In the world we live in, technology is constantly changing and advancing, impacting all areas of life. It can be argued that no sector has been impacted more than finance. Gone are the days of customers physically visiting a bank branch to sort out their finances, the whole financial system is now online. A few taps and clicks and you’ve sent money to the other side of the world. Today, we look into how the move from traditional to digital banking has changed the user experience, focusing on a digital bank launched in 2015, Black Banx.
High street banks such as Barclays and HSBC have traditionally required customers to visit their local bank branch to manage their personal finances. This created a dividing line between those with the ability to access a physical branch, and those who couldn’t. The consequence of this is thousands of people being financially excluded, particularly those living in rural areas or people with mobility issues. Digital banking has opened up a world of financial opportunities to parts of the population that have typically been left out.
One notable digital bank providing for the financially excluded is Black Banx. This neobank, launched in 2015 by German billionaire and fintech genius Michael Gastauer, has taken the digital banking world by storm. By offering a range of products and services catering to a large percentage of the global population, Black Banx allows users to check their account balances, transfer funds, pay bills, and even pay using their crypto assets, all with the touch of a button. Its completely remote and borderless approach allows users to access their funds from anywhere, as long as they have access to a smartphone and the internet. Rural populations have particularly benefited from such a system with many being able to access financial services for the first time due to institutions like Black Banx gaining popularity.
Digital banking benefits
By gaining access to a financial service for the first time, as the case with Black Banx customers, populations start to make knowledgeable financial decisions for the first time.
Digital banks are convenient. As long as you have a form of photo ID on hand, you can sign up for a Black Banx account almost instantly. Business and private individuals gain access to banking without restrictions based on nationality, country of residence, religion or income. Gastauer’s platform increases the simplicity of banking, dramatically reduces transaction times all whilst increasing financial inclusion. By using digital banking, customers can access their wealth anywhere via a mobile app.
Through their accounts, Black Banx allows customers to use the world’s best banking networks to process money without transaction limits. This is particularly advantageous for business customers. Users also have the ability to send and receive local and international payments almost instantly and hold/manage funds in many currencies and cryptocurrencies.
With the move from traditional to digital banking, large numbers of people have become worried about security. Black Banx’s security concept is based on global diversification. By refusing to hold customer funds in one place, they make sure money is protected by multiple jurisdictions due to Gastauer’s global ties. The company also protects money using industry-leading security tools. Black Banx complies with the highest data security standards and its payment system is fully encrypted – as noted on their website. The fact of the matter is that security is a priority for digital banks and Black Banx proves this with their robust security methods.
What features does Black Banx offer?
Customers are able to open an account out of 180 countries, with Black Banx’s client base currently sitting at over 40 million. The neobank offers 28 FIAT (government-issued currencies) and two cryptocurrencies to choose from, with international payments being accepted in the aforementioned. Users have the option to receive a virtual and physical debit card that can be used worldwide. In addition, Black Banx offers interest-bearing savings accounts in EUR, JPY, GBP, and USD. Interestingly, is Black Banx’s approach to crypto. Forging a new crypto path in regards to digital banking, Black Banx doesn’t require customers to retain their crypto assets in the company platform, they are free to withdraw assets into wallets if they wish. This autonomy is strengthened by the platform’s 24/7 link to crypto trading services.
Black Banx continues to have an impact on banking and remains one of the world’s top digital banks. Gastauer’s understanding of customer needs and his decades of financial experience has enabled him to reside at the top of the fintech industry.
