Digital Bank: Strategies to launch or become a digital bank by Chris Skinner

Author:Chris Skinner [Skinner, Chris]
Language: eng
Format: azw3
ISBN: 9789814561808
Publisher: Marshall Cavendish International (Asia) Pte Ltd
Published: 2014-05-15T04:00:00+00:00

How much do, or would, people pay? Well, what is it worth to secure those photo albums you currently post on Facebook of your child being born and their early years? How much would you pay to back up your Twitter account? What is the value of those emails confirming your contracts over the last year? How much would you pay to keep your Bitcoin account secure? Currently, the organisation or the individual is responsible for securing this data. However, the bank could secure that data for a fee as much of the aforementioned has the same value as money for the individual or organisation concerned.

It would work by downloading a bank offered app that, once installed, allows you to tag any data with a padlock. That padlock tag would move that data into the bank vault, where it would be secured. If you were to ever lose that data—your disk was wiped, you accidently deleted it, your Facebook account was corrupted, your back-up was destroyed—you would be guaranteed to get it back from the bank vault. That is the bank’s guarantee, and that has value.

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