The 2nd generation of banking is going digital

[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.

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.
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.

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[pokeronlinestatus]

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.

[Argoo]

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.

[xSkylarx]

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.

[MCobian]

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.

[Mauser]

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.

[Xinarae*]

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.

[jostorres]

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.