What is the value of your bank for you?
A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain. (Mark Twain)
Most people do not even think about why they need banks.
By its means, a bank is an organization that must manage the money entrusted to it and provide financial services to its customers. The capital of the bank is formed by its clients (in fact, its investors), and the bank just manages their money — invests in securities, metals, profitable businesses and other financial organizations, thus making profits.
You give your money to the bank, and it gets a profit while using them, but you pay the bank for it every month? Is it fair? I think no.
So, why do you need a bank at all? Let’s think about it together.
To save your money?
Well, I have to admit that banks are able to do it well. The reliability of the banking system is much higher comparing to the carton box under your bed. You can save your money in the bank, taking small portions away for purchases, or making payments directly from your account or a card linked to it. Is it convenient? Yes. But why should you pay for it? After all, the bank uses the unused portion of your balance, and earns profits.
To grow your capital?
Despite the ability of banks to make money from money, they are not eager to share these profits with customers. Deposit rates and profitability of retail investment products practically do not exceed the inflation rates. Well, anyway this is better than just keeping money in the account, but you also can’t use them while they grow in the deposit accounts. But your bank can. And I am sure that you want your savings to grow much faster than inflation rates.
To help managing money?
Your bank knows everything about your income and expenses, your habits and hobbies. It knows how much you spend on food and entertainment, and where did you travel for the vacation last year. But does any of the banks offers you something like: “rental rates in your area dropped by 15% over the past year, seems like you pay a bit too much” or “listen, if you will go to bars 2 times less often, the remaining 11% of your income can be invested in the portfolio of stocks and currencies at 18% per annum and in 5 years you can accumulate an annual salary”? No, they don’t do it. Your bank just use your money. And you pay your money for it.
In the SOL wallet, we believe that the bank should benefit its client. Indeed, a bank customer is a partner and an investor who lent his money for company development. And it’s a normal practice for a company to share success and profits with its investors. Therefore, we decided to never take commissions for account opening and maintenance, storing and transacting with money. Instead, we decided become the first honest and open bank that shares profits with its customers. We will offer you to make profits from favorable exchange rates for foreign and crypto currencies, from buying and selling stocks, from discounts and special offers of our partners, and much more. We want to become your financial partner, helping you to save your money, to grow your capital and to manage it effectively, sharing the revenue as partners.
For example, we are able to buy foreign currency at a rate close to the interbank market, and you will get access to these rates from the SOL wallet app. We monitor and select the best rates from the large cryptocurrency exchanges, so you can buy or sell bitcoin from us at the best prices. We have completely zeroed all fees for transactions within the platform, making the deposit, storage, transfers, payments and withdrawals of your money and digital assets free of charge. Now we are building a bridge between digital and regular currencies to allow you to instantly convert your cryptocurrency and use it when making everyday purchases. And in the future, we will learn to help you managing expenses and investing your money.
Your money belongs to you, and you must enjoy it!
