As the financial industry faces the biggest shake-up since the 2009 financial crisis, changes are expected in every way. The industry as a whole has become extremely challenged due to various problems, not least the COVID-19 pandemic. The global financial picture looks nothing like the planned and predicted picture that was suggested by even the most trustworthy of experts in 2019.
The arrival of a pandemic that has crippled much of the world and stifled many economies was never part of the plan for this year. However, this has forced innovation in the financial industry in particular.
For example, banking users might be surprised to notice a large growth in the number of crypto friendly banks out there on the market today. While still seen as a popular but niche part of the finance industry in 2019, 2020 has seen the popular consensus shift quite majorly on cryptocurrency. As the public and the financial sector have watched the global economies of the world shift in utter flux across the last year, it would be fair to say that public faith in the financial industry is at a historic low.
With many people seeing their industries ruined and hobbled thanks to the pandemic, there has been a desire to find a less volatile means of surviving and being paid. And for many, that is the cryptocurrency industry. Nowhere near as volatile as the standard financial industry, and arguably nowhere near as lopsided, there is an opportunity to really help the public change the course of the financial industry.
A change years in the making
However, while there has been a slow uptake on the number of crypto friendly banks in the last five to six years, 2020 has seen a rapid growth. Still, though, many new members to the crypto side of finance are still offering limited opportunity and therefore have limited potential. Other companies who have been involved for longer, though, are opening up the options to give everyone even more power and control over how they work.
These have been changes years in the making; absolutely crucial adjustments that will, in time, utterly transform the financial industry. 2020 has seen a change not only in public trust of the standard financial industry, but also a change in professional trust. More than ever before, financial experts and professionals are looking to financial solutions outside of the norm.
This desire to think outside the box has seen a natural uptake in the volume of crypto friendly banks are available. And with many of these banks regulated in the European Central Bank, there is less fear that you are stepping into an industry that might have no means of review should you find yourself making an unfortunate mistake.
For years, the crypto industry has been clouded in mystery. Now, this is all changing; public understanding and trust of the system has led to a rise in crypto friendly banks all to happy to let people and professionals tap into the immense potential that is on offer here.