The finance industry is undergoing a digital revolution, shifting towards more online and mobile banking, AI and cryptocurrency. The digitisation of financial services has increased financial inclusion, lowered carbon emissions, increased the work/life balance and brought about a digital banking revolution. Customers have moved away from traditional payment methods such as cash and welcomed digital payments such as Apple Pay and other contactless methods. Contactless payment especially excelled during the Covid-19 pandemic, showing the world how easy it is to turn to fintech.
During a conference call in October 2020, Apple’s Chief Executive revealed the coronavirus pandemic gave the Apple Pay payment solution a significant boost. He said, “As you can imagine, in this environment, people are less willing to hand over a card.” The Global Fintech Market was valued at an estimated $305.7 billion in 2023 and is expected to reach a value of $556.58bn by 2030.
With the fall of Silicon Valley Bank and the takeover of Credit Suisse in 2023, traditional banking saw a dip in clientele. Digital banks and other financial technology institutions saw themselves as a salvation for the traditional user. Many customers who found themselves as part of bank runs needed to deposit the funds they’d taken out at another bank; this is where digital banks came to the rescue. Online banks have no physical location, and because of this, they are able to offer lower fees and higher rates of return. As digital banks save money by removing the need for physical branches, it allows for more cost savings to be passed down to their customers.
Notable digital banks include Revolut, Wise and Nubank. At the same time, we’d consider the likes of Black Banx, a fintech underdog with the clientele but a lack of popular ranking. Black Banx is a digital banking service climbing the ranks of the fintech leaderboard. Launched in 2015 by German billionaire Michael Gastauer, the platform’s mission is to create a borderless approach to banking. They serve people and businesses in well-established economies and the underbanked in lower-income countries. As of 2024, Black Banx has a notable presence in countries across Asia, Latin America, and North America, as well as the Middle East and Europe. Understanding the changing world, the speed of technological enhancements, and what banking customers need, Gastauer has created the Black Banx empire with customers at heart.
What makes digital banks like Black Banx worth signing up to?
Digital banks like Black Banx utilise smartphones giving customers the ability to access their finances 24/7 via a mobile app. It’s convenient, user-friendly, and one of the main benefits of digital banking. Without ever having to visit a branch, users can transfer money, track their spending and ultimately go cashless.
Many digital banks offer a tiered subscription service. Monzo, for example, provides a free service and Monzo Extra, Perks and Max. Revolut also offers Plus, Premium, Metal and Ultra subscription options.
For most customers, security is the number one priority. With many digital banking apps like Black Banx offering multi-factor authentication, virtual cards, and additional verification methods, not to mention you don’t need to carry cash to a bank, millions have turned to digital banking as an extra layer of security. Black Banx protects your money with industry-leading security tools and its global diversification concept. Taking the time to develop strong relationships with the world’s leading banks, Black Banx is positive that customer funds are always safe. In addition, clients’ money is segregated into different accounts across various countries. As a result, funds are globally diversified and protected by multiple jurisdictions.
Upon requesting a statement from Gastauer regarding Black Banx’s rise to fintech superiority and the digitalisation of the finance industry, he said, “It’s my goal to create a borderless financial institution accessible to everyone no matter their financial status. But I also think having control of your finances and wealth is just as important in today’s world, especially when looking at recent banking collapses. Our mobile banking app has no restrictions; customers can access their funds and transfer and deposit at any time of the day, an element that is limited in traditional banking. The digitalisation of finance is a force for good; it’s allowed people, especially in rural areas and lower-income economies, to access financial services for the first time. At Black Banx, we committed to facilitating the free and instant flow of money around the world at a fair price.”
An increasingly digital world has put Black Banx at the forefront of financial change. Its approach to financial inclusion, security, expansion and wide range of features available for private and business customers has made the company a key player in the digital banking world.
As of May 2024, Black Banx has over 45 million customers in 180 countries and continues to successfully expand year upon year.