Experts believe that a major transition in the financial sector will occur when the existing system is revamped with some pioneering technology. Meanwhile, some investors, fintech experts, and venture capitalists are beginning to make a sustained involvement in cryptocurrency. So banks can no longer stand idle and wait for an opportunity to knock.
Nonetheless, cryptocurrencies are a medium with excellent prospects. They have the ability to outperform conventional banking products while offering greater efficiency, more transparency, and less bureaucracy.
With all these perks of cryptocurrencies, people started embracing them. Also, this made them shift their investments towards the cryptos or to the banks that offer crypto-based banking services.
However, conventional bank users find it challenging to use both traditional banking services and crypto-based services on a single system. Traditional banks are also facing hindrances in providing banking and financial services.
To overcome this, N2 aims to mark a footprint by creating a new platform that allows all users to avail both banking and cryptos-based services under one roof. The N2 Platform also hosts multiple features and offers digital banking solutions globally.
Now let us intensely scrutinize the current challenges faced by banks and how the N2 Platform helps them overcome these hurdles.
User migration from conventional banks to crypto-based banks:
The primary problem faced by banks is that their customers are moving towards other financial infrastructures that offer cryptocurrency-based services.
This migration highly affects banks, as they lose their loyal customers and also an ample amount of funds.
To stop this migration and help banks, N2 Group has developed a platform that acts as a one-stop solution where customers can seamlessly avail themselves of both banking and crypto-based services without shifting their funds.
Lack of technology adoption:
Generally, not all traditional banks are ready to adopt new technologies like blockchain as it takes a long run for banks to establish legal frameworks and operations. This is the primary reason behind the lack of new technology adoption.
So, users find it hard to explore any new real-time technology and services. Since traditional banks lack the knowledge and infrastructure, it results in the migration of users from the existing bank to other crypto-based banks.
N2 can resolve this problem forever. Since the N2 Platform is underpinned by blockchain technology, banks that are affiliated with this platform will be running on decentralized technology. Banks and financial organizations can integrate the N2 platform without modifying their original business structure.
High transaction fees:
Usually, for cross-border transactions, traditional banks charge high transaction fees from their customers. As users migrate their investments towards crypto-based banks, the conventional bank not only loses huge funds and loyal clients but also loses the transaction fees that they gain from cross-border payments.
Since the N2 Platform runs on blockchain technology, it caters to a direct cross-border transaction system by removing the need for third parties to manage transactions. This minimizes the transaction fee levied on the users.
The cross-border payment transaction that happens on the N2 Platform has a comparatively minimum fee and it depends on the amount transferred. Additionally, the N2 Platform charges no cost for transacting using N2 coins.
Final verdict!
The adoption of the N2 platform by the banks will diminish most of their existing problems to a great extent. Be an early adopter and stand tall from your competitors by allowing your customers to experience both banking and crypto-based services seamlessly under one platform.