How Banks & their Customers are benefited by N2 Ecosystem

1. How Banks & their Customers are benefited   by N2 Ecosystem  Banks and Blockchain have followed the opposite pole structure when it comes to                           management and administration. The advancement in technologies, new-age fintech                   solutions have attracted customers. Now more than ever, individuals have begun investing                         and saving their funds in other sources apart from banks. The integration of the N2                               Ecosystem is beneficial for banks and their customers. The ​N2 Coin​, N2C is at the forefront of                                   all the financial services hosted on the N2 GloFi Platform.    In this article, let us cover the specifics of how these advantages would flesh out in real-time.             

2. ● Instant Settlement Resolution    In any traditional banking system, international payments, transactions, and settlements                     often require multiple business days for completion. The authentication of transactions and                         settlement resolution between two different bank parties require paperwork, formalities, and                       legal issues that need to be approved before various banking bodies interact.     Bank customers can do transactions in blockchain ecosystems such as the N2 Ecosystem in                             minutes or seconds with the use of N2 Coin. With Blockchain, settlements become                           user-optimized, saving a significant amount of time and money for both parties involved.                           Blockchain will remove the need for much middle office and back-office staff at banks, as                               transactions settle instantly.     Capital Optimization  ●   One of the main features of Blockchain is that it removes the need for a trusted intermediary                                   and makes peer-to-peer transactions possible. Blockchain applications in the finance                     industries render intermediaries such as custodian banks obsolete. Thus, Blockchain allows                       safer capital optimization due to a notable reduction in operational costs.     N2 bestows banks with a shared Blockchain, allowing them to avail of decentralized financial                             services for their support. N2’s Banking Blockchain and the surrounding ecosystems charge                         significantly less than individual transaction management prices at a bank.     Reduced Counterparty Risks  ●   One of the significant challenges within traditional banking sectors is the failures regarding                           counterparties meeting their banking obligation within the stipulated time. These affect the                         customer’s finances as regulatory measures for not performing the banking obligations                       result in delayed service offerings.      N2 Platform resolves this issue as it enables the instant settling of transactions. The Banks                               linked with N2 platforms are integrated with blockchains to mitigate significant counterparty                         risks. Distributed ledgers track failures in performing obligations with records for compliance.                         The N2 Platform further facilitates prompt settlements with two-way payment mechanisms.  

3.   Smart Contract Performance Enhancement  ●   Although net-banking is adopted, most banks still rely on old-school paperwork to process                           customer services. Loan approvals, account applications, credit tracking, and many other                       essential banking functions are still not advanced. The old-school approach to these banking                           services leads to inefficiencies and delays in the overall quality and delivery of services.    Banks and financial institutions can improve contractual terms & performance using N2                         Ecosystem’sEcosystem’s smart contracts. Smart contracts perform automatic execution of                   processes when in compliance with predetermined conditions.    Crypto Data Security :  ●   The centralized data storage of banks and other traditional banking institutions is prone to                             data breaches and hacks. Traditional banking groups store all their client’s information and                           data in a centralized data server. The singular source of all data puts banks in a vulnerable                                   position to defend against multiple hacks and breaches sieged against a particular data                           bank.    Blockchain’sBlockchain’s data security is also due to its key feature of rendering any data                             recorded in its ledgers immutable. Data immutability is due to the elimination of a single                               data source. Distributed ledgers form blockchains, and thus any data entered is shared and                             recorded in every ledger there is.   Conclusion,    The N2 Group utilizes blockchain technology to enhance the ​N2Coin financial services                         experience by offering all the benefits mentioned above. Banks predominantly benefit from                         N2’s initiative as bank customers do not require to migrate to third-party fintech, thus                             enabling banks to retain their customer demographic. In contrast, customers engage in a                           platform that allows them to use traditional banking and crypto-based financial services. N2                           ensures harmony with banks and their customers by presenting a win-win situation.