Question

What is one technological advancement (or product improvement via technology) you would implement if you had the opportunity (authority and budget)? Describe the features, along with the benefits to both consumers and banks. This new advancement/improvement can be anything that makes banking easier for consumers, makes banking safer and more secure, simplifies a bank's operations, saves time and/or money, etc. Before writing about your idea, do some quick online research to make sure it doesn't already exist (i.e. banks already utilize it or it is already available to consumers).

Answer 1

The technological advancement that one can rely upon is the transaction safety. Encrypted transaction is something which is relatively new to the banking industry.

The blockchain technology canhelp encrypt the transactions in hash. This will also legitimize the transactions and provide foop-proof security to the masses. Fintech is still working on its grounds. Hence, a lump sum initial investment will be required to get it going. The blockchain technology has the potential to not only revolutionize the transactions, but also the entire function of the bank. The blockchain technology stresses on smart contracts. These smart contracts can keep the information as concealed between the bank and the custom. Facilities like opening a fixed deposit, availing a loan can all done by harnessing the technology rather than employing the manual work, which can be put to use somewhere else. The important factor for this idea to be fruitful is to get acceptance from the banks to transform from a manually customer managed entities to machine-managed entities.