Innovation is not just cosmetic

Posted on November 10, 2018 by Design in Design Innovation | 0 Comments

The traditional banks think a dab of makeup is all that’s needed, but B52 offers a threefold remedy.

To date, innovation and banking have not gone hand in hand. Some traditional banks profess to have changed the way they work, but any changes are largely cosmetic.

Now with the advent of B52 – the ‘Any Asset’ bank – there is a real and genuine change coming, with innovation in banking available to all. The B52 offering is threefold:

The headline story is ‘Any Asset’ banking, where customers will seamlessly transact in fiat, crypto, or any other asset – all entirely within existing regulatory structures , and building on the benefits of the blockchain. This is a first-of-its-kind, and contrasts sharply with other banks, most of which are – for instance – actively blocking and barring customer’s attempts to buy and sell via crypto sites. And when it comes to mixing assets, this is well beyond the scope of traditional banking. B52 is therefore very well placed to live up to the claim of being, ‘Number one in a field of one.’

The second part of B52’s approach takes in tokenization, something which banking is very wary of. Why? Because banks all work towards the centralization of services, which is their business model, and where there are still good profits to be made. Centralized banking controls the money flow and rates, and that’s just the way they want to keep it. Now with cryptocurrencies and the blockchain, markets are moving rapidly towards decentralization, and the banks are doing all they can to cling to their business model. One way is to press for ever-stricter regulation.

B52 is highly supportive of regulation, but because this will ‘level the playing field’ and allow cryptocurrencies to be available to more people. Everything could well be tokenized in the future and even states are looking into having digital currency equivalents. B52 will tokenize for any corporate and state, helping to do all the ‘cash flow’, management, and so on. So as well as consumers becoming customers of the new bank, companies are a major target.

The third part of the innovation offered by B52 is the unified ecosystem. B52 has the stated aim of, ‘becoming the Amazon of financial services,’ and this will come through the development of many third party APIs connecting through B52 with the bank’s customer base. This means that merchant offerings in fiat and crypto will be instant, and seamless. The win-win of the B52 ecosystem is radically different to any other previous banking platform, with Fintech’s invited in to both power the portfolio of the new bank, gain their own business, and of course connect customers to valuable services. And once connected, payments can be in any asset, of course.

All of this is a far cry from the previously closed world of banking, and its fear of innovation. The B52 model works through transparency, and the seamless operation of high tech, but easy-to-use systems. Any Assets, tokenization, and a unified ecosystem put B52 significantly ahead of the field.

To download the full B52 Playbook, become a subscriber at Bank52.com