The 2nd generation of banking is going digital - page 6.

CryptoBry

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Quote from: ActAshton on October 17, 2019, 03:27:54 AM

I have taken the liberty and posted yet another poll to gather some feedback and opinions on what you may think the next wave of banking may consist of. I believe having one, all-around bank that caters multiple currencies and is domiciled in a beneficial jurisdiction may be good bigger businesses in crypto to keep their eyes on. This will solve a lot of their current discrepancies when finding a reliable place to bank.

The digital movement has been started years ago and the banking industry has been in the forefront of this innovation. We are going to be digital and banking will be done right in our own smartphones. This is already happening right now and I think in my country I just recently saw an ad for an all-digital banking operation where users are not anymore encouraged to visit a physical branch office.

On digitalization, one of the big advantage is paperless transactions so we are actually saving a lot of trees by joining a digitalized bank; a simple act like this can go a long, long way in saving our environment. Now, as extension to digitalization, there are now big banks looking also on how to participate with the blockchain and cryptocurrency so we can expect (and there are already those doing this) banks to be releasing their own coins.

Bitcoin is supposed to be a bank killer but banks are innovating and adopting to change. I don't see a future where banks are eliminated but I am sure cryptocurrency and banks can be co-existing peacefully and profitably and can even be joining forces in serving the people.

Broly46

full member

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0xe25ce19226C3CE65204570dB8D6c6DB1E9Df74AC

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.

yoseph

sr. member

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Merit: 266

Quote from: Wexnident on October 17, 2019, 04:29:44 AM

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.

In my opinion only the central bank is necessary for the survival of every economy and due to the fact that the central bank cant service the entire population that's why there are so numerous banks out there for the people but people are seemingly getting tired of all these banks especially in the third world countries where the bank closes instantly taking their customers deposits with them.

ene1980

hero member

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There is a small clarification i would like to make, future of banking can be traditional by taking every function at the comfort of your home and you can even call it digital banking and you will be able to do everything virtually and that does not mean all the physical offices should be shut down, if you mean going digital means by going to the crypto based market then i do not want any crypto based bank as bitcoin is meant to have full control over your asset and not to trust a third person.

palle11

sr. member

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Merit: 332

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 .

Ucy

sr. member

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Merit: 402

Bisq is a Bitcoin Fiat Dex. Use responsibly

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.

Wexnident

hero member

Activity: 2576

Merit: 666

I don't take loans, ask for sig if I ever do.

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.

ActAshton

jr. member

Activity: 215

Merit: 7

Cobain of Crypto

Someone told me a few weeks ago, "we would literally have NOTHING without banks. Nobody would be able to transact throughout the world to provide goods, services, resources, anything without having to travel thousands of kilometers. Imagine if we just introduced banks... Where would we be in life?"

According to this Credit-Suisse piece from 2015, without banks today, we wouldn't have access to things like fiat, loans, and maybe even vehicles and proper housing.

As we step closer and closer towards a digital lifestyle consisting of smartphones, laptops, contactless payments, flying cars, AI, and so much more disruptive technology, we continue to rely more and more on our non-physical assets and services. Then again, there is nothing wrong with this as we are evolving more and more with this beautiful technology every day. With banks (and especially in the crypto space), there is always a need to fulfill economic requirements for individuals and businesses alike. As we move forward, the digital approach continues to look more and more attractive foreshadowing this will become a norm in the future. The interesting topic at play is banking 100% digitally and how it will pan out.

"Digital banking is evolving at a rapid rate and the emergence of new tech startups no longer represents online services that simply complement your traditional bank account. With improvements in financial technology, some of the more impressive new online banks are now in a position to replace traditional banks entirely.

Many of the world’s largest financial institutions initially ignored the threat posed by fintech startups in the early days of digital banking. For years, none of these new players could match the services on offer by wealthy, established institutions that enjoyed a global network of partnerships and an army of staff. Nowadays, however, technology has replaced the need for a large body of staff and removed the need for strategic partnerships formed in multiple countries. The marriage of finance and technology means the old-school can no longer hide behind money and status: young professionals now desire a bank that can meet the demands of the fast-paced, modern world of international business." - Sourced from BTCNN.com

I have taken the liberty and posted yet another poll to gather some feedback and opinions on what you may think the next wave of banking may consist of. I believe having one, all-around bank that caters multiple currencies and is domiciled in a beneficial jurisdiction may be good bigger businesses in crypto to keep their eyes on. This will solve a lot of their current discrepancies when finding a reliable place to bank.

Post a comment and leave a vote with your opinion!

Topic: The 2nd generation of banking is going digital - page 6. (Read 873 times)