The Future of Mobile Banking

4 min readMay 8, 2018


Mobile banking has become a feature of every financial institution in the past decade, but is this the peak of the digital revolution for traditional banks or can they compete with Crypto banks? Most say, no.

In 2016, Well Fargo closed 84 bank branches. By the end of 2018, the banking giant aims to close 400 more. As the closure rate of physical ways of interacting with their customers, we must ask — is mobile banking the future?

The shift to mobile banking has been driven by a number of factors and events. Consumer demands have shifted rapidly over the last decade, alongside the explosion in smartphone use. Smartphone penetration in the US reached 81% at the end of December 2016. In December 2006, only 3% of the population owned a smartphone.

With mobile banking, you can literally do your banking from anywhere. There is no need to be at a specific location to deposit checks into your account. Or to apply for a loan, or pay a bill etc. Ok — you cannot withdraw physical cash from your mobile, but this is less of an issue anyway nowadays.

eCommerce and mobile shopping mean we spend our money directly from our bank account without a bank — and if we do, we can simply access our money on our phones.

Conveniently, most modern mobile smartphones also have some kind of Near Field Communications (NFC) compatibility. If buying things in a physical store or restaurant, mobile users can simply tap their device onto the merchant’s PoS terminal and voila, the transaction is completed. No cash, no card.

Not only do we see positive trends in mobile banking from developed countries, but in poorer nations such as Kenya, there is evidence that mobile banking can help push people out of poverty.

For these people, mobile banking is their only accessible channel to the financial system. So, the effects of financial inclusion from mobile banking can be — and has been — life changing for these communities. For these reasons we can only further expect mobile banking to proliferate amongst the world’s poorest.

Lastly, but perhaps most importantly from a bank’s economic point of view, the average cost of servicing a client in branch is $4 per visit. At an ATM it costs only 48 cents, whilst using mobile channels only costs 4 cents.

Following the huge losses of banks during the global financial crisis, there has been a great pressure for these institutions to reduce their cost base. By switching from branch banking to mobile banking, they have found a sure fire and in demand way to appease both their shareholders and their customers at the same time.

Thus, our future banking providers will have to hitchhike on top of social networks, wallets, messaging apps and mobile operating systems. These will become distribution networks for their services. Banks will be competing to provide the best digital banking experience for a generation that will not understand the concept of physical banks. — Mobile Banking for Both Your Fiat and Crypto Currencies

It is tech-savvy businesses like that traditional banks will find themselves competing with as crypto currencies become more common and the demand from customers to control all their assets in one place increases.

Baanx is a banking platform that combines debit, mobile, cryptocurrency and fiat money in one place. They will be able to store Bitcoin, Litecoin, Ether and global fiat currencies on your phone.

Baanx are the World’s 1st Decentralised Blockchain Cryptobank with an Open Access, Open Source and Open Ownership platform — sharing bank licenses between Cryptobanks.

They are a Cryptobank with a difference, allowing qualified businesses, individuals, banks and charities to launch their own Cryptobank on the platform using rules based, smart contracts. will deliver huge change to the market and disrupt traditional banking by scaling the size of the Cryptobank network to levels big enough to rival the established financial services sector. Their mission is to bring daily use of Cryptocurrencies to the world and create an unopposed banking service for both Crypto and Fiat currencies. aims to be the largest Cryptobank in the world, with so many brands and customers, that they can prevent traditional banking institutions from shutting the Cryptocurrency movement down.


It’s difficult to gauge what lies ahead, mostly due to yet untapped potential of the blockchain technology. But with the legacy banks jumping on the trend and new blockchain-based start-ups exploring innovative use cases of decentralized financial solutions, we can expect the future of digital banking to unfold in many unexpected ways.

Once we move away from digitizing traditional banking services to inventing digital banking services that suit the blockchain era, we will experience increased accessibility and trust, cheaper and faster services and a significantly more automated banking industry.

The War Is On — Join the Fight Today!

If you are interested in learning more about the movement then check them out at and learn how you can support change in banking, decentralisation and open source, open access and open ownership for Cryptobanks.

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Written By Sarah Murray — Communications Manager at Baanx