Nothing directly related to P2P or crowdfunding but the term FinTech does crossover in to other financial sectors and banks need to catch up too.

How can one enable advancement in banking? The appropriate response lies in persuading the end user that innovation is safe and banks are not going out on a limb. Obviously, this is anything but difficult to state yet not that simple to execute.

Imagine you’re in your late 80’s, made millions in funds. Would you consider taking bold steps and risk what you’ve secured or will you simply set aside the opportunity to make the most of your days? Imagine you are part of the leading body of a multi-national bank that has huge market share and you are responsible for innovation. Would you push your members to think of the most notable solutions or would you innovate sufficiently only to keep your piece of the pie? This may give you an answer as why a large number of the big names in banking still utilise mainframes and they are hesitant to enter the roller coaster of FinTech we have been seeing the recent five years.

Blockchain, NFC, Peer to peer lending are only a couple of the choices traditional banking could have completely adopted. This would have tremendously affected the way we exchange transactions, do business and live our lives. On the other hand, no bank has jumped on the bandwagon and offered a fully-fledged product in this sector.

Probably, there are two variables bringing on this:

Generally, new banking products require a great deal of IT involvement — for each new sort of deposit/loan, you need somebody to implement many forms and wizards.

Rather, we figured out how to remove IT from the equation by executing metadata driven structure for form generation. Through this, operations can work specifically with marketing and make distinctive forms and wizards, without needing to call any IT staff, which cuts the time for execution.

For some, this may seem like something not that important, but if you have to sit tight for six months just to change the background, imagine how much time it requires to make another product.

Imagine you’re a customer of the Imaginary CryptoBank. How would you feel in the event that your deposit is turned into crypto-currency and a network is in charge of approving the transactions? You, being the reader of an advancement-oriented media, may be totally OK with this realising that it will decrease the process time, the costs, and will be significantly more secured. On the other hand, other people will be anxious if there would be no one in charge of this network and everybody would have the ability to add a node and be part of this framework. They will certainly favour the traditional bank that is not fueled by the component behind the dodgy “bitcoin” currency they are hearing startling news about on TV.

The appropriate response probably lies in persuading the end user that innovation is safe and banks are not taking risks. Obviously, this is easy to state but not that simple to execute.

We have a good example of the consortium of banks thinking of a radical move to begin a joint blockchain project. In this way, none of the giant players risk their own reputation.

Another approach to announce innovative activities is by unequivocally concentrating on the physical plan and digital UX of the innovation because the mass customer judges how dependable something is by the outside look of it. For instance, individuals confronting a slowly loading website believe the end product is unstable. One good example is Procredit Bank applying Digital Signage and instructing their clients that innovation is beneficial for them.