The Banking industry has been around for hundreds of years, but it is very funny that for ages the banking Industry has remained the same. The banking industry has not made significant progress in terms of its structure. The banks are still heavily reliant on loans and stuff to make money, as well as their physical retail footprint. This approach is taking a hit, with a lot of banks now going out of business every now and then. Digital Banking is one revolution that has triggered the fall of these large retail banking chains. Aufin Bank is one of the biggest names in the digital banking industry and is widely considered by many Industry experts as the bank to look out for.
Aufin bank was founded in the early 2000s as a bank focused on IT, the founders of the banks enjoyed successful careers in the banking and tech sector so it always had the technology DNA built into it. It started off in retail, however, somewhere around 2010 it pivoted to digital banking channels, and currently, its biggest market is in digital banking. The Bank is also one of the first banks to introduce complete branchless banking which is still a dream for a lot of banks that are traditional in nature. Over the years, they have added other options as well like completely digital transactions and AI-based loans, where your credit score and metadata from across the internet are used to make decisions about loans, which is a more equitable way than the traditional methods in which human beings with all their biases make the decision.
Another way Aufin Bank is disrupting the Industry is through crypto-enabled banking, you can easily open accounts in the bank and store cryptocurrency directly in your account which is not possible in any other bank. It is one of the first banks that has opened up to the idea of having cryptocurrencies as an asset class. This has just catapulted Aufin bank to the highest level with the bank showing double digits growth numbers that too in Months, in the last three months alone the account opening has increased by more than 30 percent which is an outrageous number that can’t be beaten by most banks even if they are centuries old they can’t show such huge numbers.
Angela Spearman is a journalist at EzineMark who enjoys writing about the latest trending technology and business news.
