TECHNOLOGY
behaviours towards money . This change is constant and will continue to be so , as digital financial services keep innovating . Money is moving from a place of money you can touch , to money you can see . Consumers today expect money to be able to move in realtime . Instant transactions are now expected and assumed . Anything less than that is deemed unacceptable to many people . To the younger generation especially .”
He adds : “ Those who have never had a cheque book or needed to go into a branch to deposit physical money , the notion of three business days for something to clear is completely alien . They want to pay for something and see it physically leave their bank account immediately , or in reverse , receive the money they are due instantly and see it on their phones .”
Decentralised finance and a new financial climate This cultural change has also resulted in the development of decentralised finance – a space that was originally conceptualised
“ The other thing to watch will be banks beginning to prepare for the prospect of blockchain-based currencies eventually becoming mainstream ”
DAVID MURPHY PUBLICIS SAPIENT
in the late 90s by the founder of Bitcoin , which has now become an entirely accepted phenomenon that the conventional financial systems must operate alongside .
Michael Kodari , CEO of
KOSEC says DeFi , presents a revolutionary new frontier when it comes to opening fresh opportunities in improving the global financial markets . “ From a utility perspective , its technology alone presents improved speed and security to facilitate financial transactions — internationally . This use case alone is a highly-developed feature that sees the constant pursuit of uptake and improvement by popular cryptocurrency projects such as Stellar ( XLMUSD ).”
Additionally , he points out that DeFi sets a fascinating new precedent for which access to financial services is enabled . “ While bank accounts are the expected norm within most developed societies , the World Bank