Blockchain is the most cost effective and efficient solution to the challenge of financial inclusion, a leading figure from the digital banking world has claimed.
“There are almost 1.6 million people unbanked in the UK alone,” said Rushd Averroes, CEO and founder of digital challenger BABB. “The reasons for this financial exclusion are varied but largely stem from the systemic social issues in this country. The homeless, unemployed and refugees all make up a large proportion of the unbanked population for whom the lives are primarily cash based, along with non-EU students coming to study in the UK.”
A banking system which could handle micro-transactions would provide people in such people with convenience and greater security for their money, he commented: “Blockchain is a cost effective and efficient solution to the unbanked problem,” went on Averroes. “The reduced transactional and overhead costs of blockchain seem to provide a clear solution. Traditionally, micro-transactions are incredibly costly to banks; on the blockchain this is no longer the case, making it a viable alternative to cash that high street banks are unable to provide. We know that blockchain would allow us to make a difference to the lives of millions. The Know Your Customer (KYC) checks currently in place in traditional banking are becoming increasingly outdated. At BABB, we’re blending KYC methods with facial and voice recognition, as well as behaviour and liveness detection to ensure maximum security. Biometrics operate alongside AI to build a clear customer profile. For example, if you’ve been a customer for five years and your passport expires, we’ve spent the previous five years building a profile of your behaviour so we don’t need a new document; we can simply verify you via your biometric profile.”

by Guy Matthews
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