SBS Bank Looks Into Cryptocurrency For Future Banking Trends

Jul 18, 2018 at 08:02 Update Date :Jul 18, 2018 at 08:02 UTC

New Zealand’s SBS bank is dedicated towards the implementation of futuristic banking trends for the benefit of its customers. Some such trends include the use of cryptocurrency and blockchain technology.

SBS Chief Executive, Shaun Drylie, was present at the SBS annual meeting at the Kelvin Hotel on Wednesday, where he was bombarded with several questions, some of which included the potential use of digital banking technology.

Drylie believes that blockchain as a technology holds real value. “We think, and the common consensus is, that it has real merit. Cryptocurrencies, we’re not too sure, and if you look at the volatility of cryptocurrencies that would suggest the market is not too sure as well. We’re keeping a close eye on it, but it’s very hard to pick where it’s going to go long term.”

According to Drylie, cryptocurrencies would have their place by now but the mandate around the virtual currency is still quite uncertain. SBS says it has always considered the accessibility of the various branches of the bank for its customers to be of prime significance, and to ensure optimum outreach, SBS was focusing on implementing digital technology further in its practices so that their clients would be able to start a term deposit online.

Bringing a credit card to the market for its members was also one of the improvements that are bound to develop later in the year. The bank also strives to improve its internet banking services.

With a cost of nearly $1 million associated with acquiring warehouse group financial services and considering the current financial market $35 million is considered to be a satisfactory result, according to Chairman John Ward.

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