FinTech innovation bitcoin the change
Fintech innovation bitcoin the change – Bitcoin is an innovation which is here to stay. A lot of people agree on this as well as people from the financial industry as from outside the industry. But the question remains how will it evolve and what will be its function?
How it makes life easier
It’s far less expensive to use than any other fiat currency system. It has the potential to become the Uber of payments. Think like this if it was really bad it would have been gone already. It can make payment better in three crucial areas: for the user, business model and from a technology point of view.
In this way no bank or any other financial institution is immune from this disruption. It will come that’s for sure. Therefor it’s more important to develop a decent strategy and be prepared.
What can we expect to change
Banking as we know it will change completely. Our wallet will be fully digital and we will use our smartphone as our wallet.
Startups like Easbit can adapt very fast and change the financial industry rapidly in potential. According to a recent report of PwC 83% of the financial industry thinks that especially FinTech Startups will change the industry by 2020. This is less than 5 years from now.
Here you’ll see a nice overview of which areas have the most impact.
Most important FinTech trends
There are some important trends which financials have to take in account.
Next year (2017) about 70% in the world will have a smartphone. It is expected that 60% will use their mobile for payments through an app. And use it at least once a Month. This makes mobile one of the most important trends in the financial industry, but also outside the industry.
Digital payments and security go hand-in-hand. This means that mobile payments only can succeed when it’s totally safe to use like the Easbit mobile Bitcoin wallet.
Services for underserved consumers
The biggest group here is by far the remittance market. Till today the fees are far too high and complicated. Technologies like Bitcoin can make it super cheap and fast to transfer money from anywhere to anywhere in the world.