Technology is soon going to be making a huge addition to financial services, which includes Bank of America and Chase. The following are just four of the technologies that are going to make Bank of America and Chase less hated.
These Are Top 4 Technologies That Will Make Bank of America and Chase Less Hated:
BITCOIN
Bitcoin is both a technology and a type of currency. The company Ripple talked a little bit about how bitcoin could change the financial services around the world. Ripple describes this as a low-cost payment mechanism that is better than any alternative. They mention how it is faster, more secure, and just simpler than the rest.
THE APPLICATION PROGRAMMING INTERFACE
The API has been used for many years now and it allows software programmers to develop their applications. However, one company, Stripe, talked about how this could be added into services like Bank of America and Chase. They propose that a business should be able to process electronic payments with integrated API’s.
CROWD-SOURCED, SOCIAL MEDIA BASED, IDENTITY SYSTEM
When it comes to banking, identity is as big a part as any. As of now, banks are required to conduct activities that ensure they know who their customers are. However, some companies have come up with the idea of integrating a crowd-sourced reputation system for banks. Basically, people would be able to trust each other online through their digital reputation. This is considering that their reputation would be good.
OPEN SOURCE HARDWARE
One of the best examples of a company using open source hardware, or software, is Mozilla. They have created a community of millions of developers to do work on a similar project. Well, Allevo has just recently decided to use this open source idea with banking. They used this idea in their latest banking software. All of these changes could be coming for Bank of America and Chase and, hopefully, it will be for the better.
