Digital banking has been rapidly transforming the financial industry in recent years, and bringing significant benefits to consumers and how they grow their wealth.

With the advancement of associated technologies, digital banking continues to become increasingly popular as it offers consumers greater convenience, accessibility, and flexibility.

Now, while a common assumption is that digital banking is simply the digitalization of traditional banking, it is actually an entirely independent segment of finance that empowers consumers to better grow their wealth.

Convenience and accessibility

Among the basic advantages most digital banking platforms offer is how it enables customers to access their accounts anytime, anywhere, and on any device. 

By eliminating the need to visit a physical branch and reducing the hassle of waiting in line, customers save time while carrying out a range of banking activities such as transferring funds, paying bills, checking balances, and even opening accounts with just a few taps or clicks. 

This degree of convenience and accessibility make it easier for customers to manage their finances and stay on top of their transactions, and even more so when it can be done across different countries and using different currencies.

Committed to unlocking a borderless financial system for everyone where money  can flow freely, Black Banx is one such company that expands on the convenience generally offered by digital banking. 

By allowing customers to transact across over 180 countries and with 28 currencies and 2 cryptocurrencies, the company makes international transactions easier and less costly for travelers, international businesses, digital nomads, and essentially anyone else.

Lower fees and charges

Digital banking often comes with lower fees and charges compared to traditional banking. 

For example, online banks usually offer higher interest rates on savings accounts and charge lower fees for transactions such as wire transfers and ATM withdrawals. 

Additionally, digital banks tend to have lower overhead costs than brick-and-mortar banks, which allows them to offer competitive rates and fees to their customers.

This again is the case for Black Banx, as it is a fully digital global banking platform that does not require the establishment and maintenance of physical locations.

Operating through long-established businesses with an international network spanning 180 countries and territories in both established and emerging markets, Black Banx empowers customers with borderless transactions that cost significantly less than when done in standard digital and traditional banks that commonly include fees for transferring money overseas and/or to a third party.

Increased security

Digital banking provides enhanced security features that help protect customers’ financial information and transactions. 

These features include multi-factor authentication, biometric login options, and advanced encryption technology, which makes it difficult for hackers and cybercriminals to access customers’ accounts. 

Moreover, digital banking also enables customers to monitor their accounts in real-time and receive alerts for any suspicious activity, giving them greater control over their finances.

Maintaining a full PCI DSS 3.2 certification and payment software that uses fully encrypted and secured ISO 20022 certified messaging schemes for payment execution and data transfers, Black Banx allows customers to manage their accounts with the greatest sense of security no matter where they are making transactions from.

The company also develops and maintains strong relationships with the leading banks in the world as a means to ensure the safety of the funds of its customers as their money is never held in one singular bank or country. 

By segregating accounts across multiple locations, a higher level of protection is achieved as customers’ funds enjoy the security of multiple jurisdictions on top of being globally diversified for added earning potential.

A wide range of financial products, services and solutions

Digital banking offers several tools and features that help customers manage their finances more effectively. For instance, customers can set up automatic payments and transfers, track their spending, and create budgets to manage their expenses. 

Some digital banking platforms also provide personalized financial advice and investment options, which can help customers make informed decisions and grow their wealth over time.

With Black Banx, customers have the ability to transfer money instantly to and from almost anywhere in the world, as well as 24/7 access to currency exchange and crypto currency services.

With its  unique cryptocurrency proposition, Black Banx offers customers autonomy by connecting its fully fledged banking platform with the features of a crypto exchange, resulting in customers being able to use their crypto balance to pay third parties directly.

In addition to enabling customers to hold or manage funds in multi FIAT and crypto currencies conveniently on almost any device, Black Banx also offers the opportunity for wealth expansion by way of interest bearing savings accounts in EURO, USD, GBP, JPY currencies.

In conclusion, digital banking has revolutionized the way consumers manage their finances and contributed significantly to the growth of their wealth. 

With its convenience, accessibility, lower fees and charges, increased security, improved financial management, and access to a wider range of financial products, digital banking has become an essential tool for consumers looking to take control of their financial lives. 

As technology continues to evolve, and companies like Black Banx continue to pursue the expansion of a truly borderless banking system,  it is as good as guaranteed that more innovations will further enhance the customer experience and drive greater wealth growth.

The digital payments environment has rapidly become more dynamic over the last few years, creating greater challenges for financial institutions. 

Whether it’s to meet complex regulatory requirements or keep up with the evolving needs of consumers, financial institutions continue having to look at ways to innovate. 

A common denominator between those two aforementioned challenges is security, as local and international regulations are often centred on the protection of money and information, while customers often only choose to work with digital banking platforms that are proven to not only be convenient but, just as importantly, secure.

As digital banking evolves, so does its security risks

Unfortunately, the growing usage of digital banking solutions has also come with a growth in security risks. 

Payment frauds such as multiple phishing, malware, fake UPI links and OTP linked frauds are a constant concern both providers and consumers face, and the overall rise in cybercrime is a menace to the global economy, leading to pernicious effects on businesses and communities. 

Disruptions in the processing of payment flows is also an additional threat to the payment systems. 

As financial institutions continue with digital transformation, it is imperative that each create robust and scalable payment infrastructure with security measures that can keep up with, if not be a step ahead of, emerging security risks.

Facing the challenge…

Digital banking institutions are expectedly a top target for online thieves and fraudsters due to both the high monetary values they maintain and the exceptionally sensitive nature of the information they collect, process, and store. 

Expectedly, when an institution has exceptionally high revenues or a significantly large consumer base, or both, it likely also has to deal with multiple security risks.

Such is the case with Black Banx, a fully digital global banking platform with a substantial presence in countries across Asia, Latin America and North America, as well as in the Middle East and Europe. 

Since being launched in 2015 by German billionaire and CEO Michael Gastauer, Black Banx has earned the patronage of over 20 million retail customers and over 1.5 million business customers and counting.

Trusted to safekeep the money and data of an ever-growing customer base, Black Banx understands the need to continue taking urgent action and maintain a secure online environment that will strengthen consumer trust in its systems.

…With global diversification and the latest data protection

Black Banx develops and maintains strong relationships with the leading banks in the world as a means to ensure the safety of the funds of its customers. 

The money of Black Banx customers is never held in one singular bank or country. 

By segregating accounts across multiple locations, the highest level of protection is provided as customers’ funds are globally diversified and enjoy the security of multiple jurisdictions.

In terms of Data Protection, Black Banx maintains a full PCI DSS 3.2 certification. Complying with the highest Data Security Standards, the company employs its own team of security experts solely for the comprehensive protection of customer data. 

The Black Banx payment software uses fully encrypted and secured ISO 20022 certified messaging schemes for payment execution and data transfers.

Complying with the highest of standards in the banking industry, Black Banx’s servers are situated only in ISO certified data centres.

For more on Black Banx’ security policies and technologies, or to open an account, contact Black Banx today. 

Financial technology companies typically seek out investors in the start-up stage; it’s the sure way to grow. Investors decide what support you need beyond the financial and bring about experience, guidance and passion to the chosen industry. Potential investors will want to know what makes a business stand out. Rod Beer, Strategic Relations Director at UKBAA, said, “Investors bring the money but also give support. So there needs to be chemistry – you need to get on. The key thing to remember is that some investors, like Angel Investors, aren’t going to exit for seven years or more. So it can be a long relationship.”

This week the fintech world held its breath as Revolut and Atom Bank’s valuations were marked down by investors. One of its investors marked Revolut’s valuation down by 46%, a troubling amount for one of Europe’s top neobanks. A Revolut spokesperson said, “We do not engage in speculation on our valuation. Since our last funding round, in which we were valued at $33bn, Revolut has continued to perform strongly in all its markets, has continued to hire and expand, and reported its first year of profitability.” Established in 2014, Durham-based Atom Bank saw a markdown of 31% after raising funds in 2022 to a valuation of £460 million. 

One bank looking to escape the wrath of investors is London-headquartered Black Banx. Amazingly, this digital bank has no third-party or external investors; the only person who invested money into the platform was the founder and CEO, German billionaire Michael Gastauer. Since its launch in 2015, Black Banx has amassed more than 20 million customers, $1.1bn in revenue and a growth rate that other fintech companies should be scared of. Gastauer has single-handedly made Black Banx the success it is today. Without any investors, it’s been a risky gamble but one that has paid off. 

Who are Black Banx, and what do they offer?

As a neobank focusing on cryptocurrency, Black Banx is committed to protecting the free flow of money worldwide, with no discrimination on a person’s monetary history. In its essence, it’s banking without borders. By allowing customers to manage their money via an app and online, Black Banx has increased the simplicity of online banking, dramatically reduced transaction times, and aided in global financial inclusion. The bank serves people in well-established economies and the underbanked in countries with less access to the financial system or where the sitting government prevents people from freely participating in the global economy. 

Residing in London as one of the world’s largest digital banks, Black Banx operates in 180 countries and territories in both established and emerging markets. Its international network covers markets accounting for approximately 90% of GDP, trade and capital flows. Throughout their history, they have been where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper. The neobank aims to help people to fulfil their dreams via access to financial services. 

After launching in 2015, Black Banx continues to impact the very nature of banking profoundly. It has established itself rapidly as a binding force for innovation surrounding customers’ ever-changing wants and needs concerning banking. Noticing the rise in globalisation, approximately 80% of Black Banx’s operations are in cross-border payments, whilst 20% is cryptocurrency and currency-related trading. With particular strength in Asia-Pacific, Latin America and North America, the digital bank has been international in scope since being founded by Gastauer in 2014.

Black Banx offers private and business accounts. For their private clients, they have continued to progress in executing their global payments and wealth strategy, notably in Asia Pacific. As a result, the bank grew its net private client funds held on account by 110% from $4.2bn to $8.8bn between June 2021 and June 2022. Black Banx products can be tailored to an individual’s needs, giving customers complete control of their assets. Meeting customers’ requirements from a breadth of geographical markets, Black Banx is an active force in responding to evolving business and personal banking needs in established economies and reducing financial exclusion in lower-income nations. 

What does Black Banx offer? 

– Private and corporate group accounts in 28 FIAT (government-issued currency) and two cryptocurrencies

– International payments in 28 FIAT and two cryptocurrencies utilising local instant settlement systems whenever practicable (e.g. FPS, SEPA instant credit, etc.).

– Instant remittances between platforms in 28 FIAT and two cryptocurrencies

– Multi-Currency Mastercard Debit Card (metal and plastic) plus virtual cards

– Real-time currency exchange services available 24/7

– Real-time crypto trading services available 24/7

– Savings accounts that pay interest in EURO, USD, GBP, and JPY

– Batch upload or API for executing a large number of business customer payments

Michael Gastauer has proven that lacking investors doesn’t limit success. In fact, with the markdown of both Atom Bank and Revolut, Black Banx is exceeding expectations in comparison. Gastauer’s determination to create a successful fintech company without external input has been monumental in reaching the clientele numbers he has.