Financial technology companies want to create a future bank to subvert the financial industry

nnnAt present, the continuous development of financial technology has been accelerating the transformation of the traditional banking industry. Some of the well-behaved financial technology companies are very optimistic about the prospects for block chains and digital money technology, believing that they will become mainstream, and that more innovation will soon occur and subvert the entire financial sector. The vision of these companies is the introduction of new banks, the use of more advanced systems to provide better customer service.n
nnTranslated by: Inan
nBlock chain technology is rapidly changing the banking sector, and the recent block chain community has made a big difference, that is, the emergence of a variety of digital currency / currency debit cards. This card allows the user to exchange in a seamless manner between a given set of currencies.n
nWork together to achieve the mainstreamn
nJaymy Epstein, CEO of Never Stop Marketing, sees this as one of the innovations that make digital money a mainstream.n
nAccording to Epstein, the digital currency debit card will enable people to start using their own digital currency to buy normally. He explains that the concept will be popular and the digital money will be mainstream, regardless of whether the platform will succeed or fail. Epstein said:n
nn”This digital currency / currency debit card was introduced by SaltLending to enable a user to obtain a French loan with his own encrypted asset as a mortgage.”n
nnEpstein also pointed out that these innovations will promote the digital currency is further mainstream acceptance – whether as a mortgage or the value of the actual exchange. In addition, emerging communities like Crypto Explorers are also absorbing people who are committed to making digital money a mainstream.n
nFuture Financial Technology Bankn
nHe concluded that in 2017 we showed us that the pace of innovation and development was accelerating. The problem with banks is whether they can adapt and adjust as quickly as possible to keep up with the pace of innovation in the digital money sector, as these innovations affect the market where banks are located.n
nChange Bank partner Artur Luhaaar said:n
nn”Traditional banks now face many problems, including poor consumer experience, lack of transparency and the inability to launch quality products or services to cater to the lifestyles of the millennial generation.”n
nnLuhaaar pointed out that financial technology companies have been making better achievements in personal financial system services. He said Change Bank wants to build up these companies to work together to create a future global financial technology bank.n
nInnovation of traditional banksn
nNetcoins CEO Michael Vogel said the development of Bitcoin / Cottage in 2017 was explosive. He points out that this phenomenon is due to the growing number of funds and users in the field. However, he expects the next phase to introduce other innovations to achieve a frictionless ecosystem.n
nVogel said:n
nn”I expect the next stage of more innovation will make the growing user base – especially the primary user – more smoothly use the digital currency. In other words, now the bit coin infrastructure has been in place, we will see more Multi – platform emergence and development, they will make financial technology solutions to the mainstream.n
nnVogel concludes that this will eventually lead to banks no longer serving traditional “retail banking” transactions, as block-based and bit-based solutions will be easier to use.n
nHe pointed out that in the long run, we may see traditional banks change their products and services. Banks will focus on areas such as lending, mortgage and commodity services, and will no longer play a role as the main tool for checking bills and payments.n

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