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BANKOMIA BLOG : Mind-Bending TED Talks Supporting The Idea of Neobanks

In the modern world, we often encounter terms and processes we do not quite understand yet have no time to research. From our experience, this frequently happens when discussing cryptocurrencies and blockchain technologies. Neobanks are joining these two, and we feel the need to explain the idea behind them.

Being the definition of busy millennials, we seek convenient ways to carry out more tasks than our day allows.

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Let’s take bank transactions, for example.

Past generations found themselves going to the bank, taking a number and waiting in line until getting the actual transaction done. These days we can skip right forward to the transaction part. All we have to do is enter your neobank online.

Online neobanks are more secure thanks to the technology behind them. It is a highly reliable tool for secure funds management that saves time, money, and effort.

The services vary from bank to bank. To find the best one, you have to do your research. However, to succeed, neobanks follow customer expectations and needs.

At Bankomia, we give all the credit for our success to crypto community feedback. Productivity is an issue we all struggle now and then. Creating an all-in-one crypto management platform seemed natural. Instead of using three different apps, we aimed to offer a crypto exchange, payments, and management in one place.

Neobanks yet to be discovered

For many, the term neobank is relatively new. First articles about virtual banks appeared only in the mid-2010s about fintech start-ups that offer internet-only financial services. Since then, neobanks’ valuations have skyrocketed with an estimated global user base of 39 million.

After COVID-19, we hear a lot about the new normal. In many ways, neobanks are also the new standard banking practice we still have to adjust.

Neobanking is a result of several changes happening in society, including beliefs, needs, and lifestyle. We cannot cut it down to technology only.
In this aspect, our team members put together a list of TED Talks that support the idea behind neobanking to make it a bit clearer.

The future of digital communication and privacy

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In this 18-minute conversation, the Head of WhatsApp Will Cathcart talks about the role of digital communication in 2020 and the trust people put in it. With WhatsApp, we are used to enjoying a fully encrypted connection globally. WhatsApp uses a decentralized system where only the sender and receiver have access to messages – something similar to neobanks.

Why is it worth your time?
WhatsApp recently entered the market as a bank transfer facilitator. Despite various government officials’ requests for a centralized solution, WhatsApp remains true to its mission, providing a safe yet accessible place for global communications. The same concerns are circulating neobanks, but in the new world, a fully secure and always open digital bank might be something worth considering.

What COVID-19 means for the future of commerce, capitalism, and cash
In this discussion, the CEO of PayPal Dan Schulman makes a statement we all believe is right – capitalism is outdated and needs an upgrade.
Alone the fact that contactless payments were already famous before the global pandemic, with more than 70% Generation Y and Z shoppers calling it a must.

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Now, with the World Health Organization warning consumers about banknotes carrying the coronavirus, contactless payment transaction limit increased by 131% on average. In this regard, money in its physical form starts to lose actuality.

Why is it worth your time?
Like Dan Schulman, we support capitalism that moves society. Still, a striking 85% of the world’s transactions today are done in cash (among many other things that require touching). As a part of society, all of us must learn that life, as we knew it before COVID-19, is not healthy anymore. Listen to this lengthy yet insightful talk, and you’ll understand more.

Blockchain and the Middleman

Have you ever struggled to explain what blockchain is to non-crypto users? It turns out only 10% of the world population completely understands what blockchain and cryptocurrencies are. In this regard, the TED Institute comes to the rescue to clear it.

Why is it worth your time?
Repetition is the key to wisdom. Every so often, we find it useful to refresh our view on the fundamentals that drive our business. This video is a perfect explanation of blockchain as a means of trust and the future of banking.

How Cryptocurrency Can Bank Everyone

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We see a trend of many companies making a shift towards a decentralized financial system. If you still feel skeptical, we recommend watching/listening to Anton Mozgovoy, Head of Product at Jthereum.

Mozgovoy explains that people worldwide already use blockchain-based solutions offline. For example, the Estonian E-Health Foundation uses blockchain as an additional layer of security to help ensure the integrity of health records. Russia launched a blockchain-based electronic voting system project. If strong economies put trust in this technology, why shouldn’t society?

Why is it worth your time?
Access to finance should be a basic human need, says Mozgovoy, and we couldn’t agree more. So should be banks. According to the World Bank, in 2017, there were 2.3 billion working-age people around the globe without a bank account. Neobanks could bank everyone securely and conveniently by solving this basic universal need for financial inclusion.

Final words

As digital banking continues to become a more common practice internationally, it is essential to see the benefits (as well as concerns) it brings. We suggest doing your research on it because in the end only you know what’s best for you.

For those not sure if neobanking is their thing, we advise you to try it out and see if it lives up to the hype.
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SOURCE ARTICLE : BANKOMIA BLOG
#Bankomia #BankomiaBlog #BankomiaCrypto

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