- What is Blockchain Technology? Simple guide to understand it thorougly
- Understand The Business Model of NEEBank
- Digital banking services and traditional banking services
- Domestic money transfer
- International money transfer.
- Bill payment
- Personal loans
- Insurance, investment
- Corporate and personal finance management.
- Open a Visa / MasterCard
- Unique, distinct operating model
- No offices or branches
- No paperwork
- Zero-fee services
- Without branches, is NEEBank trustworthy for clients to perform transactions with?
- Why are NEEBank’s services free of charge and its interest rate is high?
What is Blockchain?
We’ve all heard the stories about the emerging technologies of blockchain, but what is Blockchain exactly and how will it change how things work?
In 2008, Satoshi Nakamoto invented Bitcoin and Blockchain. For the first time in history, his invention made it possible to send money around the globe without banks, governments or any other intermediaries. The concept of the Blockchain isn’t very intuitive. But still, many people believe it is a game changer.
It is an algorithm and distributed data structure for managing electronic cash without a central administrator among people who know nothing about one another. Originally designed for the crypto-currency Bitcoin, the Blockchain architecture was driven by a radical rejection of at (government-guaranteed) money and bank-controlled payments.
Blockchain is a special instance of Distributed Ledger Technologies (DLTs), almost all of which have emerged in Bitcoin’s wake.
How Does Blockchain Work?
Blockchain is a Distributed Ledger Technology (DLT) that was invented to support the Bitcoin cryptocurrency. Bitcoin was motivated by an extreme rejection of government-guaranteed money and bank-controlled payments. The developer of Bitcoin, Satoshi Nakamoto envisioned people spending money without friction, intermediaries, regulation or the need to know or trust other parties.
Technically, the original technology is separable from Bitcoin, but this report will show that the blockchain design is so specific to Bitcoin that it’s not a good fit for much else.
The central problem in electronic cash is Double Spend. Because pure electronic money is just data, nothing stops a currency holder from trying to spend it twice. Blockchain solves the Double Spend problem without a digital reserve fund or similar form of umpire.
Blockchain monitors and verifies Bitcoin transactions by calling upon a decentralized network of volunteer-run nodes to, in effect, vote on the order in which transactions occur. The network’s algorithm ensures that each transaction is unique.
Blockchain technology is a way of managing a ledger of records in a decentralized manner. It means that everyone participates in maintaining and updating the ledger, which makes it practically impossible to falsify.
By using math and cryptography, it is challenging the status quo in a radical way. Will the governments and financial institutions embrace it?
Blockchain is already disrupting several industries, with opportunities for radical improvement of existing business models. But still, banks and financial institutions are the ones likely to realize the highest benefits of adopting new technologies.
Operating based on the Blockchain platform. NEEBank becomes a digital banking solution for transactions.
History of NEEBank
NEEBank is part of the broader context for the move to online banking where banking services are delivered over the internet. The shift from traditional to digital banking has been gradual and remains ongoing, and is constituted by differing degrees of banking service digitization.
Digital banking involves high levels of process automation and web-based services and may include APIs enabling cross-institutional service composition to deliver banking products and provide transactions. It provides the ability for users to access financial data through desktop, mobile and NEETM (as a ATM).
Consumer preferences quickly shifted to mobile devices, but many financial organizations struggle to adapt their banking experiences to online channels and to the smaller mobile device screens. Unfortunately, banks can no longer afford to wait to invest in digital transformation because customers are increasingly willing to switch banks for digital features such as bill pay, mobile payments and loan applications.
The appearance of NEEBank as an inevitable will be a better replacement to other traditional banks.
NEEBank is nested in Dubai but open for business worldwide. Advantages:
– International payment will not be limited by time or distance. All activities are managed from a mobile device.
– Simplify the operation in all transaction which are cost-and-time saving.
– Created on a technology platform and internet network. Steps of transactions are processed and recorded quickly, fully in a precise manner.
What is the Difference Between Online Banking and Digital Banking?
For the most part, these two words are synonyms. But we define online banking a bit more narrowly than digital banking: online banking primarily focuses on remote deposits, money transfers, bill pay and basic online management of accounts. Other synonyms for online banking include internet banking, virtual banking and e-banking.
So, online banking focuses on digitizing the “core” aspects of banking, but digital banking encompasses digitizing every program and activity undertaken by financial institutions and their customers.
Digital banking is no longer a strange concept. One of the first digital banks in the world was established in 1968 – DBS (Singapore). But do you know what’s digital banking services?
In Vietnam, the most well-known digital bank are Timo, and NEEBank which have appeared and created a lot of buzz in the financial market. So what services does digital banking have and how is it different from other traditional banks available in the market? Is this difference the main reason for attracting customers to use digital banking services instead of traditional banks?
Differences between digital banking services and traditional banking services
Most digital banks are able to provide the same financial services as traditional banking including:
The differences and advantages of global digital bank – NEEBank
Easy to access
It can be seen that with the streamlined and optimized operating model, digital banking makes financial services easy, fast, and accessible anytime, anywhere.
Customers do not have to spend time going to the branch to perform the procedures is the first difference when it comes to digital banking.
Cost optimization with technology 4.0
Operating digital banks without branches and transactors. All business is handled by artificial intelligence (AI). The bank optimizes operating costs, providing services completely free of charge to customers using the service.
Confidentiality and transparency
Operating on the blockchain platform, all transactions are completely secure and transparent thanks to the decentralized data feature.
With the above advantages, NEEBank digital bank has been affirming its position in the digital banking race in Vietnam and around the world.
Nowadays, things are connected via IoT and cash will gradually fade away in the next 5 – 10 years. Cashless economy has become the new trend in many countries.
Traditional banks keep people waiting in queues and in processing their transactions with a limited working hour. Banks often require people to present in one of its branches if they want to open a bank account, change their personal information, deposit / withdraw and so on. This requirement has become a burden for banks’ clients.
Digital connection allows people to use banking services 24/7 from anywhere. Whoever you are, you are still supported days and nights with a smart assistant (OmaIN)
Blockchain technology stores the bank’s database on a decentralized basis (instead of a centralized database like traditional banks). This keeps users’ database (account, personal information) safe and transparent all over the world.
Everything a user needs to do is to create a single account to connect to financial services: payment, exchange, transfer, saving, etc..
You have a Bank in your hand with just a mobile phone connected to the Internet.
The strategy of 2020 – 2025 – the goal of 500 million user accounts from Asia (with the population of 4.6 billion people)
Simple registration process: directly on application / website, no bank clerks or branches => no operation expenses
Linking marketing – Bonus of 9 NEE (for 9 levels) => the great appeal to form a global community
OMANEE issues NEE (a coin) to expand its blockchain ecosystem and 50% of NEE is used as NEEBank’s development fund (spent on bonus, interest, etc..)
The community expansion and increasing demand for NEE raises NEE’s value upto $5 – $10, which in turns provides NEEBank upto millions of billion dollars.
IN A DIGITAL ERA, BEING ABLE TO FORM A BIG COMMUNITY PRODUCES SUCCESS
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