Today, it is quite impossible to find a person without a smartphone even in a middle-income country. The scope for mobile application development is much greater than that of desktop apps. It is because smartphones have a vast range of hardware options to work on.
People also want to make the most out of their smartphones by using those feature-rich and robust apps that make life easier. A crypto friendly mobile banking solution is no exception.
Introduction of Crypto-Based Mobile Banking
Mobile banking using cryptocurrency is rapidly growing into a burgeoning market comprising both large and small companies.
If you are planning to create your own crypto bank, this post will help you understand the requirements to build the best one in the market.
Components of a Crypto Banking Software Solution:
1) Customer Onboarding and Identity Management
It involves Know Your Customer (KYC) and Anti-Money Laundering (AML) checks across several departments. The process needs to be highly secure to safeguard customer’s data. Blockchain can streamline this process and make it more secure, convenient, efficient, and transparent.
The current process of cross-border payments requires third-party involvement to perform the transfer. This leads to higher transaction costs, involvement of intermediaries, and significant delay in settlement.
Crypto banks, which use cryptocurrencies for cross-border transactions, make the transactions quick and less expensive by eliminating any third-party involvement.
3) Smart Contract Management
A smart contract consists of rules and regulations related to an agreement. Smart contracts enable companies offering crypto-friendly banking services to automate and manage processes like credits and mortgages, loans, trading, and more.
4) Clearing Settlements
Blockchain helps reduce operational costs and enables real-time transactions. It offers multifarious benefits, such as minimum latency in settlements and better transparency and security. Crypto friendly mobile banking solution providers are harnessing the potential of blockchain to speed up the clearing and settlement process for their customers.
5) Loan, Credit, and Mortgage
Blockchain-based smart contracts can revolutionize the way loans, credits, and mortgages are managed. They create a shared copy of an agreement with a certified trail. This makes the process of releasing funds easy while ensuring faster settlement, better traceability, and rapid transfer of titles.
To Sum Up
Blockchain is disrupting the banking sector. Many enterprises, financial institutions, and start-ups have realized the power of crypto banking software solutions and started serving their customers. These solutions offer immense benefits like transparent and secure transactions, lower costs, reduced settlement time, and more.
Antier Solutions is a top blockchain development company with the experience, expertise, and knowledge to deliver crypto banking software solutions.
We provide complete solutions — from guiding on how to create your own crypto bank and acquiring a bank license to providing a white label banking software packed with all essential banking functions, including bank accounts, credit/debit cards, payments, trading, lending, and user onboarding.
Schedule a free demo of our white label crypto banking development software or connect with our subject matter experts to share your business needs.