N2 striving towards better banking!
People around the world are using banking services on a daily basis. So the dependency on banks is extremely high in a community where loans, deposits, and transfers are common.
However, blockchain technology has emerged as a new disruption that may change the way we use banking and financial services.
Many banks have already implemented blockchain for a more secure processing system. Now with the inception of blockchain, the banking industry is no longer stagnant as innovation grows exponentially.
Why choose blockchain technology?
The banking sector is one of the prime sectors that involve many third-party intermediaries to complete a transaction.
This ends up in charging large hidden fees by the financial institutions. Customers commonly experience this with wire transfers to family and friends. However, the blockchain facilitates true ownership of one’s funds.
Blockchain eliminates the need for intermediaries which saves time and money for the customers. It provides a peer-to-peer network that enables users to send and receive money in everyday businesses.
In recent research, technologists found that blockchain is poised to improve customer experience, streamline product features and reshape the market trends throughout the global economy.
Ultimately, blockchain will create a more trustworthy exchange of goods, services, and real assets, at a very low cost.
How blockchain will revolutionize the existing banking process?
As the technology matures, every industry will accept blockchain technology. It will disrupt most aspects of personal banking, including payment, client identification, loans and credits, insurance, and mediation..
Financial institutions can use blockchain technology to minimize the cost and increase the speed when users make a bank-to-bank and international payment transfer. Blockchain is already ready to replace the traditional SWIFT bank transfer in the coming years.
Blockchain help in the creation of a decentralized identification system. It makes sure that all the clients of the respective bank will undergo the KYC process before accepting any application. With blockchain, the users will be identified once, and the information will be stored in a secure location where all the financial institutions can access the data.
Many banks tend to be unpredictable and susceptible due to the demanding responsibility of being a financial institution, making them more vulnerable to insolvency. So using blockchain will prevent insolvency entirely since the system is decentralized. The money transfer between sender and receiver will take place automatically in a secured manner.
Transaction through blockchain will be transparent on a public ledger, allowing any individual to see the information of the sender and receiver, the amount that is transferred or received, and the timestamp of the transaction.
Finally, financial institutions cannot carry out their work without the aid of several mediators. But blockchain will provide cheaper, quicker, more straightforward services for both customers and banks.
How to revolutionize the financial system
If you want to provide both blockchain and crypto services to your customers then I would suggest you partner with N2 Coin. The coin is associated with the N2 platform.
With this platform, you can allow your customer to avail of both banking and crypto services in a single place. Partner with N2 coin and join the bandwagon of revolutionizing the financial system.