In this digital age, technology has made life easier than ever before. In every facet imaginable, we use technology to carry out our day-to-day activities.
When it comes to banking, it’s no different. With the arrival of digital transactions, QR codes, mobile banking, and a list of other useful amenities, banking is more streamlined and accessible to the average consumer than ever.
On an average day, we pay for groceries with our cards, send money to our friends and family, check our bank accounts on our phones, pay our bills with the tap of a button, and a lot more. We are so used to the convenience of readily available banking services that we often forget how good we have it.
According to information released by the World Bank, nearly 1.7 billion adults worldwide still don’t have access to a bank account. In the age of digital commerce and ever-shrinking distances, this is almost unimaginable. But sadly, this is true and a common problem across many parts of the world.
Banking As It Exists Today
When exploring the reasons behind this huge disparity, one notion that pops time and time again is that the conventional banking system that exists today overwhelmingly caters to its already existing customers.
All the technological advancements, no matter how much of a leap they seem to take, only work to further the service of those that already have access to it.
Apart from the common challenges that come to mind, such as the unavailability of banks in remote locations and the financial mindset of the locals, there are other factors that are also at play. In many ways, the steps in implementation to protect users often hinder new users from joining the banking system. Whether it be an extensive list of documentation, verification, vetting, security features such as KYC/AML, etc, there is a whole lot of red tape to cross for new users to join the rest of the world in protecting their assets and hard-earned money.
Bank Xero — Bank Of Tomorrow
The need of the hour is to rethink the way we approach banking from an administrative standpoint. With the help of revolutionary technology such as blockchain development, Bank Xero aims to do just that.
Though many banks and financial institutions have already implemented cryptocurrency and blockchain into their foray, these implementations come at heavy costs and are far from ideal.
Bank Xero will be built from scratch to cater to the demands of the rapidly changing financial landscape. It will open up the doors to a demographic with over 1.7 billion people.
While others look at this prospect as a challenge too big, we look forward to tapping into this vast untapped sector that’s often overlooked.
Gear Up For The ICO
Mission Prosperity’s ICO is gearing towards a successful launch. For those looking for an investment that provides opportunities aplenty, this is your chance to stake your claim. More details regarding the ICO and how you can take part are right around the corner, so stay tuned. We have started on our mission to provide readily accessible banking services to those in need, and we warmly invite you on this journey.