While retail customer lending is nothing new in traditional banking, there are several limitations and barriers to overcome for lenders. For instance, the high interest percentage charged on loans by banks and the many processes involved makes retailers hesitant to apply retail loans.
According to the Financial Brand website, rising interest rate is one of the challenges affecting retail banking today. It says that rates would continue to rise given that the federal reserve would try to reduce the size of its balance sheet and unwind some activities. The other challenge would be navigating of regulatory and compliance landscape where there already are lots of gray areas in relation to financial industry regulations. This was making staying on top of rules very complicated and is also made worse by turbulent U.S. political landscape.
The third challenge for retail banking is delivering mobile banking for primary status where it was becoming hard to get mobile deposit popular and a regular habit by remote consumers. The fourth challenge is driving greater marketing ROI with data driven insights and fifth challenge was that of creating personal connections in an increasingly digital world.
Victorieum is an offshore bank that is seeking to change the banking scene by providing all off banking services from deposits, money transfers, payments, cryptocurrency exchange, loans to credit cards and financial tools within a regulatory framework while lowering the transaction fees for customers around the world. Licensed as a crypto-bank and exchange, it is based on blockchain and basis on providing convenience and speed to customers.
The company just launched its ICO this October, will then seek establish more partnerships with finance institutions, launch the crypto exchange in February and March next year. They expect to receive an offshore banking license next year in May to June, receive approval for correspondent accounts in USD and Euro from top AAA banks, form partnership with Swift and launch bank and online banking feature at the same time.
They will also have a mobile and online app that allows accessing of the wallet and trading and investing of cryptocurrencies.
The bank will provide customers with free bank cards of silver, gold or platinum depending on the amount of tokens a holder has. The minimum to qualify for a silver card is 10000 VTM, where the user will qualify for 15% discount for crypto exchange and money transfers, and they can do cash withdrawal, inter-bank transactions and transfers with 0,5% CashBack, +0,5% Time Deposit.
The gold will qualify for a 30 percent discount on exchanges and money transfer and customers can do transfers of 1% CashBack, +1,2% Time Deposit; while platinum provides a discount of 50% for exchange and money transfer, and customers can do transfers at 1.5% CashBack and +1.5% Time Deposit. The bank cards will be launched in July 2019, same as crypto-backed loans and fiat trading, exchange and wallet app, as well as the passive income program.