation of Banking which I think will be based on blockchain. Like the idea introduced by Ripple. Banks would start using cryptocurrencies for swift payment mechanisms. Moreover, earlier we used to see banks at a local scale without much inter-bank transactions but now we can clearly see how banks are interconnected with each other throughout the country, future would be a global banking system with almost zero delays in remittances and receipts.

What do you think about digital banks that don't have a physical branch? I think if there's some form of physical presence its ok but it's not necessary if said bank has all requirements to be fully operational. EQIBank is an interesting challenger bank.

Wysi

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Quote from: teosanru on October 18, 2019, 12:54:09 PM

I think the second generation of Banking has already passed and banks have already moved to digital platform. What Credit Suisse is saying now has already happened 5 years ago with Core Banking Services in implementations. I think what we are waiting for now is the third generation of Banking which I think will be based on blockchain. Like the idea introduced by Ripple. Banks would start using cryptocurrencies for swift payment mechanisms. Moreover, earlier we used to see banks at a local scale without much inter-bank transactions but now we can clearly see how banks are interconnected with each other throughout the country, future would be a global banking system with almost zero delays in remittances and receipts.

Yes those digital which we are discussing here is something which we have been involving from past couple of years, but I think we are already into third generation which we are talking about as Ripple is an unofficial offshoot of the bankers and I believe they are experimenting with Ripple model to come up with a more conventional blockchain based technology to compete with cryptocurrencies.

teosanru

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I think the second generation of Banking has already passed and banks have already moved to digital platform. What Credit Suisse is saying now has already happened 5 years ago with Core Banking Services in implementations. I think what we are waiting for now is the third generation of Banking which I think will be based on blockchain. Like the idea introduced by Ripple. Banks would start using cryptocurrencies for swift payment mechanisms. Moreover, earlier we used to see banks at a local scale without much inter-bank transactions but now we can clearly see how banks are interconnected with each other throughout the country, future would be a global banking system with almost zero delays in remittances and receipts.

abhiseshakana

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Quote from: ActAshton on October 17, 2019, 02:27:54 AM

As an export-import business, not all bank roles can be replaced by blockchain. Moreover, transactions using L / C, cash against delivery or deposit in advance. The role of banks in verifying documents can only be replaced by third parties, namely independent international surveyors who have been verified and accredited.

Banks, especially government banks provide security guarantees and refund customers if something goes wrong caused by the bank or some customer neglect (lost ATM, forgot ATM password or forgotten account number).

Fast is good but safety is the most important thing for business people. Blockchain technology can indeed speed up transactions but only conventional banks can guarantee payments with minimal risk.

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