The 2nd generation of banking is going digital - page 5.

Oasisman

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Quote from: ActAshton on October 18, 2019, 05:01:45 AM

Quote from: Oasisman on October 18, 2019, 04:11:04 AM

Digital and traditional banking do exist. Thats most of the banks in my country were doing. Those who are less technical in terms of modern computer, may opt to continue using the traditional banking system.
While at the same time banks are slowly adapting the digital system for the clients who have less time to visit to their banks for transactions. Some of the digital banking transactions includes ; online inquiry of balance, withdrawals, deposits, and loans. If there are any movements of funds or any transactions from your banks, you'll usually be notified through your phone or emails.

So, are there any other Innovations that were going to expect in terms of digital banking system?

Genius bars instead of bank branches would be unique to see, partnerships with giants like Apple and Samsung for contactless payment rails, crypto company alliances to bring crypto to the masses and bring more volume and exposure, etc. The list goes on- so many use cases.

Which country do you live in? Keen to learn more about what digital bank is making an impact there.

Good question. I lived in a third world country and we're one of the slow to adopt the digital banking system in asia. Actually that idea of yours is a very huge help for the majority. Bank branches are everywhere in my country, why? Because of the long lines and queuing transactions, and Inaccessibility of branches and ATM's. On top of that, almost 80% of adults is either no bank accounts or not tech savvy (senior citizens) due to the same reason stated above. So, I think that summarizes everything about the slow adoption.
On the other hand, Genius bar is still far from becoming a "thing" in my country (not at least for the young professionals who have been exposed to different kinds of technological Innovations in the internet). Although online mobile banking has been widely used by professionals and business owners. My bank just introduced their Mobile Check Deposit, that lets you take a photo of your check payable, savings and checking account through their own banking app (this might not new to you). That really saves a lot of time by skipping to visit your bank right?
I dont know how long would it takes for us to completely accept and use the digital transactions in terms of banking experience.

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Quote from: NathanJB on October 18, 2019, 05:19:11 AM

Not just banking. The future world is a digital world. Everything is turning digital, from watches, weighing scales, thermometer, speedometer, up to currencies and to banking, and so on. Actually, I wonder why there is one single voter in the poll who prefers to stick to the traditional banking system than to take another step of development forward and go digital full time.

He is the one who thinks of the risk of making everything digital. When everything goes digitized the security threat will be very high. A small breach will make the entire network get affected. With the growing technology these issues can be overcome, but some take it as a primary factor. Almost every banking process is digitized, and as 007 movies portray someday a human life will get incorporated into a microchip. This is the beginning of destruction, because human needs to control technology and technology should not control us. In all possible ways we need to support advancement, but the same shouldn't be a threat for the future.

EdenHazard

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Quote from: hugeblack on October 17, 2019, 12:57:57 PM

Banks as an old idea even if we add some updates by making it digital and make all its service from home & without the need to go to the bank.
The next update will be the centralization of banks to reliable companies, as is happening now in Libra.
Satoshi's decentralization has eliminated the need for a third party to exchange between the parties and hence no need for the bank since it ensures that you get the currency and not its value.

More likely to disruptive... I mean when nowadays people don't need to go to bank meet the teller to deposit your money in .. you just need to go somewhere there's a cash deposit ATM , that time the disruption is happening... everything done by a machine by a robot, human services disappeared as time goes by.

There's always a pros and cons , technology make things done easier and efficient but behind those great inventions there's a misery when some people losing jobs and blame the technology itself.

We are indeed currently in a generation where industries that handles cash, credit, and other financial transactions done digitally.

NathanJB

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Not just banking. The future world is a digital world. Everything is turning digital, from watches, weighing scales, thermometer, speedometer, up to currencies and to banking, and so on. Actually, I wonder why there is one single voter in the poll who prefers to stick to the traditional banking system than to take another step of development forward and go digital full time.

ActAshton

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Quote from: Oasisman on October 18, 2019, 04:11:04 AM

Digital and traditional banking do exist. Thats most of the banks in my country were doing. Those who are less technical in terms of modern computer, may opt to continue using the traditional banking system.
While at the same time banks are slowly adapting the digital system for the clients who have less time to visit to their banks for transactions. Some of the digital banking transactions includes ; online inquiry of balance, withdrawals, deposits, and loans. If there are any movements of funds or any transactions from your banks, you'll usually be notified through your phone or emails.

So, are there any other Innovations that were going to expect in terms of digital banking system?

Genius bars instead of bank branches would be unique to see, partnerships with giants like Apple and Samsung for contactless payment rails, crypto company alliances to bring crypto to the masses and bring more volume and exposure, etc. The list goes on- so many use cases.

Which country do you live in? Keen to learn more about what digital bank is making an impact there.

Also, based offshore obviously has its benefits too.

alexsandria

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As technology progress everything seem to improved as well. A cashless living is in the process towards universal usage. However, those who grew up away from technological may found out such thing difficult to adopt, and would stick to traditional cycle in a specific case those who live away from urban places and those are in aged. It is in the talk that Digital banking security aren't safe as Traditional banking, well, in reality Digital Banking did the same measurements on what Traditional Banking could offer. The problem arise within the user itself. It is in the end of banking to protect client's informations and security. On the other hand, digital banking returns what has been lost if fault is in their end.

Oasisman

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Digital and traditional banking do exist. Thats most of the banks in my country were doing. Those who are less technical in terms of modern computer, may opt to continue using the traditional banking system.
While at the same time banks are slowly adapting the digital system for the clients who have less time to visit to their banks for transactions. Some of the digital banking transactions includes ; online inquiry of balance, withdrawals, deposits, and loans. If there are any movements of funds or any transactions from your banks, you'll usually be notified through your phone or emails.

So, are there any other Innovations that were going to expect in terms of digital banking system?

ActAshton

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Quote from: ecnalubma on October 17, 2019, 10:35:39 AM

We are already in the era of digital banking before the existence of cryptocurrencies we are already moving funds online thru online banking, money remittances and other third party financial services. The birth of cryptocurrency gives a new episode for digital banking through crypto we can now send funds anywhere in the world fast, safe, effecient and low cost without intermediaries.

These aren't considerably real 'banks' nonetheless. There are businesses like Revolut, Wirex, etc that may have obtained an e-money license and carry partnerships with corresponding banks for fiat gateways, but they are still a sandbox built off of existing infrastructure. Banks with real banking licenses are much for efficient for long term plays and practice.

ActAshton

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Quote from: Ucy on October 17, 2019, 05:00:15 AM

Or you can simply choose Bitcoin and be your own bank.
We cannot afford to recreate the physical bank on online world. That would be "out of the frying pan into the fire" kind of situation.
The whole thing could be optional. Those that prefer to be their own bank should be allowed to be their own. Those that prefer to have their fund in banks should be allowed to have their fund in banks.

With volatility at play, this still doesn't constitute as being a bank, unfortunately. I use to have the same mindset but volatility has rekt a lot of people in the past and will continue to do so in the future.

With stablecoins, this is an alternative option, but people need to figure out how to spend them. Fiat will be sticking around for probably the remainder of our lives and until then, we can take advantage of the current opportunities at play, especially if they are crypto-friendly institutions.

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Digitalization will be implemented in many sector, as well as the Bank, there are some services that have begun to apply digitalization, for example in my country there are Banks that have made it easy to open account without having to go to their offices, so it can only by telephone and video call at the interview for filling out forms, so digital banks will really exist either traditional banks that migrate to digital or new one.

samcrypto

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Digital banks are already exist even before but they grow a lot since they tried to make an online transactions and with a help of cryptocurrency, I am sure they will continue to go up. Some of our banks in my country already adopting blockchain technology, they adopted it to improve their system and it works well for them. Cryptocurrency is a big addition to the banks with a lot more control from a users.

Kyraishi

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Yeah, it's pretty apparent this has happened, instead of a couple years back where we'd use credit cards and mostly cash to pay for things, we live in a world powered by smart phones.

Paying with your mobile had gotten so much easier in the past days with applications like Apple/Google pay. Your bills are paid online, and you get money instantly via apps like PayPal. Online shopping has also been huge for development and made shopping way easier.

The only way higher through this would be via crypto-currencies and blockchain technology.

Kemarit

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But I mean it is already happening right? Smart phone are a bridge already, many banks offer loans thru online applications and you can even pay your bills by just using your smart phone, so yes banking system is going digital already. And they can't really fight this evolution, cash less payments, crypto's gaining momentum, etc. I guess traditional banks should not feel threaten by the whole digitization, they should embrace it, adapt. Let's say push themselves to use blockchain technology and see how it can replace their legacy systems and make it easier for them to transition in this new financial revolution.

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As I previously mentioned, smartphones would be the ones revolutionizing the whole of the economic scene due to most traditional banks moving towards a more digital-friendly environment and making everything online. As the last ones of the people using passbooks come to perish, banks would surely be moving towards a more convenient and faster way of banking, although of course physical branches would still be handy for traditional services such as ATM card replacements and such.

boltz

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The banks system was already digital even before Bitcoin was created. What you're trying to say is that banks will move towards Blockchain technology that will empower and simplify the banks system. Also , the 2nd generation of banks may buy bitcoin in order to increase their financial power alongside Governments who are doing the same so basically everyone wants a piece of Blockchain and Bitcoin , its just a matter of time until this will reflect on price.

enhu

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Banking is still in the 2nd Generation while crypto in the span of of 10 years is already in the 4th generation. We've gone this far. I'm holding on to the idea that having a bitcoin wallet itself is like having a bank, so why need this 2nd generation banking?

If the Digital banking means the bank only exist online like a website alone, then this is going to be worse than crypto projects who after a day just disappear.

hugeblack

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Banks as an old idea even if we add some updates by making it digital and make all its service from home & without the need to go to the bank.
The next update will be the centralization of banks to reliable companies, as is happening now in Libra.
Satoshi's decentralization has eliminated the need for a third party to exchange between the parties and hence no need for the bank since it ensures that you get the currency and not its value.

elda34b

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Quote from: Broly46 on October 17, 2019, 09:13:18 AM

No body will use the next generation banking, they will slowly cease to exist all together, and Libra PayPal would take their place for all the financial need for the true next gen.

You're really optimistic. What is the reason? Libra is not even started yet and lots of their partners are withdrawing their support. US government can kill them anytime.

Digital banking is already here, Libra is way too weak to even compete with a local bank.

el kaka22

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Digital banks are not really that different from regular banks, the only difference is they will not have the tellers at the bank stores where we go in and get our money, that was something people did frequently 30 years ago and started to do it less and less thanks to ATM's and now they are doing it even less thanks to mobile apps.

So, even the regular banks are not as regular as we think and going digital with many stuff, so it would be impossible to not have a digital bank where everything related to your bank will be done digitally, but they will still charge you a ton of money for stuff that is basically close to free in crypto, sure not in bitcoin but coins like nano are faster and almost free when they are used properly, so digital banks or not, all banks still need to go or find a way to catch up with the times.

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We are already in the era of digital banking before the existence of cryptocurrencies we are already moving funds online thru online banking, money remittances and other third party financial services. The birth of cryptocurrency gives a new episode for digital banking through crypto we can now send funds anywhere in the world fast, safe, effecient and low cost without intermediaries.

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