The 2nd generation of banking is going digital

[CaVO32]

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.

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.

[StyleForceOne]

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.

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.

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.

[bittraffic]

It will take a long time for the whole world to go digital is a big barrier to fiat currency i haven't read the whole law yet some provisions will encourage more corruption people will keep their money in the bank and every time they will be given a chance to whitewash it through the budgetary process. Banking services various banking companies are now relying on mobile phones for their services.

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.

[redsun114]

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.

[SirLancelot]

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.

[ampu]

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.

[coolcoinz]

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.

[bitgolden]

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.

[goldade]

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.

[verita1]

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.

[Oasisman]

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.

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.

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.

[finaleshot2016]

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.

[Swopon]

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.

[vaultman]

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

[Distinctin]

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.

[Shasha80]

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.
.

[Lanatsa]

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.

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)

[Dorodha]

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.

[cabron]

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.

[Mauser]

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.

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.