Bitcoin Forum

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.

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.

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 .

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.

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.

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.

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.

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.

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.

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.

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.

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.  

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.

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.

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.

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.

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.

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.

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.

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.

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.  

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.

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.

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.

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.

 

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.

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.

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.

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)

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.

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.

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.

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.

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.

I also think the same way for the banks. Banks will not have any choice but to go with the trend of the internet technology. The cryptocurrency's blockchain technology will become the start for the banks to adapt to its transformation to become a digital bank. People will prefer faster and more secured type of banking and with the power of blockchain, it would really become a real existing product.

Relying in bank online transaction in our country is not really convincing due to records of many loss amount, being hacked and the almost weekly maintenace of their system that lessen the comfortability people's aiming. It is better to do transactions in crypto wallets than in online banks apparently cashing out needs bank or remitances. If stores, schools will accept crypto it will be less hassle even no bank arounds.

If we start having cryptocurrency banking again, then one of the features of cryptocurrency has already been defeated because part of the purpose of bitcoin is to eliminate the third party in our financial transactions which has been making transactions even more expensive because these third parties are more of their own pocket alone.

The financial system has already gone digital already and whatever banking system that we want is already at the palm of our hands, so I think that we should stop looking any further for any digital banking in form of physical establishment as it would not be much different from the already existing old fiat system of government which we are all trying to completely eliminate for a better financial transaction.

Looks very desperate attempt for banks to once again be relevant in crypto age. During the first years of crypto, we have already learned that owning a wallet means you are your own bank, you don't need a 3rd party to watch over your funds. You don't need any of the services but can make transactions to whom you wanna make deals.

2nd generation banking is just not ideal now. The banks had made it very uncomfortable for its customers for a long time but now that something has come up, they wanna grab attention to offer new that is still outdated.

I dont see this as second generation of banking . The thing is that succeseful banks are using digital aspects in their advantage.
If we think what is bank in leymans therms then the simple definition is that it is a provider of financial serivices and is regualted by banking laws.
The same applies in digital banking. Bank or if you want to use the modern term - fintech provides those services in digital enviroment as it did in physical enviroment, laws apply nevertheless, KYC applies nevetheless also.

indeed, as technology develops, finance can use digital currency technology as applied today. A large number of digital currencies are created, in the future many will use digital technology and will implement a reduction in paper money.

In my country Banks are closing more and more of their local "Brick n Mortar" branches as they move forward with electronic Banking on smart phones and via Internet Banking. I can do almost anything through my Bank App on my mobile phone or through Internet Banking on my computer now.

The second generation of Banking is a shift to a digital Banking alternative, where a physical visit to a Bank would be a rare occasion.  ;)  I hate Banks, but my work does not want to pay my whole salary with Bitcoin, so I am forced to use it.  >:(

My opinion is that having a central bank for all purposes can lessen the hassle on every user since the process would be quite simplified . Going digital will really help the cryptocurrency space.

banks in the future should be able to implement everything with digital currency because using digital currency will make the world cleaner because it will certainly reduce the use of paper money, if applying digital will make transactions easier.

You will need the proper partnerships to make any of this happen. They have to be extremely on top of their business and provide an excellent reputation if they plan on working with banks. Let alone, this is something to look forward to in the future.

Bank always tries to generate profit so they uses every available technologies they can. So it is not a surprise that they will go digital. Not only digital banks are also looking for blockchain technology to implement on their system. And i hope that we will very soon see the banking systems are running in the blocking technology.

How does a centralized Bank simplify the process? Centralized Banks are the root of all our economic problems, because when these centralized institutions are corrupted and influenced, the whole economy suffers.  >:( 

We need a decentralized financial system, without the influence of any centralized entity that can be corrupted, to heal our financial systems. There are simply too much manipulation and corrupt groups of people that infiltrated the global economic systems and they are destroying it from within.  >:(

Technology has really changed rather improved our ways. With every passing day, something new is introduced and it eases a routine task for us. The idea of making transactions without pain of taking care of paper money and bank visits is soothing in itself. I know that sooner or later, paper money will be replaced by digital currencies as they are the better option for fulfilling our money matters.

That's a scary and dark future to be honest. Both mentioned by you scammed or will scam millions.
They are no different from usual banks. The whole satoshis idea was to make people be able to become banks of their own.
Having such possibility and power, would you still be willing to use someone else's bank? If so, why?
I think that 2nd generation banking means that we, the people are becoming institution-less banks.
Bitcoin is an asteroid and banks are like dinosaurs, they are meant to go extinct and nobody will miss after them.
Everything that is in the OP, this stuff about us not having the past or future without banking system, is a pure, modern myth.
I think we would be far, far further in our advancements, if we where bank-less from the day one. They did not help us at all, the have slowed us. They, the 14th century banking cartel, have robbed us of our ideas and labour, thus I say; let them die of starvation.
By starvation I mean, depravation of human mind, let's just forget this horrible idea and move on to the next stage.   

The problem with fully Electronic Banks is that the digital signs in them must be carefully checked to ensure that money is provided by physical referents. 
Otherwise we can have an unlimited number of electronic signs, the additional issue of which will lead to wildly rising inflation.
Which in turn can lead to a strong depreciation of this money. In other words, such banks will need to be carefully regulated.

Banks running on blockchain technology means that they will be willing to give chance to transparency because any Blockchain system usually requires transparency which the reason I think even if banks will go digital, they might not really want to be fully into Blockchain technology because it has always been in their nature to get profit through illegal ways with all these charges that are unnecessary and with Blockchain technology, all these will stop.

The main reason why bitcoin became very necessary to be established by the creator who saw the need to do so because of what the banks are doing to us for keeping our own money with them, but now with bitcoin, we can have full control of our own money without the interference of all these  third parties(banks).

Banks are already going digital, one of the biggest reasons why they are capable of leveraging the money they have in their banks for example, they get 1 dollars and use the same dollar as collateral for hundreds of loans.

In short, we are in a system where digital is getting out of hand so much that, we may actually need blockchain to make things better in the digital part of things, regular banking was old school and mostly not good in many reasons but they were at least doing it right until 70's or so, after that it became so corrupted that banks realized they had all the money in the world in their safes and started to blackmail and corrupt their way into becoming even richer and turning peoples money into their own money with methods they could come up with.

Every problem has a solution and every aspect will be improved with time. No doubt we are moving towards the era of pure digital world. That time is not far away when technology will be used by humans to accomplish even little tasks of their lives. May be there wont be any banks and with the introduction of bitcoin, which is definitely not having any bank, we really don’t need banks.

There are instances that fiat converted to digital money are also using the blockchain technology. The reason is because I've noticed that in my area even though BTC address is the recipient, it can still be transferred even if they have just provided their fiat wallet and even not providing the BTC wallet. So, in this case, it is like buy and sell in digital world.  But buy and sell with assurance that we aren't just spending, we're investing.

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.

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.

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.
 

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.

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

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.

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

I am not even sure why we would need physical locations for banks to begin with, what do we really need it for?
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.

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 .

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.

Even if they go full digital - its still tied up to govs backed currency.
Banking system is partially digital now, I don't see how it will become drastically different.

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.

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.

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.

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 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.

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.

Banking digitally doesn't necessarily mean the adoption of bitcoin and other crypto. Banks have been going digital since the inception of credit cards and bank apps. Banking digitally is simply making transactions without the use of a physical bank and this is already been done using credit cards, debit cards, bank apps and even the web version. You should know there are bank regulations guiding these transactions even if they are done digitally.
Banking with crypto is also done digitally only that it is not regulated and controlled. It doesn't require any physical bank which makes it the best digital currency.

A good article and innovator from Credit Suisse since 2015. Today we can invest in non-traditional banks, borrow with bitcoin and crypto, earn interest and more. It is the result of the disruption of money that gave rise to Bitcoin. With all these advances in managing digital money, banking needs a new awakening to innovation and to adapt to the needs and demands of users.

Nah, fiat will continue to co-exist together with digital payments. No matter how mainstream digital payments gets in the near future, fiat will continue to exist, and that's all because of the third world problems.
I can't imagine purchasing your essentials but got rejected because of some internet trouble. I might reconsider full digital, If offline transactions are being developed.

I enjoy the feature of new online banking of some popular banks here in my country because it makes me easy to cash in and cash out money especially when it comes to my local BTC wallet. It's a good concept also because we can easily pay bills through online banking which is very essential this pandemic. We aren't required to the good outside just to pay bills because online banking is the one that will make your life easy.

Another good feature of online baking is we can transfer money on different wallet platforms. Applying for debit cards becomes easy too because of online banking.

The concept of a Digital Banking System is getting popular day by day. People are accepting it easily and become habituated with this system usually. ATM booth is to be mentioned precisely to elaborate on this system. So it can be said that the 2nd generation of banking is going digital.

In the future, many institutions, works, services will be abolished and go online, which is part of the evolution and progress, which we cannot influence. It is inevitable and you need to keep up with the times

It is almost 1 year since the creation of this thread and the speculations had found it right. Could I think that the pandemic helping with the transition? Sound just a big coincidence but obviously, it was a reason why we have these changes and people had to take this opportunity as well as we care about our health. Yes, it wasn't already in the full phase of the transition but seeing a continuous development will help to get into the higher level of adoption.

Now almost everything is online, and financial transactions are also increasingly being used digitally. Therefore, many financial products
issued by banks are currently in digital form. Especially in a corona virus situation like now, it is highly recommended to conduct digital
financial transactions. So there is a possibility that in the future all financial transactions will become cashless.
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On my own opinion, even if this pandemic didn't really happen I would still believe that banking sector would really be still ending up on this path where everything goes to digital.

We have already credit and debit cards which had already been a while and going digital isn't really far off to be reached or making up such transition.

So it wont really be that much surprising on making out such changes and in regards of crypto's existence then it would really just remain as an alternative and wouldn't really be
a mainstream ( Its just my opinion though)

Banks will soon introduce digital banking system everything is now being completed online and moving forward with the advancement of technology. The Board of Directors of Bank Asia recently decided to launch a new subsidiary to provide digital banking services. The bank then informed the Dhaka Stock Exchange on June 30 that it had applied to the central bank for permission to launch a subsidiary for digital banking services.

I've been reading some articles about it too. They were saying there will be two layers for its protocols like banking and commerce. The digital dollar was said to have these layers too just like the digital yuan. Certainly, this is really going to be part of the surveillance of all.

This ain't going to be the adoption of cryptocurrency though but crypto will be opened for all like anyone who has digital currency will have the chance to trade cryptocurrency.

Who would have thought 1 year ago how 2020 is going to be, no one thought about a global pandemic like corona. I think the pandemic had a huge influence on digitial banking. People are more scared to be infected with the virus and try to avoid physical contact wherever possible. Everyone has a mobile phone and a credit card these days. There is no problem anymore with contactless payments in stores and supermarkets. We can pay either with the phone or the card, no need anymore for cash. Digital Banking is the future for our generations.

Sooner, fiat will be considered less important than these cards and phones. It is likely we are making fiat to vanish in the future as the adoptions keep.

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Digital innovation makes people become productive but it makes us lazy as well. We don't need to go outside to buy food, stuff, we mostly acquiring online services that its influence for the next generation changing their lifestyle in the most convenient and easy life. We'll appreciate that changes and this digital transformation make so perfect in this internet era.

There are also a lot of online "banks" that provide other services as well, like Kabbage which is an online website that basically gives out loans, their default rate is incredibly low because they really give loans to people who could give back and check this with not only financial data (which almost all banks do) but also with social media data as well, which means they do give money to people who have always paid back and who has a huge follower and constant business, which means lower default rate than banks.

Digitalizing the financial world will make it much better for everyone in the world, places like RobinHood for investment for example allows people to get in a lot quicker and easier instead of some wall street broker who wants your money for the fee and not care about you at all.

Although the world is gradually moving towards digital technologies, it must also be remembered that digital technologies make our world more vulnerable.  We become completely dependent on these technologies and during global cataclysms, when these technologies are turned off, we will simply become helpless for further survival.  Therefore, along with the transition to the use of high technologies, we should not give up old reliable technologies for now.  Therefore, cash is also not worth giving up for now.

Digital banks are really better compared to the traditional ones. It changed the lives of many people in terms of convenience. Sending to someone was made easier. And some digital banks even offers to pay bills. You can also easily track your transactions by using this. Though it has some disadvantage as sometimes some people can't control their spendings because of the convenience of using digital banks.

The pandemic situation almost a year, forcing people to start switching from traditional banks to digital banks. Because digital banks
are proven safe and practical, digital banks are also very effective at preventing the spread of the corona virus. By using digital bank,
there is no physical contact, so in my country it has started to socialize the use of digital banking. And slowly transactions using traditional
banks began to be reduced.

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I still have my bank account from my regionalvwbk since being a teen.VBut ut got so expensive to use it in the last year that I had to switch it into a savings account.if I am just using the account to save money the fees are much lower than when using credit cards for that account. My new account is with a digital bank that offers the same services but for free.

Epidemic the condition of the banking sector has come down . Banks have reduced the quantity of transactions. which, albeit the second generation banking is digital, the demand of the banks will decrease if the transactions are less. The decline within the rate of return on investment is temporarily having a negative impact on the profit of the bank. now's the time to enhance fund management, reduce costs by making deposit mix sustainable, increase the efficiency of bankers, digitize all the activities of the bank, reduce defaulted investments.

Hopefully everything in the world will go digital in real soon. I am using a bank that is purely digital and doesn't have a place anywhere at all, it is tied to another bank that has places obviously for paperwork related reasons I think, but to me I have never used anywhere to go, I just use the app and the card and that's it, I didn't even had to go anywhere neither, I just filled an application form online and they sent me someone with the card and some paperwork to sign and that was it, never seen anyone from them ever again.

This means lesser costs and they charge me absolutely nothing for most things compared to regular banks here that charges for even having an account. This is why I believe it is vital to us to realize benefits of digital world in every industry.