The banking sector is typically very slow at deploying technological advances, but perhaps it’s the ageing user base whose reluctance to embrace change is hindering progress?
In a world of decreasing size and rapidly increasing technological development, the financial sector needs to keep up at the same pace. While physical supply chains have improved to keep track of the digital world, the financial supply chain has not kept pace.
The race toward real-time financial services involves a wide array of stakeholders and possibilities, ranging from common standardization to re-engineering underlying processes and protocols through blockchain technology.
So far, much of the hype in fintech is concentrated around the front-end through P2P-payments like Venmo, Facebook Pay and Snapcash, as well as mobile payments like Apple Pay/Wallet and Android Pay. These solutions change the dynamics of the customer interface, but are mainly built on existing infrastructures (either the banks or the card networks). However, in a world where physical goods can be delivered within the same day, expectations for real-time payments are…
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