Video Solutions Will Help Banks Survive Cryptocurrency Revolution

Posted on: 21 March 2018

There is lots of talk about cryptocurrencies, such as bitcoin, litecoin, and ethereum, making the traditional banking industry irrelevant. You may have heard the rumors. Claims that individuals can be their "own banker" are often heard among digital currency enthusiasts.

Well, not to worry. You will not have to learn to handle private data keys, encode a digital address, or any of the technical details needed to own crypto. Why, you may ask? Because video banking solutions will serve customers throughout the 21st century.

What is video banking?

This process involves using video transmitters and receivers to allow customers to complete banking transactions. People can also ask and receive answers to questions.

Real-Time Financial Transactions

Cryptocurrencies receive praise because holders can send and receive digital money in real time. One sends the coins, and the other receives them in their chosen electronic wallet. This arrangement negates third-party handlers. Meanwhile, many traditional banking transactions, such as check and credit card processing, can require hours and days to actually fully complete.

Video machines can make bank transactions just as immediate. The required security validations can be sped up because the machines can verify identities. Facial recognition features embedded in the display can help banks ensure the safety of customer accounts. Consequently, transactions can be assumed legitimate and completed in real-time.

Broad Access to Financial Markets

Another complaint about modern banking is that it fails to reach broad swaths of the population. People living in remote areas, underdeveloped regions and poor neighborhoods often have less access to financial institutions. Cryptocurrencies could alleviate this problem to a large degree, democratizing access to payment systems.

Yet, banks using video equipment can do the same. There is no need to open up costly branch offices all over the world. Instead, the institutions need only to strategically place video machines where the previously unbanked can use them.

The machines will then provide these underserved areas with all the same financial features available to someone living in central Manhattan. In the future, mainstream commercial loans, investment advice and international wire transfers will be available to anyone able to access a video machine, whether at an official banking location or at home via the Internet.  

The Future is Here Now

Video banking solutions are here and ready for you. If you are interested in being part of this exciting revolution, just contact a representative today. Banks will survive the crypto challenge.