Tanvir Zafar July 19, 2021 The development of financial technologies, decentralized finance, and decentralized autonomous organizations (DAO) has contributed to creating and popularizing fundamentally new banking institutions – neo-banks that offer traditional banking products and innovative ones, such as crypto loans and crypto payments, and much more. Here are the top 5 main reasons why you will want to change your bank to a neo-bank.
Access to finance even in sanctioned countries.
No wonder we highlighted this reason first. Imagine that at a time when humanity has learned to create vaccines against deadly diseases in six months, and space tourism no longer looks like a crazy dream, a third of the world’s population still does not have access to high-quality financial services. The countries that suffer most from this are Latin America and Africa, where having a bank is already a luxury.
“Our goal is to make banking services available in every part of the world. Anyone should get a loan to implement their business plans or have the tools for investment. Today, the services of Grow Bank can be used by anyone who has access to the Internet. This is real progress, ” the company explained.
Today, thousands of people in Europe, Asia, America, and Africa use the services of neo-bank. The company will not stop at what has been already achieved and is planning to scale the business even in those regions which are under sanctions by other countries.
Cheap and fast payments
Traditional global payments are slow and expensive. For example, sending a money transfer even in the most popular payment systems will cost the sender 1-3% of the payment amount. Add in the currency conversion the cost of a trip to the nearest bank branch; it turns out that losses from such payments can reach 5-7%.
Expensive currency transfers are replaced by cheaper, faster, and, most importantly, convenient (we’ll talk about this below) cryptocurrency payments.
“Today, Grow Bank works with 64 of the most popular fiat currencies and 22 cryptocurrencies. Each user can open an international currency account IBAN for a comfortable transfer of fiat money or create a multi-currency crypto wallet for transactions in cryptocurrency. We do not limit the possibilities of our clients and try to provide the best service for everyone,” Grow Bank says.
You can send money or cryptocurrencies directly from the user’s account.
Security and transparency
Although there is still a myth in society about the transparency of cryptocurrency companies’ operations, the facts state the opposite: most of the money is laundered through traditional banks, and the FinCEN data leak proved this. Throughout 2017-2020 over $ 2 trillion was laundered through the largest European and Arab banks. And this fact is well hidden from the eyes of regulators.
“We use blockchain and BigData technologies in our work. As you know, the blockchain allows you to track each transaction and calculate the data of the sender and recipient of funds. To hide any information won’t work this time. In addition, we operate under EMI & FC licenses, which confirms the high quality of services,” Grow Bank confirms. Also, neo-banks pay great attention to protecting users’ data from being drained and stolen.
The possibility of earning money
Most deposit programs offered by traditional banks have profitability of 3-5%, taking into account the inflation growth rate. And some European deposits have already become negative, meaning they do not bring profit to depositors. They are replaced by new, more effective programs for earning money on liquidity farming and investing.
“Our clients can earn income in several ways. The simplest is a direct investment in GROW tokens. Here the principle is the same as for the company’s shares: you buy tokens at low prices and sell them after the price increases. The second way is to invest tokens in liquidity pools. The money from the pool is then distributed to investment projects and startups, and users receive stable payments from the activities of such companies. Also, the functionality of Grow Bank allows you to buy and sell cryptocurrencies and then sell them at an increased price. In general, there are many options, ” the company explains.
Today, the GROW token can be purchased on Zerion, that offers a comprehensive solution for interacting with Defi. You can also buy Grow tokens on the decentralized exchanges Balancer, Uniswap, and Binance Chain, the Defi aggregator 1INCH.
Ease of use
Grow Bank provides access to high-quality banking services from the comfort of your home. A convenient mobile application supported by the iOS and Android operating systems allows you to perform many operations using a smartphone or tablet computer.
“Minimizing contacts and the opportunity to get high-quality banking services from home is especially important at a time when the whole world is still struggling with the coronavirus pandemics. Now users do not need to go to a bank branch, wait in line to send money to relatives, or open a deposit account. We offer these services in our mobile application,” – Grow Bank said.
Grow Bank also offers its affiliate program, which will increase the number of users around the world and let participants earn passive income.
“We offer a classic top-level affiliate program, where partners earn 1.22% on an annual commission for banking services and transactions. Or a binary affiliate program in which partners receive remuneration based on sales in the smallest team (8% of the income is distributed among partners, depending on their respective ranks),” Grow Bank comments.
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