Fintech and the Future of Banking

By Chief Revenue Officer

How will big banks defend against Fintech?

That’s the question of the year for the finance industry. It’s a mad dash for businesses left and right to grab and go when it comes blockchain technology. No one wants to be the one who is left behind.

But we think it’s not so much a question of defending against blockchain as it is evolving with it. It doesn’t have to be one or the other. It can be both.

Blockchain technology is a vast, global, and distributed ledger that runs on millions of devices.  It’s what we’ve integrated our platform with so that you can easily choose how you want to pay, when you want to pay. In real-time, you can transfer money to a friend after they covered your cab fare. It’s how you can send money home to your family halfway across the globe. You can pay with our app on your iPhone or Android while commuting home on the bus, stopping to pick up your groceries, or in line at the café.

Our unique interface system and innovative technology gives you possibilities. No wait times, no limitations. Just the ease and ability to choose. It’s convenience at your fingertips that is challenging traditional banks in areas such as investment advice, borrowing, mortgages, and basic accounts. Blockchain is increasingly and drastically changing the way the world transacts, both online and in person.

And while some are saying it’s the demise of big banks, we see it as an opportunity to do one thing: provide more services and options that cater to you.

Blockchain entrepreneurs and incumbents alike are devising new ways to perform the eight core functions of financial intermediaries through blockchain technology. There’s a shift at work that doesn’t mean a demise for traditional banking; it simply means it’s time for big banks to integrate technology and services that speak to what you need as a unique customer: ease, options, and flexibility.

Being treated as an individual, providing you a streamlined process, and the freedom to choose how to pay and the option to do so whenever you want – these are things that we know you want, and it’s what we pride ourselves on offering. Working alongside blockchain systems and integrating services that are convenient for you is one solution for big banks to modernize without alienating their users.

The digital revolution is here. And while it isn’t forcing banks out, it is time for companies to look at how they can better serve you, which has always been our philosophy: providing you with the freedom to Pay. Your Way.™

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