ActAshton (OP)
Jr. Member
Offline
Activity: 215
Merit: 7
Cobain of Crypto
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 08:07:04 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.
|
|
|
|
Oasisman
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 08:11:04 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?
|
|
|
|
alexsandria
Sr. Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 896
Merit: 268
★777Coin.com★ Fun BTC Casino!
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 08:49:28 AM |
|
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.
|
|
|
|
ActAshton (OP)
Jr. Member
Offline
Activity: 215
Merit: 7
Cobain of Crypto
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 09:01:45 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.
|
|
|
|
NathanJB
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 09:19:11 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.
|
|
|
|
EdenHazard
Legendary
Offline
Activity: 2674
Merit: 1048
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 09:24:04 AM |
|
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.
|
|
|
|
romero121
Legendary
Offline
Activity: 3220
Merit: 1213
PredX - AI-Powered Prediction Market
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 09:28:07 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.
|
|
|
|
Oasisman
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 09:55:37 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.
|
|
|
|
abhiseshakana
Legendary
Offline
Activity: 2338
Merit: 2272
From Zero to 2 times Self-Made Legendary
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 10:12:40 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.
|
| | | . .Duelbits. | | | █▀▀▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄▄▄ | TRY OUR
NEW UNIQUE GAMES! | | . ..DICE... | ███████████████████████████████ ███▀▀ ▀▀███ ███ ▄▄▄▄ ▄▄▄▄ ███ ███ ██████ ██████ ███ ███ ▀████▀ ▀████▀ ███ ███ ███ ███ ███ ███ ███ ███ ▄████▄ ▄████▄ ███ ███ ██████ ██████ ███ ███ ▀▀▀▀ ▀▀▀▀ ███ ███▄▄ ▄▄███ ███████████████████████████████ | . .MINES. | ███████████████████████████████ ████████████████████████▄▀▄████ ██████████████▀▄▄▄▀█████▄▀▄████ ████████████▀ █████▄▀████ █████ ██████████ █████▄▀▀▄██████ ███████▀ ▀████████████ █████▀ ▀██████████ █████ ██████████ ████▌ ▐█████████ █████ ██████████ ██████▄ ▄███████████ ████████▄▄ ▄▄█████████████ ███████████████████████████████ | . .PLINKO. | ███████████████████████████████ █████████▀▀▀ ▀▀▀█████████ ██████▀ ▄▄███ ███ ▀██████ █████ ▄▀▀ █████ ████ ▀ ████ ███ ███ ███ ███ ███ ███ ████ ████ █████ █████ ██████▄ ▄██████ █████████▄▄▄ ▄▄▄█████████ ███████████████████████████████ | 10,000x MULTIPLIER | │ | NEARLY UP TO .50%. REWARDS | | | ▀▀▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▄▄█ |
|
|
|
teosanru
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 05:54:09 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.
|
|
|
|
Wysi
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 18, 2019, 07:11:48 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.
|
|
|
|
ActAshton (OP)
Jr. Member
Offline
Activity: 215
Merit: 7
Cobain of Crypto
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 20, 2019, 06:11:31 AM |
|
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.
|
|
|
|
NewRanger
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 20, 2019, 11:53:58 AM |
|
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.
|
|
|
|
ardentvolcanoes
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 20, 2019, 01:36:01 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.
|
|
|
|
mascherono
Newbie
Offline
Activity: 88
Merit: 0
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 20, 2019, 01:40:14 PM |
|
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.
|
|
|
|
NathanJB
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 20, 2019, 03:22:15 PM |
|
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.
|
|
|
|
darkangel11
Legendary
Offline
Activity: 2464
Merit: 1357
Don't let others control your BTC -> self custody
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 20, 2019, 03:30:49 PM |
|
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.
|
| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
|
|
|
hahay
Legendary
Offline
Activity: 3570
Merit: 1056
Leading Crypto Sports Betting & Casino Platform
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 20, 2019, 03:42:43 PM |
|
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.
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
webtricks
Legendary
Offline
Activity: 1918
Merit: 1728
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 20, 2019, 05:51:44 PM |
|
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.
|
|
|
|
TheCoinGrabber
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 20, 2019, 05:58:11 PM |
|
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.
|
|
|
|
|