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What Would Financial Services Look Like In The Next Years? The convenience of making financial services and financial transactions in general had gone through huge evolution from the time when first telegraph companies introduced wire transfers. However, with the coming new era of financial services, it’s time that we address the question of what would be the future of financial services? Well, let us begin by looking to how things have gone for nearly 100 years from the time when wire transfers were introduced. Transferring funds using wire transfer methods through a bank is not a single step process but a multi step procedure. It works like this, the sender approaches his or her bank and will order the fund transfer to an account. Unique codes will be provided to the bank by the sender to let the bank exactly know where the fund has to be transferred. The bank of the sender will then contact the bank of receiver by sending a message via security system, creating signals that a transfer has to be made. The receiver’s bank would receive the message plus the instructions for settlement and then, ask the bank of sender to transfer specific amount in the message. Now, the bank of sender can proceed on transferring the amount. This entire process is done bit by bit and not in one go. With this being said, the entire process may take anywhere from few hours even to couple of days for the whole sum be completely transferred.
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To make the transfer, the two banks must have a reciprocal account on each other. And if that isn’t the case, the transfer will be made using a correspondent bank that’s holding such an account. As one may notice, this kind of transfer relies mostly on the mediator, taking more time than it should and also, prove to be costly since banks are charging some fee for the services they offer. But distributed currencies provide viable alternative in making this process easier.
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What set these types of services apart from the conventional services is that, they don’t rely on central mediator rather, they are operating using cryptographic protocols. When using this format, it makes everything simpler, faster and most of all, more efficient. The system is transparent as well to both users while traditional systems used are more vulnerable to fraud because of complex processes involved. The fact that it is easy to trace transactions back to every creation of the unit value is what appears to be the drawback for this service. Still, there are increasing number of individuals who use distributed services and even peer-to-peer mobile transfers to which a network operator help user in transferring funds simply by sending SMS.

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