Transforming and revolutionising Banking and Finance industry
The ARAW Token is an innovative cyptocurrency solution that is set to revolutionise and transform E-commerce into banking and finance industry. Yes, it is possible for banks and financial institutions to utilise the technology and business performance of e-commerce to promote their services to the customers. ARAW token e-commerce offers a business opportunity for banks to provide fresh products and services to meet the requirements of e-commerce through the introduction of our ARAW card and ARAW TOKEN. This new business situation connected to ARAW e-commerce provides an opportunity for institutional innovations in banking and finance, which can assist to lay a more solid foundation for financial system globally.
Prior to the introduction and wide acceptance of e-commerce, the conformist and conventional banks were thinking the Internet as just a new distribution channel. However, that notion has been changed since the advent of e-commerce. Currently, practically all the financial institutions both micro credit banks and esteemed Wall Street investment banks can no longer do without investing in internet banking. Not only that, they have as well discovered that they need to take actions to encourage their customers to make use of it. In addition, customers of the bank who like the convenience of shopping online may look ahead to their banks updating their services to meet their needs. Nevertheless, banks and financial institutions ought to do more than just become Internet savvy and embrace e-commerce applications.
Banks and financial institutions ought to view themselves as worthy providers of e-commerce business and to do their own bit to position themselves as trendsetters. The purpose of this article is to clearly show how ARAW ecommerce ecosystem has the far-reaching potential to radically transform banking and financial structure.
Utilization Of E-Commerce Technology and Application to Boost Banking Services Provision to Customers
Bank customers are currently witnessing this new wave of change as banks integrate into their system the Internet infrastructure and e-commerce business practices and applications. Most customers of e-commerce have had to use one or more of the online payment systems. Terms like electronic banking like Internet bank and e-brokerage has resulted to the closure of the traditional brick and mortar alternatives within the mainstream banking structure. What are most splendid about Internet banking are its low transaction cost, convenience and accessibility. It a makes it possible for banks and financial institutions to provide 24-hour, seven-days-a-week quality services with ease of access, convenience, speedy delivery, specific attention to customers and personal service.
Through Internet banking infrastructure, Banks currently minimize the time required to approve mortgage application from weeks to hours. The customers currently carry out a good number of of activities of the bank that occurs in the back office such as data entry. This minimizes the cost of operation and enhances the services provided by these banks. ARAW token blockchain technology and ecommerce ecosystem seek to take this transformation to the next level by not only providing the convenience, ease of access, scalability and security of online banking through its ARAW token and ArawCard; it ensures a more reliable peer to peer transaction, transparency and frictionless transaction through its smart contract.
The ARAWCARD integration is a great feature that gives the holders of the cryptocurrency to either purchase goods offline with the card or converts the crypto to fiat money and withdraws their fund at the nearest ATM machine in their locality.
The Internet technology provides to banking and finance, what money as a unified means of exchange provides to the economy. When we take into consideration the convenience and flexibility that comes with the use of money for financial activity, it’ll clearly become evident how necessary it is for banks and financial organisations to begin to function in an innovative and radical manner. For instance, these financial institutions need to function as an open shop for customers to buy services from them and ARAW TOKEN want to leverage this opportunity and is currently leading the way through its open marketplace and distributed ledger blockchain technology which seeks to make both financial services and e-commerce shopping available to customers all over the globe.
ARAW ecommerce ecosystem: A business opportunity for banks to offer new products and services to meet customers’ needs
E-commerce has resulted to a demand for low cost facility for micro payments. Additional areas bank needs to improve their services are to protect e-commerce participants against fraud, introduction of electronic billing, rendering help to small business, acting as information intermediary, and guarding the privacy of online customers, and acting as a rating agency for e-commerce.
ARAW token has taken up this initiative through its decentralized e-commerce marketplace with banking system integration. The open system architecture ensures that all transactions are transparent and accessible to all the members of the network. It as well guarantees secure transaction through the smart contract integration. This innovative business environment that is currently being launched by ARAW UK LTD with its ARAW token for online transactions and Arawcard which would enable offline transaction comes as an innovative move towards re-structuring the banking and financial systems.
ARAW TOKEN has set the pace for others to follow. While the capital market takes up additional role in the financing system of business ventures, banks have become less significant as mediator between savers and investors. In addition to the risk that comes with moral hazard, this serves as a great reason for governments to eliminate the safety net from banks and organize an independent body to function on a completely safe basis for the payment and transaction ecosystems. This could result to central banks find it more difficult to establish interest rates, which may result in their role in monetary policy being altered.
A lot of the popular conventional business practices of banks in the modern day evolved to cater for the needs of modern commerce. Contemporary commerce as well shaped the business atmosphere, which in turn introduced a few major institutional innovations. A case in point was the commodity exchange, which developed into the stock exchange, and futures market.
The recent trend in digital currency development also creates a business opportunity for banks to provide fresh products and services to meet with the needs of e-commerce.
Below are five service areas banks can offer to ecommerce payment services, information intermediary, rating services, fraud protection, and offering technological support for small businesses to penetrate e-commerce.
Payment and Billing Services
Credit card is one of the small numbers of remarkable innovations introduced effectively by banks in the last fifty years. But it is an exorbitant way to pay for goods in the e-commerce environment and many people who shop online would prefer a cheaper means of payments. In addition, credit cards are not appropriate for peer-to-peer Internet transaction. ARAW TOKEN is proffering this solution as a peer-to-peer public blockchain that also offer to its users a cheap and affordable means of shopping online through its ARAW TOKEN and Araw card feature which is fully integrated in the mainstream banking structure to let users shop offline and converting their ARAW TOKEN to fiat currency at will.
New ways of on-line payments like deduction from a pre-paid account, electronic billing services, direct transfer out of bank accounts and a more innovative solution from X.com and PayPal which allows peer to per transfer of money.
Online trading is associated with risks. A new ecommerce trading environment need to be secure and protected from fraud, there needs to be a monitoring and rating system to ensure that the quality of the goods bought off the ecommerce platform together with a system that ensures that buyers and sellers fulfil their commitment. Luckily ARAW TOKEN ecosystem and infrastructure comes with handy solution to all the conditions.
Apart from assuring the quality of the product sold online, there is a similar concern about online fraud. Sellers need some form of guarantee that the buyers would pay. However, blockchain decentralized technology that ARAW token is proffering to ecommerce industry is set to solve this issue through the Use of the ARAW token and the smart contract functionality of its marketplace.
Another way banks can protect e-commerce shoppers from fraud with the help of encryption technique to certify the identities of its own account holders and act on behalf of its account holders to confirm the identities of account holders at other banks.
New E-Commerce business environment
E-commerce provides a new means for a few of the biggest commercial banks with technological aptitudes to provide other business establishment the technology needed to carryout business-to-business e-commerce.
The new business environment that comes with ARAW token e-commerce stands as an opportunity for the banking system to go through a period of reform as part of the larger project of establishing a fresh financial architecture. The more profound consequences are in the wider area of financial systems where the Internet act as the technological platform that makes it possible for people to engage in different forms of financial transactions a development referred to as e-finance.
The deposit and payment system of banks and financial institutions are being replaced with new and emerging technologies, and many non-banks like mutual funds are beginning to offer customers transaction accounts. ARAW TOKEN is leveraging this opportunity to offer its network users with Araw card for payment of goods and services. ARAW token is an ecommerce and Finance services integrated with banks.