Leaping into the Future: Better Banking for the 21st Century

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Leaping into the Future: Better Banking for the 21st Century @mozzadrella, Educator @stellarorg

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A perfect storm for innovation: changes in the business models of nearly every industry HT TP Wireless technology Smartphones Apps SMS

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What about banking? All the pieces are in place for a profound sea change HT TP Distributed ledgers Mobile penetration P2P SMS ?????

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Mail-in deposits Paper checks Walking to bank Networks of branches ATMs Mobile deposits and transactions 3-7 days 24 hours 5 seconds > 50% connected to financial services 60% of the world connected to financial services 100% of the world population has access to a bank account Deposits Turnaround Customer Base Changing Landscape of Banking Past Present Future

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A network of databases that contain financial transactions that refresh every 2-5 seconds. Stellar: the future of banking

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Stellar: Platform for financial innovation • Cost: $.01 = 300,000 transactions • Time: resolves in 5 seconds • Scale: 3,000 transactions/second • Commercial restrictions: free, open-source technology • What about KYC? KYC / AML tools available

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Belle receives 1540 Naira in 5 seconds Cross-Border Payments Under the hood Alex lives in the UK and wants to send £5 to his sister Belle. 1540 Naira is sent to Belle’s mobile wallet Via the internal marketplace, the network picks the best rate & trades £5 to 1540 Naira. Remittance company transmits £5 to Stellar.

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Stellar in Practice Deloitte Prototype Reduced costs by up to 40% “The client was amazed by how fast and how cheap those transactions were," he said.