The world of finance has been undergoing a rapid transformation in recent years, thanks in large to the continued emergence of financial technology, or fintech, as well as the customers’ growing preference for digital.
Both traditional banks and newer fintech companies are leveraging technology to revolutionize the way financial services are delivered, disrupting traditional banking models and creating new opportunities for businesses and consumers alike.
To gain insights into the future of fintech, we had the privilege of speaking with Michael Gastauer, the CEO of Black Banx, and a borderless banking company at the forefront of fintech’s continued emergence.
Leading the pack
Michael Gastauer is no stranger to the world of finance. Having worked and later owned companies in the financial industry since he was 24, Gastauer’s extensive experience and expertise have been instrumental in driving the rapid growth of Black Banx.
Under his leadership, the company has positioned itself as a global player in the fintech space, offering a range of innovative solutions that cater to the evolving needs of businesses and individuals.
As Black Banx has grown to have over 20 million retail customers and 1.5 million customers and entered over 180 countries, Gastauer has earned even more knowledge of the financial industry and uses this to share valuable insights on industry trends, the challenges ahead, and the future outlook for fintech.
The emergence of open banking
One of the major trends in the fintech industry is the concept of open banking.
According to Gastauer, open banking can potentially transform the traditional banking landscape. Open banking customers can securely exchange their financial information with outside suppliers, giving them access to more specialized financial services.
Gastauer believes that open banking will foster greater competition, innovation, and customer-centricity in the financial sector.
The power of artificial intelligence (AI) and machine learning (ML)
Gastauer highlights the significant role of artificial intelligence and machine learning in driving fintech innovation.
Large-scale data analysis, pattern recognition, and precise prediction are all strengths of AI and ML technology. These technological advancements can improve fraud detection, consumer interactions and automate procedures like credit scoring and risk assessment.
Gastauer emphasizes that harnessing the power of AI and ML will enable fintech companies to deliver more personalized and efficient financial services.
The rise of digital currencies
Cryptocurrencies, such as Bitcoin and Ethereum, have gained substantial attention in recent years, and Gastauer believes that these have the potential to reshape the global financial landscape.
He points out that blockchain technology underlies cryptocurrencies and offers enhanced security, transparency, and transaction efficiency. Additionally, as the regulatory landscape evolves, Gastauer maintains that digital currencies will become more mainstream, leading to increased adoption and integration within the fintech industry.
Ensuring its customers do not miss out on the opportunities that digital currencies present, Black Banx launched a fully-fledged cryptocurrency trading with BTC and ETH as cryptocurrency back in 2018 and, at present, approximately 20% of Black Banx’s operations are already in cryptocurrency and currency trading related.
Financial inclusion
One of the inspirations for Black Banx’s founding and a driver of its continued operations, financial inclusion is a critical aspect of the fintech’s continued growth, according to Gastauer.
Traditional financial institutions often exclude large segments of the population, particularly those in underserved communities. Fintech solutions have the power to bridge this gap by providing accessible and affordable financial services to the unbanked and underbanked.
Gastauer stresses the importance of leveraging fintech to promote financial inclusion, empowering individuals and small businesses to participate fully in the global economy.
As the CEO of Black Banx, Michael Gastauer has been at the forefront of the fintech revolution, driving innovation and shaping the industry’s future. His insights on industry trends and the outlook for fintech provide valuable guidance for businesses and individuals looking to navigate the evolving financial landscape.
From open banking and AI-powered technologies to digital currencies and financial inclusion, Gastauer emphasizes the transformative potential of fintech in delivering more inclusive, efficient, and customer-centric financial services.
With his visionary leadership and commitment to innovation, Michael Gastauer has Black Banx positioned to continue paving the way for the future of fintech.
