Why do we build Credits digital banking and fintech products?


As you may know, back in the spring of 2020, we announced the company's new goal to develop a fintech line of products. 

Credits blockchain is an excellent protocol allowing us to build such a service. Along with the Credits project growth, the crypto market continued to mature. However, the adoption of blockchain in production or other industries is not always logical and could be more expensive than the current business model. 

Blockchain is still a new technology, and we have gone through many partnerships to evaluate the possibilities of protocol adoption in different areas. From our experience, we could see that blockchain use in financial products is the most applicable use case today.

It is confirmed by several research papers by global banks and consulting firms. Fintech stays on top of the list of industries with the biggest number of blockchain adoption cases and those that benefited most. This trend continues to expand. Deloitte’s 2021 Global Blockchain Survey provides the number of 76%! respondents believe that digital assets are becoming an alternative to fiat in the next 5-10 years. Cryptocurrencies and transactions on the blockchain are quicker, cheaper, and more accessible; we all know it. 

The idea to launch a fintech product on the Credits protocol is the logical one. The fintech product we design has changed since the very first beta version. If initially, we were thinking of launching a simple wallet allowing exchange, functions of buying, selling, and storing the most important cryptocurrencies; in the development process and with the market growth, we have discovered that the client needs more than this simple tool for working with crypto. 

In the same year 2020, due to the pandemic and travel restrictions, fintech and digital banking became one of those sectors with the highest early growth. 

The other report taken from Statista provides an exciting overview of the fintech global market's gradual increase in transaction value from USD 4,707,613 in 2019 to USD 5,425,300 in 2020. This report also shows the split in the transaction between digital payments, neobanking, digital investment, alternative lending, and alternative financing. Digital payments, neobanking, and digital investments are taking a significant part in these transactions.

This ongoing digitalization trend and the global move towards online banking, a more positive attitude towards crypto, and its inclusion into the financial services almost everywhere have affected our roadmap for the Credits fintech product. 

Today a client wants to have one perfect tool for all his financial operations with access via the mobile phone. Therefore, the request is for a highly secured, convenient app that helps you manage all your payments, investments, and other financial routines in fiat and cryptocurrencies. 

Credits fintech line is getting developed for digital payments, managing digital assets, and neobanking; these three functions are the basics we are creating first.

What is the pain we are resolving with these services? 

We are building a new type of banking, which allows you:

-save your time in complex banking procedures, 

-options of free and premium accounts,

-access to both: digital and fiat assets and their management in a convenient, safe way.

For whom will it be? 

The traditional finance market has been associated with some bad reputation after the crash of 2008, high commissions, inclusiveness of services for high network earners, and the absence of products on offer for the poorest population. The public demand for a banking industry change has been there for several years, but there were no alternatives. 

Blockchain technology disrupted traditional finance and created an entirely new market, called crypto or digital assets. In 2014 the primary audience of people interested in crypto was young generations, but in 2021 we can find that this market is for everyone. 

Statistics of neobank users in France show that the older generation outnumbers the young one.  

When we started to build a Credits fintech line, we were initially targeting only those groups of people interested in crypto. However, only a year later we can say that these products are designed for everyone. 

With the ongoing trends, we believe that our service has the potential to become an essential financial management tool for anyone!  Today we all prefer digital banking to high street banks; in addition to online finance, crypto brings us a new alternative to fiat assets, which will continue gaining global popularity and eventually become of interest for those who are not using it yet. 

The market potential 

There are different estimates on the following years' growth in the neobanking and crypto market, but they indicate an inevitable exponential growth. As of now, there are only a few names in neobanking, and digital assets management delivering such services, and most of these brands are also young startups. However, market formation and product development are happening now, so we are sure to grab our share in this competition for the best product on the market and most loyal and satisfied customers.