It is ideal to work with businesses that will reward you for the support you give them. Fintech offers the possibility of providing services and features not available from the existing banking system. There is a new era coming in the financial sector, and it will not be just a “Faster Bank.” The creation of value in a transaction between two or more parties happens when one party profits off of your money and privacy, and in return rewards you with something beneficial.
Imagine if an automobile dealer treats you the same way a bank does. He sells you a car, but gets to use your car anytime he wants without compensating you. A transaction is optimal when all parties benefit from the transaction. Many transactions are fit to be termed optimal. Receiving a fair salary for your work, purchasing products you want, and receiving something of greater value to you than its cost are the epitome of being optimal. Banks, however, no longer offer optimal transactions to their customers. Transaction fees serve the bank, not the customer. Making services online without eliminating fees does not solve the problem, it only speeds up the service time.
Choice is an interesting concept in business, as it carries different meanings depending on the part you play in a transaction. As a depositor, you have the option to choose which bank to trust with your money; but as a consumer, you have no options when it comes to the bank’s use of your money. You only have two options regarding how you make money with a bank deposit: a savings account with little interest, or a certificate of deposit (a long-term way to tie up your money) for a little more interest. There are stocks, bonds, real estate, cryptocurrency, and other investments where you can choose to put your money, but they do not provide access to your money on demand. Also, each of these carries risks you may not be willing to take. What if through your financial accounts you could choose the level of risk and rewards you were willing to take with your money?
Security is a relative term when it comes to your finances. It can mean protection from a loss by theft, accident, or breach of trust. Your money is only as safe as the precautions you take when it is in your control. But when it is lost by a trusted partner, it is out of your control. Sometimes the loss can be real money or your information (credit card data). Usually, if the loss is money then the partner is responsible and must make up the loss – but if the loss is your personal information, how do you get that back? The problem with everything online is that there are millions of ways it can be attacked. Only those who are constantly on guard can reduce the risk of an online loss. Attacks will happen, but they do not have to be successful. Blockchain technology provides a level of security not found in centralized data storage technology that’s subject to manipulation as well as theft. The future for financial services will look a lot different than the banks you use today. Instead of taking what your bank gives you as the best you can get, consider the possibility of new services from Fintech (Financial Technology) like the ones Crypto Fiat Exchange Networx offers. You need services for the future. And Crypto Fiat Exchange Networx will provide them for you.