The digital revolution has had a major impact on various sectors, but perhaps no more so than in the finance sector. It is changing banking structures, with the introduction of more online banking options.
There are many options to withdraw money, make deposits, or transfer money without going to the bank, plus improvements in cybersecurity and data protection are encouraging customers to use more online banking services.
And, alongside the emerging technology used in digital banking, there are also many innovations that are making in-roads in finance, such as mobile digital wallets, investment management applications, card-less ATM withdrawals and many more.
Of course, there are some downsides. Cybersecurity threats still exist and technical glitches that prevent customers from accessing their money is another that has been seen recently with the Visa story and the TSB bank in the UK. User concern about all their financial data being online is another barrier, but one that is gradually being taken down.
On the upside, digital banking has so much to offer banks and customers alike. From business efficiency, increased accuracy and greater agility to enhanced security, it is certain that the technology is only going to move forward and adoption will become more widespread.
What Lendo offers its clients
Lendo platform offers a suite of digital banking tools that can transport your finances into the digital age via the blockchain. The products on offer range from an IBAN account, a digital wallet in both mobile and web versions, a merchant payment system, credit/debit cards and a currency exchange. And at the heart of it all is Lendo’s personal loans platform where members can get loans in return for crypto assets as collateral.
According to a report by consulting firm Accenture, nine out of 10 banks agreed that they are exploring the use of Blockchain in payments and may use it if results are promising. Lendo’s advantage is that it is already built on the blockchain.
Lendo can help you control your finances on the blockchain — visit lendo.io and find out more.