The year 2016 is around the corner and a ton of people are preparing their New Year’s resolutions. One of the topics on everybody’s list will be how they can improve their current financial situation and how they will go about doing so. There are a few simple things anyone can do without too much effort although some necessary research will be required.
Ever since banks and other financial institutions around the world have started to show an interest in blockchain technology, the Bitcoin community has been speculating on what projects might entail from this interest. In the case of Lloyd’s, one of London Market’s key players, there seems to be a keen interest in using blockchain technology to revolutionize insurance markets as we know them.
Insurance Sector is Ripe For The Picking
The financial sector has seen little to no innovation over the past fifty years, and the lack of thinking ahead is clearly showing as of late. In fact, hardly anyone can make sense of the financial system we use today, not even the people who are actively working in the sector on a daily basis.
Finding a Bitcoin-friendly bank seems to be an impossible task these days unless you live in the UK or Germany. Most people know the name Fidor Bank as being the only Bitcoin-friendly bank in existence, but there is a new kid on the block. NextBank has announced their upcoming launch and they have some interesting tricks up their sleeve.
Also read: New Bit-X Bitcoin Debit Cards Shipping Out
Bitcoin can be used to pay employees in all different kinds of areas. Mixed martial arts might not be in the top 10 of “types of employees” looking to get paid in Bitcoin but that isn’t keeping Jon Fitch from sticking with the digital currency. In fact, Jon is the first MMA fighter to be fully paid in Bitcoin. Quite an interesting turn of events, but it seems to work out quite well.
Traditional financial institutions are struggling to remain relevant in this day and age of mobile and cashless payments. Credit cards are becoming even more common, yet that payment method is not without its flaws. Most of the mobile payment solutions are built on top of an existing financial infrastructure, but once clearing and settlement agencies start to build their own instant payment platform, you can be sure the game is afoot.
Make sure to read: Fintech Companies Leapfrog Banks To Offer Faster Payments
Regardless of how you want to look at things, the financial sector is doing everything in its power to run itself into the ground. In the United Kingdom a new scandal has been revealed, where the largest work pension schemes prevent savers from accessing funds, and cash transfers are delayed by over three months. Something will have to change sooner or later.
The financial sector as we know it has undergone many changes over this last 12 months. Even though there has been a disturbing lack of innovation from within the sector itself, the accelerated development of new technologies is making up for that. If all things go to plan, technology firms will be able to offer access to the payments system without relying on larger banks.
Make sure to read: NairaEx Aims To Restore Bitcoin’s Prestige in Nigeria
The world as we know it is being disrupted on all sides, and various companies are vying to be the top contender for their services. Transportation disruption is nothing new and there are several major companies working towards that end already. But in Asia, different names are appearing on the scene. Go-Jek and GrabTaxi might not be major names in the Western world just yet, but in Indonesia, they are two of the most famous services.
Make sure to read: Bitcoin Boosts Number of Non-Cash Payments In Asia
Traditional financial institutions are slowly starting to realize they have to innovate their business model, or risk becoming obsolete. Sending money around the world at these ridiculous charges, not to mention the amount of time it takes a transfer to complete, is no longer acceptable. TransferWise, a London-based money transfer startup, might be bringing something new to the table.
Emerging and developing markets, such as India, for example, are warming up to the idea of using decentralized payment solutions such as Bitcoin and other digital currencies. Looking at this from a financial point of view, India, together with China, are two countries working very hard to drive the growth of non-cash payments. Only time will tell if this move will help foster Bitcoin adoption in both countries.