Banking has changed over the years. It's no longer business as usual. In traditional banking, customer saves money in safe custody of banks and banks pay meaningful interest on the deposit.
These days, banking has gone digital with less emphasis on cash. It's all digital. And with advent if cryptocurrencies, e-money is the new money.
Hence the era of fintechs. FINTECH (financial technology) connotes a wide spectrum of technology driven financial solutions that drive basic to advanced banking operations from savings to transfers to loans and to payment collection and many more. With these innovations come new challenges like privacy, security and more.
Blockchain is the ultimate future that of banking and finance. This tech which drives cryptocurrencies addresses many privacy and security challenges.
Stay tuned for more on this. Feel free to comment below.
