the future of banking services on digital devices

Banking Services and Blockchain

Let’s kick things off with the things you already know, just to introduce the topic. The banking industry is transforming from physical to digital, and Gen Zers are playing a massive role in why. 

Digital Services and quick access to our accounts globally, is the current normal. Mobile banking has become the go-to method for all financial transactions;

  • Deposits
  • Account Transfers 
  • Balance Management 
  • Applying for Loans 
  • Touch Payments

Everything is in the palm of our hands, but it is far from perfect, and a long way from being 100% digital. More importantly, it is a long way from being fair.


What are the problems in current Banking Services?

Let’s cut right to the chase, banking services are slow and expensive. Technology has blown away yesteryear devices and gadgets, at a blistering pace with updates, major ones, happening every few months. 

Mobile phones, computers and cars are the innovations right in front of our faces, ever-changing, meaning we are always using newer, faster, better, and more efficient gadgets.  

But banking……hasn’t it been left behind? Or maybe worse, is the industry purposefully holding it back? Why would they do that?

Brrrrrrrrrrr…….the money printer and of course to line their pockets. 

Would you like some (Fries) Fees with that?

Banks are for-profit, there is no doubt about it. All across the board, the banking industry takes advantage of customers. They make money off you, not for you. If you are holding money in a traditional banking account, maybe you are making some money yearly from interest rates, however in recent years earning 1% APY has been for some, as good as it gets. 

Related Article: High-Yield Online Savings.

From the data on interest earnings the average 0.5–2% that you earn over one year, a bank will use to earn double or triple from other lenders. Sometimes it can even be over 5 times what they give in return;

Mortgage Lending Global Average Interest Rate = 2.98%

Source: Business Insider 

Student Lending Global Average Interest Rate = 4.5–7.3%

Source: Credible

Credit Card Lending Global Average Interest Rate 16.15%


Have you ever seen or heard of a bank offering loans for one of these services at 0.5–2% APY? No? Us either. 

Banks clearly don’t see the problem in this, because well, we the customers keep accepting it. It’s good enough to give you, for keeping money with them. Just don’t ask for the same in return, if you want money for education, running or starting a business, or to get that dream home, pay up! The banks will give little to their customers but take a lot. 


Banks Are Bad, Ok, But Why does Blockchain Change the Future of Finance?

It’s likely by now, you will have seen or heard something about Blockchain technology, cryptocurrency such as Bitcoin or Ethereum, and how it’s changing the world. The problem is, well, it’s not something easy to start understanding. But, the reasons why you should be thinking about it, are the ones that the banks will do everything to stop. Now, why would that be?

New Technology Brings Benefits

Blockchain has shown its potential to help, not, can possibly help, or might help, it has been in use for people around the world, for years already showing millions of daily transactions. 

Source: Statista 

People are sending money across the world using cryptocurrency on blockchain, with lightning speed. Payments are being sent in seconds/minutes, not business days. These transactions happening across the globe, from one side of the world, to another are get this, for next to nothing. Almost Zero Fees. 


  • Processing Fees
  • Commissions
  • ATM Fees
  • Account Fees
  • Forex Currency Fees
  • Waiting Business Days for Money Transfers

With a digital version of money, using new technology, things can be much better and fair. 

Banks can earn more than 50 billion USD yearly on interest rates alone. 


Global Transfers on Blockchain, Powered by Computing 

Blockchain can make financial services faster, cheaper, and global. It almost sounds too good to be true, but it isn’t. The easiest way to think about it is to compare it to social media messaging. We take data, the content of the message, and send it from our account to our friend’s account regardless of location. If we send the message, hi, our friend will get it instantly, for next to nothing. We do pay for internet access, electricity to power our devices, and to have our mobile phone which allows us to use the messaging service, but that’s it. 

Use your favorite apps like telegram now to access services on blockchain

Blockchain takes social media messaging speeds and concepts into finance. 

We access a service (the internet/blockchain) that allows us to store cryptocurrency, our friend does as well, we share our information, and then can process all the financial transactions available. 

Because it’s through a programmed service, middlemen, and offices for those middlemen costs are lowered. A bank has operating costs, bills, rent, and storage of money to consider. Not to mention security costs. 

These bills are all considered when we access their services. We don’t just pay for what we get, we need to pay enough for the banks to run in the green. Also if you are worried about the safety or security of blockchain, Bitcoin’s entire market value is over $1,042,817,571,007. 


Surely someone would take this if they could. The point is, they can’t, due to how the system is programmed and ran. At the very least, for the past 10 years, no one has been able to break this cryptographic security system. Not once, nada. 


Blockchain is Much Less Complicated Than it Needs to Be

It runs on computing power, which means it uses electricity. All transactions are recorded in the system. A simple example would be your banking account. 

All a banking account needs to know, is, how much money you have in real-time. 

I add 100 USD to a Blockchain. The blockchain confirms it. I send 50USD to my friend. The blockchain will remove 50USD from my account, and add it to my friends. This transaction is completed by computers automatically, using code. In just the same way as you click send message in social media. Your message sends. Your friend receives. It works without anyone in the middle, quickly. A system or program does it for us. 


Conclusion | The Future of Finance Should be Better for All Using the Best Tech

The current traditional banking system has problems, and it limits who can join based on rules made up from country to country and bank to bank. Millions of people cannot get credit cards, debit cards, or even a bank account. Everyone deserves equal opportunity and access to essential services. offers a simple solution, easily on your phone running a not-for-profit model.   

“Banking is necessary, banks are not.”

Using cryptocurrency, and blockchain, hidden and overpriced fees in traditional banking meet their match

For anyone who agrees that banks have gotten away with terrible rates, high fees, and snail speeds for too long, hi might be worth trying. 

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