GOLD: Bankingthe Unbanked
We are living a moment in Human history where new technologies and other innovations are about to disrupt the financial landscape. With the advent of mobile devices, a fresh financial revolution is under way; a whole new generation of financial services is being developed to take advantage of the amazing opportunities which both mobile devices and the blockchain technologies are able to provide. Where once there was no chance of accessing banking services, mobile technology gave birth to a generation of services bound to shake the foundations of the traditional financial system.
In many of the underdeveloped countries, a big part of the population lives outside of urban centers and has no easy access to a Banking infrastructure. The use of mobile phones has revolutionized the lives of millions of people in third world countries. With them came the ability for a whole new way to deal with money for people who have never had access to traditional banking services. This allowed them to leapfrog from the traditional banking system to a modern financial infrastructure supported by mobile communications.
Mobile financial services are helping to change the socio-economic landscape for communities in underdeveloped countries and today mobile money is becoming so much more than just a new way to access financial services.
For communities in underdeveloped countries with no access to banking services, it means a whole new way of empowerment. A new mobile financial infrastructure enables the unbanked to invest, to get loans and transact with their mobile devices. This technology along brings the chance to connect nearly 5 billion people with the rest of the financial world.
GOLD is an application for mobile devices that provides the traditional banking services. GOLD enables banking options such as account management, Investment, and lending. With this new application, GOLD has developed the killer app for the unbanked. Brian Sewell, the founder and CEO of GOLD, says:
In third world countries around the world, they don’t even have electricity in many places, but yet they have smartphones.
And that’s what makes GOLD so special. It enables all this to be made with a simple smartphone, and without having to rely on a Bank.
“Essentially, GOLD is a mobile bank, without the bank.” continues Brian. “Now is the time to bring the 5 billion unbanked into the global markets with their talent, innovation, art, and motivation to solve their own problems with health, hunger, water and any other local challenge. True liberty includes access to the same resources as all free people.” He states.
GOLD stands out from other peer-to-peer lending or microfinance companies because the company makes decisions almost instantly. With other companies, it would take a few weeks for them to give you a resolution over a loan. The GOLD app makes a decision and funds the loan almost instantly. The company believes that by having the money in the exact moment is a central key for the entrepreneur and for a healthy and stable economic growth.
By using advances in first-rate-computing, machine learning, Big data, artificial intelligence, and blockchain technology, GOLD has converged to acquire a stage of excellence in predicting loan default rates for certain borrowers. The company designed an algorithm that can analyze and track all of the data from a specific consumer and immediately decide whether to offer a loan or not.
A large number of people around the world are walled off from the global economic system and the current financial services. This segment of the sector population commonly referred to as the “unbanked.” There is a growing need for the unbanked to handle mobile payments and other financial services. And that’s where GOLD sees a great business opportunity and presents itself has the ultimate tool to enable instant financial services.
This will be important to support the growth of isolated communities around the globe. By having access to traditional banking services, a new wave of entrepreneurship bound to streamline the quality of life for these populations. With checking and savings account services the unbanked will have the ability to apply for credit and other kinds of financial services. A consumer can even receive his payroll check automatically deposited into a checking account, and also do all the management, such as automatically transferring funds to his savings account and many other features.
GOLD aims to offer the unbanked the chance to enter the global market by providing core banking functions on their smartphones, without the need for a Bank. The long-term goal is to bring this same ease of borrowing, investing and transacting to the rest of the world, empowering individuals to be their own bank.
Can you imagine what could happen if this segment of the population could instantly borrow cash, make investments, or exchange globally? Well, GOLD seems to have found the perfect solution for that.
What do you think will be the benefits brought by an app like GOLD to the unbanked populations in underdeveloped countries? Let us know on the comment section below!
Image: 1, 2