Risks and Threats of the Traditional Banking Sector
This is certainly an interesting topic to research on. The risks and threats that we face with our existing banking system are quite ambiguous for most of us to realise, although we are experiencing it, everyday. Existing banking system and the global financial infrastructure are facing severe challenges in meeting the growing needs of the users. Cryptocurrencies and blockchain technology are rapidly emerging into the global financial infrastructure and this calls for the mandate need for upgrading and leveraging the existing banking system and to give it an all new shape and form.
Listing down are few commonly faced problems in our banking system.
1. Ambiguity — Our existing banking system is quite ambiguous, complex and it is also very over-priced. Transferring money from one country to another has huge processing methods which makes is costlier and also time consuming.
2. Centralized Banking — In the growing economical world, users’ perspective towards the centralized banking system is slowly changing which calls for the need for decentralized banking process. There is a great risk involved in the centralized banking process, which is why now slowly businesses are opting for banks with decentralized process. Centralized method is very inflexible for the customers, because the entire control lies with the senior management and not customer-friendly. The most common cause of approaching banks for a commoner is to borrow money, for which the decentralized banking process will be a faster and better option.
3. Crypto-Friendliness — Money is taking different forms today, and one among it is the cryptocurrencies. Gradually, the cryptocurrencies are spreading its wings beyond its own crypto community and it is getting into the lives of commoner, but the problem is that we do not have crypto-friendly banks which can provide a single banking account for handling both the traditional money and the crypto currency. There is a lack of infrastructure to support financial transactions between crypto and fiat currencies.
4. Multi-Currency Handling — There is a lack of knowledge to handle digital assets. There is also not enough security for our digital assets, which makes people hesitant to opt for it. Also, we do not have a structured and a rationalized process for converting our digital assets and crypto currencies.
All these primary factors that we discussed above are the gap that exists between the banking system and the end user. The need for a bridge to make these two ends connect is very mandatory, especially in the present times where money is evolving in new forms.
The world needs a solution to it and it is Cashaa, the global multicurrency crypto-friendly banking platform. Cashaa is not just another banking product, but it is the one-stop solution to overhaul all these risks and threats of the existing banking system and to experience an all-new global banking experience.
Cashaa provides an easy way to bridge the Bitcoin and fiat money through its IBAN account with which users across the world can access both their old and new money simultaneously. Cashaa simplifies the global payments sector and banking infrastructure with the intention to expand the roof of financial inclusion concept to accommodate the complete global participants, leaving none unbanked. Cashaa has exclusive banking offers for individuals and business clients across the globe, currently operating in Europe and would soon spread its wingspan globe.
