The U.S. Financial System Needs UpgradingDavid Kemp
The United States of America has finally realized that there is a need to upgrade the legacy financial system. Regulations and their development take too much time for the government and this is what can leave the nation behind many other countries. Financial innovations have entered many systems. However, the USA is not yet prepared for many of them, and, as many experts admit, without these advances the entire system will be much weaker and less efficient.
When the government voted in stimulus payments to the nation in the wake of the pandemic, it didn’t go well at all and many critics noted that fact trying to offer various solutions. Delivering funds to the families of the deceased was one issue and there were plenty of citizens who had no way out but to go to banks to cash their paper checks during the coronavirus.
What happened during the crisis proved that the U.S. financial system is not ready for many challenging tasks. COVID-19 made many people unemployed and financial aid from the government would be the only way for such people to survive. However, the system is not contemporary enough to keep up with the needs of the nation nowadays.
There are too many restrictions and limitations that prevent people from receiving financial aid sooner. The financial sector is growing and developing – it means that innovations that enter the industry deserve to be considered by politicians and local authorities alike. Financial systems should significantly increase their capacity. For instance, credit cards may take up to three business days to process. Once they do, businesses have to pay fees for processing and this makes huge losses of money.
Solutions are Available Already
On the other hand, individuals who deal with cryptocurrencies understand that there are several solutions and all that the government needs to do is accept them. The majority failings of the authorities will be easily fixed – the new method allows an efficient and prompt transfer of money. It’s time for the system to upgrade its sector and make it more convenient and accessible for the society.
There are many countries where the most advanced forms of payment methods have entered the financial sector and reshaped the system from inside. China proves that blockchain technology is a great way to provide services and help the nation during harsh times. Almost eight hundred million citizens already utilize mobile payments and enjoy a whole range of services offered via digital payment systems.
All of these systems function under private companies like Alipay. Another firm that is also famous in this regard is Tencent.
User experience is seamless and accessible even to those who used to have limited financial literacy. Europe also has tried to adopt the newest technologies and transformed its financial systems. Nowadays, daily transfers and payments are carried out in a safe, secure way and take seconds to reach the recipient. The financial revolution is what the USA needs to be a modern country. For many customers, it is too frustrating to rely on physical checks in a time of crisis since they cannot be the major means of distribution in the 21st century.
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