?? REINVENTING BANKING with Technology and Central Bank Digital Currency (CBDC)

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?? REINVENTING BANKING with Technology and Central Bank Digital Currency (CBDC) -- NOT Private "Crypto Crap" !

??? No, banks are not going away. But as with brick-n-mortar retail and digitization, they are changing dramatically.

?? IGNORE "DEFI" and "CRYPTO CRAP"

??? Ignore any and all stories about private cryptocurrencies and decentralized financial services (DEFI).

??? As a former Bank Executive, here is my pragmatic perspective on the two main issues.

1. Digital decentralization

This puts your bank account on your cellphone, which is now your digital wallet. Your banker literally is "in your pocket."

2. Only Central Banks can issue legal tender, a country's currency.

Any private Crypto is illegal crap -- a scam and a ponzi scheme. They will (or should) be banned.

A dollar is a dollar. It cannot fluctuate in price based on manipulative speculation, as occurs with gold, which is why the dollar was long-ago taken off the gold standard.

All Central banks are in process of developing Central Bank Digital Currencies (CBDCs). And anyway, the vast majority of financial transactions are already digital.

We simply need to get rid of inefficient and costly metal coins and paper money. We for sure don't need more metal "crypto crap" coins.

?? FUTURE BANKING REALITY

??? That said, the following is what banking will really (and simply) look like as this evolves and DigiTransforms itself:

?? #1: DIGITIZED SERVICES: Virtual Banking

??? All services, from ATMs (cash dispensers) to electronic cards, to bank accounts and loans, are being digitized and personalized.

??? This elevates the client experience through automation and machine learning (ML), using chatbots and budgeting tools.

??? ATMs and plastic cards will become obsolete, as will most brick-n-mortar retail bank branches. The bank becomes virtual.

?? #2: PAYMENT OPTIONS: Cellphone to Cellphone

??? Yes, disruptive technologies create new industry verticals, such as PayPal and AliPay.

??? But banks already offer direct electronic money transfers such as Interac -- directly from your email-linked bank account on your cellphone, to the recipient's email-linked bank account on their cellphone.

?? #3: CYBERSECURITY: System Keys

??? Artificial intelligence (AI) is critical for detecting and forecasting fraud for credit card companies and bank lenders.

??? Domestic and Global money transfers are made by secure system key systems.

??? More recently, Blockchain's ledger system uses rigorous controls to ensure data integrity and to facilitate the use of smart contracts, increasing user trust and minimizing human error and risk. (NOTE: None of this requires any private cryptocurrency such as Bitcoin, albeit the latter "crypto crap" came along with Blockchain software. Do not confuse the two. They are separate.)

?? IN SUM:

??? Your bank is simply digitizing. Don't fall for false stories about private "crypto crap." Don't ever buy any! Got it ?!?

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