Building New Generation Digital Banks with Programmable Money and Trust: Are You Ready for the Next…

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Banking is one of the sectors that most successfully implements technological developments in their products, services and processes. However, the actors of the transformation started with digitalization in finance are not only these banks anymore. According to Facebook report of <em>Millennials + Money: The Unfiltered Journey</em>&nbsp;, <a href="https://etcsummit.com/wp-content/uploads/2018/09/Tom-Lee-Fundstrat-How-Millennials-are-Powering-Wall-Street%E2%80%99s-Interest-in-Crypto.pdf" target="_blank">92% of millennials</a>, the largest single generation ever with their average age of 26.5, don’t trust traditional banks and this is no doubt shaped by the 2008 Financial Crisis. The most striking result was the new products and services which have for a while started to appear in the market and extend their reach. For example, in recent years, tech giants, Alibaba and Tencent, Ping An, Baidu and more that have both massive customer bases and vast cash reserves have provided new choice of payment for especially many unbanked customers with their digital wallet services replacing cash and credit cards in both local and global market. When the integration of technology and innovation into the financial sector is considered, it’s possible to say that despite its late start compared to its Western “counterparts”, the most important one, US, China was currently enjoying a “late-mover” advantage in fintech sector along with the liberalization of its economy.