The Future of the Banking and Payments Industry

Banks and payment companies are quickly adopting Blockchain technology. Currently, 15% of big-name banks are beginning to roll out a fully functional Blockchain product. Blockchain technology is encouraging banks to go digital, to offer lower transfer fees for international payments, to speed up transfer processes, and overall - offer better service to their users. 

All these points make banks more competitive in the payments industry, where they have fallen behind to online-only transfer companies like Transferwise and CurrencyFair who offer various options to making international payments that process quickly and complete with low transfer fees. Banks currently can’t provide such a solution to this,  but Blockchain technology will change this entirely. 

This technology will not only open the doors to the creation of Blockchain products, digital currency options, or even just updates to international payment methods, but it will also greatly assist the financial industry. One article claims that, “The Blockchain technology will do the same to banks that the internet did to the media.” The authors predict that banking, international payments, investing, and all other aspects of personal and professional finance will enter the digital world with all currency and banking becoming digital. It seems to be the logical cycle of events that will happen in most industries in the digital age. 

When it comes to dealing with exclusive personal data like finances, it’s important to move forward with safety. The Blockchain technology that will be used for these digital currencies is essentially airtight, but it’s also possible that the implementation won’t be perfect from the start. It isn’t developing fast enough for the kind of uses that banks and international payment companies will be wanting to roll out. Moving forward stay watchful, stay informed, and most importantly research all new Blockchain products and digital currencies before using them – new technologies are often accompanied with new scams.