Our personal banking has changed considerably over the last few decades. The days of getting dressed in best clothes and visiting your high street bank are long gone. The whole fintech boom on the back of the advancement of the internet, saw a global revolution in online banking. Shortly after, mobile banking took off with more and more people using banking apps to handle all their banking needs.
Today, the world of banking is set to undergo a new revolution. As the world gets smaller and the global village gets larger, personal banking needs are changing. Often, if you wanted to send money to some one else, and they were abroad, you were limited to expensive wire transfer services such as Western Union. Nowadays, you could use an online money transfer comparison site which would compare the best ways to transfer money overseas, proving a much larger choice of money transfer options user peer-to-peer technology.
The advent of blockchain technology and the whole crypto sphere is changing the fintech world once again. Peer-to-Peer technology, or P2P, allows faster transactions at a fraction of the cost. Recognizing both the opportunity and the competition P2P technology brings, the biggest financial institutions are devoting an increasing amount of resources exploring the possibilities this new technology brings. Just recently Japanese financial giant SBI holdings became the first big global bank to launch its own crypto currency exchange, whilst global giants like JP Morgan, Goldman Sachs and Barclays have all entered into collaborations and partnerships with the crypto and blockchain sphere.
Our banking habits are being shaped by technology at a rapid rate. Blockchain technology cuts out the need for a middle man, thus making the whole transaction process cheaper. The reduced cost of banking along with the increased speed open the door to better deals, both financially and practically for consumers. What blockchain does is give the power back to the individual user, in choice and in cost. Thanks to blockchain technology, personal banking is ready for the next step