Financial Service Innovation

The other day I went to PNC bank to make a wire transfer*.

This blog is about my experience and how it relates to technology innovation.

First off, I had to take off of work early to get to PNC before they closed at 4pm.  The closest branch was about 5 miles away. Once I arrived at the bank I met with an associate who assisted me in the process.

The visit took a total of 30 mins or so, from the time I sat down to the time I left the building.  To begin, I had to have the account and routing number of the bank the transfer was going to, as well as the person’s name and address. The associate input the information and had me visually and verbally verify that it was typed correctly.  He then printed out the information receipt, which was 2 pages stapled together, and had me read over the printed receipt to check once more.

The transaction also has a fee of $30 for an outgoing domestic transfer.

It takes about 2 hours for the transfer to be sent and arrive in the recipient’s account.

I mention all of this, because time and energy are currency.

All of this affirms the importance of blockchain technology education, so we might learn and know how to manage our finances for ourselves!

To be financially stable and secure is something we work for our whole lives.  A lot of times people find their stability in the forms of entities outside themselves, and this happens for many reasons; whether it’s time, energy, money, or the lack thereof. If you are not interested in learning to use it yourself, you should at least be aware of its implications and talk to someone who might be able to assist you in diversifying your investments and take back control of your funds.

So, lets say this transaction was performed using blockchain technology.

The amount of time, energy and currency needed to fully complete the task would be far less than 30 mins; that’s if both parties had all accounts set up and active. 

A blockchain transaction could look one of two ways:

  1. Recipient requests funds from their wallet to your wallet address which you have provided to them. Sender then confirms transaction to transfer funds.
  2. Sender acquires recipients wallet address, logs into their wallet and sends funds to the recipients wallet address.

These two types of transactions cost no more than $10, and the average transaction time is .65 seconds.

As I sat in the bank, I realized how much currency I could save to refocus into things I have a passion to do, like painting or doing henna.

So, later that day I was using my PNC mobile account and I noticed that I could transfer money via Zelle.  I created an account and transferred some funds, when I realized… ITS ALREADY HERE.  Zelle is basically blockchain technology, with a user friend interface, and regulated by PNC. The downfall is that there is a limit to how much money you can send in a transaction depending on your account type.

I realize now how important it is to share my experiences and learning with my community.  Time is currency! Begin learning more about what’s changing with our financial system, and blockchain technology here, or contact me to talk!

 

*wire transfers are necessary when your bank has a limit on how much you can transfer, and usually for larger amounts.

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