The New Normal: Stay-at-Home EconomyGlobally, we are witnessing the financial systems of several nations being faced with a series of unprecedented trials and tribulations as a result of the COVID-19 pandemic. The outbreak of the virus has led to the vigorous enforcement of lockdowns and social distancing measures worldwide, which in turn led to banks modifying or curtailing traditional bank services to abide by these norms. These changes have thus accelerated the increase of demands for digital banking services and banks worldwide are racing to catch up. Relevant research studies have shown that global consumers are getting more and more acclimated to using mobile and online bank services as usage frequency has increased by more than 35% in the last three years. Due to this pandemic, mobile payments and online transactions have sped up the replacement of traditional bank-centric transaction models with new transaction models. A recent survey by Novantas supports this as only 40% of their respondents said that they expect to return to branches once it is safe. The American financial market, in particular, plays an essential role in the global financial system. The major oil price slump in March directly led to several “circuit breaks” in the American stock market. The enormous trial the global financial system is currently facing was further aggravated with the excessive printing of dollars as well as poor performance in containing the virus by the US government among other elements. On the other hand, the digital banking industry is showing a promising development coupled with a vigor never seen before. Countless people worldwide were forced into staying at home following the explosion of the pandemic and this caused a boom in e-commerce as customers relied on digital mediums for their shopping. A new economic flow model, the "Stay-at-Home Economy", emerged as a result of the unique charm it displayed during the lockdowns. As the pandemic is setting up to become a long-lasting battle, it is obvious that contactless transactions and contactless retail will be the developmental trends of the future. It is apparent now that old transaction models can no longer adapt to new economic operation standards. With the increase of online demand, traditional banks are faced with an impending need to upgrade and transform their services. This transformation does not refer to simply digitizing traditional bank services. Digital banks are not just banks that provide financial services through mobile phones or Internet-based channels, they are actually the complete transformation from the most basic financial technology to the usage habits of bank users. Digital banks are to be widely used by customers so they should have powerful functions, higher bandwidths, advanced data safety, and privacy protection. Digital banks also have to provide safer and smarter services to their users and this is why Global Investment Bank & Capital Trust's Digital Bank (GIB's Digital Bank) was born. Global Investment Bank (GIB) & Capital Trust's Digital Bank Innovates a Unique Digital Banking ExperienceGlobal Investment Bank & Capital Trust's Digital Bank is an Internet bank that intends to build a new and unique digital banking experience with four interrelated and supplementary elements. The bank is developing its own set of personalized financial products through the connection of banks and fast-growing social networks. They also want to design better customer experience through auto-technology and digitized processes that make more effective use of available resources. Innovation is the driving force that pushes GIB's Digital Bank forward as it is looking to equip itself with an internal transformation that will allow them to make a name for itself in a competitive market. Back in 2018, the founding team of GIB's Digital Bank had already discovered the budding industry of digital banking and was amazed by its infinite possibilities. They decided then they would move forward in that direction. GIB's Digital Bank's team finally submitted their research report to different local governments after two years of endless market research, data analyses, and sand table exercises. They have also applied for licenses and authorizations from different countries and regions, including the United States, Dominica, Australia, Canada, UK, Labuan, Switzerland, Laos, Malaysia, Thailand, and more. GIB's Digital Bank has also been listed in NASDAQ OTC with "GIB" as its stock code. The team's plan for the near future is to go public in NASDAQ by the end of 2022. In addition to being listed publicly on NASDAQ, the team's top priority is the construction of their foundation with a focus on iterated upgrades. Bank users nowadays seek better security, privacy, and convenience; blockchain technology offers exactly what they are looking for because it possesses decentralization and encryption features. The utilization of blockchain technology will not only ensure the curated data is genuine and unmodifiable, but payment transactions will also be easier and more convenient. The team behind the digital bank is developing a digital banking experience that is based on the infrastructure of blockchain technology so that GIB's Digital Bank allows for safer assets and data storage. They are also replacing the endorsement of laws with the reliability of mathematical models; theoretically, their encryption technology cannot be cracked by existing computer technology so this effectively protects their users' assets more securely. They also want to make lower-cost efficiency in the digital banking industry a reality as well. Blockchain technology uses peer-to-peer interaction protocols that lower the financial system's reliance on third-party intermediaries. This method allows the digital bank to greatly improve its efficiency while reducing its operational costs. Digital Banking for the FutureThe COVID-19 pandemic has given the team behind GIB's Digital Bank the time they needed to plan and rationalize the future of the digital bank. First, they initiated a plan called “GIB's Crypto Asset Debit Cards”, in which they plan to issue five series of cards with a total of five million initial issues. The purpose of these cards is to allow its users the ability to use real-time asset settlement services at any ATM in the world so that their users can use one currency throughout the entire world.
The team also plans to invest using their Global USD Token (GUSDT), a virtual currency belonging to Global Investment Bank & Capital Trust, into various industries, including medical science, online games, cross-platform online games, gold prospecting and mining, leisure and entertainment, artificial intelligence (AI), mobile applications, cutting-edge information technology, online payments, Food Innovation Accelerator (FIA) Programmes, online video streaming, and more within the year so that their profits are maximized. With indications of the financial markets recovering and international economies resuming showing up, the impacts of digitalization in customer payments are not likely to reverse. GIB's Digital Bank believes that being agile, vigorous, and adaptive is the key to success in this ever-changing world. Risks riddle the road towards the success of GIB's Digital Bank but it is without a doubt that opportunities will present itself to the digital bank as well.
0 Comments
Leave a Reply. |
Categories
All
Archives |