#universalbanking

[bbn24tv]

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In the next 3 to 5 years, AU Small Finance Bank hopes to become a universal Bank or a full-fledged bank after receiving RBI approval last week to merge with Fincare Small Finance Bank. Sanjay Agarwal, managing director and CEO said – ‘‘This year, our primary goal is to stabilize the merger and demonstrate to

AU Small Finance Bank Hopes to Become a Universal Bank in 3 to 5 Years

[careeronfinance]

Is The World Ready For Universal Banking?

It's a world where everything can be controlled by your smartphone. Maybe even during this time, smartphones are obsolete and we have holo-consoles in our own wrists.

The digital age is amazing. The ideas are endless. Communication is quite easy.

Financial technology has always been following and it also plans to make things easier for you.

The problem with different banks and financial technology products and services is there is no single protocol. This is what made bitcoin popular; it was simple to use, it was encrypted to protect your privacy and it censored itself from government control.

I can do with government regulation and banking regulations, but having a universal banking tool that has no barriers and compatibility troubles is definitely something I'm clamouring for.

But is the world ready for Universal Banking?

According to Fintech VC Fund Life SREDA Managing Partner Vladislav Solodkiy:

“The first customers were ready to bake a cake with disparate ingredients themselves, the mass customer wants to get a comfortable ecosystem of services with seamless integration allowing the customer to easily use data from one service inside the other and enjoy the benefits from their joint use.”

If we had universal banking, we would get data from companies who "understand" our buying habits. To have us buy faster, they would make sure it's convenient to buy from them using your universal banking system.

It would even show you all the balances of your current accounts up to your pension and you can move your money from one place to another without trouble. It's like having real piggy banks housed in banks and just pouring in and out the money from them.