Traditional Banking nearing its Expiry Date
By: Lawrence Stoican
Tags: Banking, Finance, Fintech, Cryptocurrency, Startup

Change

Change is an inevitable aspect of human life and continuity. We as a species are looking for new ways to pass down information as accurately and quickly as possible to new generations so that they may improve upon what previous generations have built.

Expansion of the Internet

During the 20th century, humanity had once again witnessed change. This point in time marks the beginning of the information era. The information sector was small yet growing ever as fast, with areas in the world such as Silicon Valley in California contributing a great deal to the improvement of computers and the world wide web.

This is the exact reason why the 20th century stands out in the timeline of human history, as during this time we have learned how to communicate instantly across the globe. In 2015, Time reported that as many people as 43% of the entire world population are connected to the internet. Surprisingly enough, many of these people are from developing areas in the world.

Innovative and virtuous in nature, we humans have still found ways to improve the World Wide Web, as seen in the development and transition from Web 1.0 to Web 2.0, during 2004–2005. What once was an information dump became an interactable platform which people could use to collaborate, providing great opportunities beyond developed areas of the world.

How far can we reach?

The year is 2018, Web 2.0 is here and some are even suggesting that we are in the transitioning state towards Web 3.0, so what can we expect? Have we yet reached the apex of human ingenuity? And how much more can we push ourselves in technological aspects?

At ORCA Alliance we are posing the same questions within the FinTech space. Things have been the way they are for a good while, with banks being a centralized service providing payment methods and security to its users.

The variety of goods and services since the start of the information era has provided us with wider choices. This is a good thing.

Looking at the FinTech sector and bank developments, what can we say? The provision of mobile apps is useful, and payment methods like Apple and Google pay are convenient, however these are rather gimmicks than true service choices.

ORCA Alliance adopts an open-banking solution, whereby all services can be aggregated, providing true choices to our consumers.

Sound interesting?

Prospects

We at ORCA are aware that Rome was not built in one day, so all we are doing is facilitating the narrative of banking market liberalization and freedom of choice within that. Being a forward-thinking company, we’re also diving into the cryptocurrency space, providing ease of access to crypto-enthusiasts (this is an optional feature, as such, those who want to use our app only for traditional banking management can still do so). Our aim is to cultivate and grow together with the respective cryptocurrency and open-banking industries, which are designed to give power to the people.

If you are not already familiar with ORCA Alliance (which you really should be), let the process of service aggregation be simply explained like so:

The ORCA Platform will be using APIs to integrate multiple traditional (banking) services and newer (crypto) services. More so, we will also be integrating apps and dApps into the platform, so the user would only be relying on ORCA as their primary fund-managing application. Whether it be computer or mobile, ORCA has coverage on all fronts, with developers working on a web-interface and mobile application.

Closing Remarks

In a way it could be said that what ORCA is advocating (Open-Banking solutions) paves the way for change, a vital aspect of human life and civilization. Therefore, this change should be embraced, as it ultimately is for the improvement of society itself. Just as we have seen great innovators inspiring change in the past, we, on some level are also inspiring innovating change. It is with great responsibility that our generation makes the right choices in order to provide future generations with better opportunities. This makes today’s individuals which believe in an Open-Banking approach as the right way forward be considered innovators by those future generations.

These will be the individuals which opened up doors and paved ways for humans to better interact with financial assets.

As to end this article on a sophisticated note, we will leave you with a quote directly from American Physicist William G. Pollard: “Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.”

Join the revolution!

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