A modern bank is a high-tech financial institution capable of servicing any complex commercial transactions and projects.
Globalization is accompanied by deregulation of banking activities and liberalization of financial markets. At the same time, institutional distinctions between different types of banking and financial activities are erased: commercial, investment, insurance, etc
As a result, the nature and forms of competition in financial markets change significantly. Banks are compelled to compete simultaneously in many segments of the financial market, and not only with each other, but also with other financial institutions — insurance and investment funds, financial companies, etc. And in conditions of liberalization — not only with residents, but also with non-residents .
Liberalization, on the one hand, creates conditions for the development of the foreign branch network of banks and the formation of an international banking business, which, naturally, intensifies the competition, but, on the other hand, simultaneously activates the consolidation of bank capital. This leads to an increase in the number of mergers and acquisitions in the banking sector, the expansion and increase in the variety of forms of cooperation between banks and non-bank credit and financial institutions, and the growth of banking alliances of various kinds.
Information technology plays a special role in global changes in the banking business More recently, information systems and technologies have been used primarily to automate the collection and processing of banking information, less often for planning and control in banks and were seen as a means of reducing manual labor and reducing bank costs. Today, information technology has become the driving force behind radical structural changes in the banking business. They overcome space and time, opening to banks a round-the-clock exit on any geographically remote markets.
At the same time, the traditional competitive advantages of banks — multifaceted, long-term contacts with customers and a developed branch network — partially lose their significance. There is a new layer of customers who are willing to use Internet banking services. The nature of the bank’s communication with these clients is very different from the traditional one. Modern multimedia tools provide a virtual interactive communication of the bank with the client, which gradually replaces personal communication with him.
Technologies in the on-line mode, providing transparency of the market, allow customers to select the most profitable services for them without much effort and time, which reduces the opportunities for banks to price maneuver.
But many people around the world do not have access to banking services, credit and debit cards and other problems(systemic risk, data privacy, financial exclusion and sluggish competition). It is very neccessary sometimes.
This all problems can solve the project which called “BABB”- Bank Account Based Blockchain
BABB is the decentralised bank for the microeconomy, providing individuals and businesses with a UK bank account, powered by blockchain technology. The account is managed via a smartphone app and provides access to a decentralised payment card. In addition, partnerships with central banks allow for the integration and issuance of other digital currencies around the world, further stimulating local micro-economies and expanding the reach of the BABB solution and its underlying BAX token.
BABB is already an FCA Authorised Payment Institution (API) and will be applying for a Banking licence in early 2018.
What do you get thanks to this project:
you will experience seamless transition between legacy banking and your blockchain-based bank account
BABB Accounts are issued an IBAN for european and international bank wires, as well as an Account Number and Sort Code for UK national transactions.
via the BABB Mobile Application, anyone can quickly create a bank account as easily as “taking a selfie and humming a tune”, with no ID document required to opena basic wallet.
BABB allows businesses and individuals to control their money anywhere, as long as they have an internet connection.
BABB supports traditional banking functions such as transfers, payments, cash in/out, as well as other peer-to-peer transactions using smart contracts.
users can generate income from their own money, by providing peer-to-peer services such as currency exchange and loans and earning a fee, just like banks do
with the BABB Black Card you will be able to spend your funds within your BABB bank account in shops and in-person (peer-to-peer). Retailers can accept payment using the BABB card by simply downloading the BABB app and scanning the QR code or via NFC. Payment is made instantly into the retailer’s bank account and the funds can be used immediately. And many other very useful advantages! Is so cool and helpful!
You can buy their tokens in ICO or will participate of Bounty programm. Links you foung under this article. Project has very friendly team and marketing. I hope they will develop very well
The BAX token is used under the hood to operate the services of the platform across all the geographies and jurisdictions served by the platform.
See in this picture Initial Token Sale
If a user doesn’t hold any BAX to operate on the platform, they can easily purchase the necessary amount from banks in the BABB platform, and also from other users, online exchanges and other 3rd party services.
BAX is the native cryptocurrency that powers the BABB or Bank Account Based Blockchain platform and acts as a universal cross-border currency for all BABB users. Token sale participants can buy and hold this currency and benefit the huge value of the platform. The BAX token is the lifeblood of the platform, with genuine operational utility. It will enable central banks to issue their own digital currencies to stimulate the local micro-economy. Local digital currencies offer citizens access to international remittances and payment gateways. All fees for BABB services such as transactions and currency exchange are paid in BAX. BAX facilitates peer-to-peer currency exchanges and international transfers by improving liquidity of certain currency pairs. For international fundraising efforts, funds may be collected in BAX to remove the need for currency conversion and allow people to participate with no minimum contribution. The BAX token will be released to buyers when the token sale ends. They will be sent to the address from which the server has received the customer’s ether.
The use of funds raised of BAX token are 30% for development, 20% for operation, 20% for marketing, 10% for legal, 10% for reserve, and 10% for working capital. The token will be distribute in several ways; they are 60% through the public sale, 20% through the team (Team members’ token will be lock for 1 year and after that 25% will be unlocked every six months), 18% through the foundation and 2% will be distributed through Bounty Campaign. Only one billion BAX tokens will be issued and 600.000.000 will be available for the token sale. Any unsold tokens will be added to the foundation’s reverse. BAX token will be listed to crytocurrency exchanges up to the decision of the exchanges. However, the goal of BABB is to have token listed on the major exchanges after the token sales ends. The participants of token sale will always be notified about the information regarding of the BABB and BAX token.
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