A Game-Changing Banking Technology

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Innovating and creating a purposeful change for communities is at the very heart of what social impact economics is all about. Such impact speculations have never shied away from embracing that latest technological innovation or challenging the status quo. In this vein, fintech initiatives such as coin have the potential to prove that they could be the catalyst for democratizing data and opening new worlds of possibility to users and contributors around the globe.

A recent Harvard Market Review research proposal backs up these claims and believes that there is strong evidence that coin could not only transform markets and policymakers but also profoundly impacts society as a whole. Socially responsible and ethical speculating is not a new endeavor. After all, one of the famous social expenditure programs, the Grameen Bank in Bangladesh, was founded back in around 1976. However, what underpins the fintech trend is the use of an innovative, digital, and often app-based skill set to address these social and economic challenges. Digital take-up of fintech has been phenomenal. The EY FinTech Adoption Survey 2019 states that, on average, almost 75 percent of the world’s population is using fintech products. In the global markets of China and India, that figure is as high as approximately 87 percent. (1) This article is worth a look at because it contains some of the influential trends which might influence the lending sector’s development!

Reciprocating money has never been easier than it is today. With payment applications, the need for carrying cash is diminishing and impacting consumer behavior. In fact, in a survey of over 2,000 Americans, U.S. Bank discovered that about 50 percent of respondents carried cash with them less than half of the time they were out. Going cashless could provide several benefits for both consumers and markets, including instant payments, decreased need for paper documentation, and simplified bill splitting. Moreover, payments-based analytics are potentially helping markets consolidate payment data and monitor customer transactions. Although a lot has been written about the competition between traditional economic institutions and fintech startups, a trend is emerging wherein certain instances the two are working together to bring the best of both worlds to consumers.

At the end of the day, banking’s goal might be to leverage the power of human relationships and communications innovation to potentially help consumers achieve commercial security. The greatest benefit of implementing a cashless society is in the nameless cash. While carrying cash was once common practice, many agree it’s a hassle to continually search for an ATM to ensure you have enough for your next acquisition. Moreover, certain institutions, like public transportation, don’t carry cash for safety purposes, so if consumers don’t have exact change, their bus fare could easily cost nearly $20. Using cash also leaves consumers vulnerable to robbery, whereas, with credit or mobile payment methods, they could simply freeze a bank account if their phone is stolen. (2) Do these digital revolutions have the potential to have a beneficial influence soon? If you want to get a glimpse of what your future banking could look like, go no further than these kinds of sites to ensure you don’t fall behind!

FinTech in general and coin, in particular, have seemingly endless possibilities to revolutionize the way we do transactions, including within the sphere of social impact speculating. This could liberate markets, opening more or fewer millions to better and more consistent access to economics until now marginalized communities. By tracking and recording social needs and the effect of social expenditure, products and strategies could be more easily streamlined and developed, all within an environment less susceptible to fraud. In short, when matched with a positive social impact, the coin seems to have found the perfect partner to re-energize impact commercial markets and drive the next generation of such programs. Following this kind of article might bring you to circumstances in which you could find inspiration! Check the disclaimer on my profile and landing page.

Source1: https://www.structuredfinanceinbrief.com/2020/03/waves-of-change-how-fintech-can-drive-the-future-of-social-impact-finance/
Source2: https://blog.revation.com/fintech-potential-cashless-society

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