Ways Finance Is Getting A Makeover with Tech

Ways Finance Is Getting A Makeover with Tech

Our finances are evolving, and the banking industry does not seem to be a huge part of that. Technology is making our financial services faster, cheaper, and more efficient, but it is mostly tech startups and fintech (financial technology) firms that pave the way for evolutions in finance.
Mobile payment apps are now common. We expect to conduct most financial transactions online, from making payment to completing money transfer, getting a loan or investing for our retirement. With every service available digitally,there is a big probability that one day we will turn physical bank branches redundant. It would be outdated to expect customers to physically set foot in a bank.

  1. Digital Currency is not Going Anywhere
  2. Most of us have heard of bitcoin and the blockchain. The digital currency suffered a huge crash following a bubble in 2013 but have proven to be much more resilient than expected. While the price has not yet recovered to its peak value, the long sideways trend in 2016 suggests that the 8-year old currency is not going away anytime soon.
    However, rather than price, bitcoin transactions can show a better picture of its usage. From the below chart, we can see that the daily average bitcoin transactions have increased steadily.

  3. Bitcoin as Peer-to-Peer Remittance
  4. Bitcoin remittances are getting more and more popular and with good reason. As compared to traditional remittance services, its fees are much more affordable and the funds transfer time ranges from instant to mere hours instead of days.

  5. Hybrid Global Financial Platforms
  6. With the popularity of bitcoin as payment and remittance, there are now financial platforms that specifically support both crypto and fiat currencies. One such company is WireX, which combines and simplifies both systems for its customers. All accounts are online, and can be opened and accessed without ever going to a branch.