Banks will bow to Blockchain and FinTech

Banks are like beasts. They feed on the people. They set the rules that suit them, not the customers. They are autocratic in nature. They want you to bow to them in their failures and want you to worship them in their domains. The world is fast-paced in technology and finance. Fintechs are embracing the right technology at the right time. Some FinTechs are incorporating stablecoins now. Over the last ten years, FinTech has changed the ways of Banking and the culture of banks and brought new things. The emergence of blockchain technology brought the change and FinTech is mostly adopting the pattern for swift banking.

The impact of Blockchain and FinTech

When last did you open a bank account? The annoying process and lengthy form that you need to fill. Blockchain technology creates a bank without your information because it doesn’t matter when the money is yours. FinTech made it through mobile apps and wallets. Customers have access to their information anything and anywhere and these are now forcing traditional institutions to create similar services or risk going out of date.

I registered a new FinTech account recently, and it did not take 5min to set up my account and to start receiving money. However, I went into Stanbic IBTC some days ago and I was told to bring in a series of documents. I told myself, “ya'll still do this shit”?

Blockchain technology is banking the unbanked in less served environments and so are FinTech are serving as the hybrid for blockchain technology as they allow swift banking and these guys offer all financial services. This shift in banking is currently setting a collaboration between traditional banking and fintech to create a more efficient financial system. We have seen countries creating their digital currencies. There is digital Euro now that is pegged to Euro’s value and gradually this most disrupting technology called blockchain will be adopted fully in the banking industry. I see the future where bank customers will be able to switch their money from fiat to cryptos. Looking forward in the financial ecosystem, a lot is yet to happen with the innovation of artificial intelligence, Defi, and quantum computing.

The future is bigger than we imagine.

_{I am @tykee, I do dev things and write.}

Posted Using LeoFinance Alpha