The past pandemic, and the continued emergence of new technologies overall, has drastically changed the way we approach many aspects of life. Whether it’s how many of us now work remotely or how transactions like grocery shopping can be completed without leaving the home, how things are done are considerably different even from just five years ago.

However, while revolutionary, the continued move towards digital has introduced a series of new challenges. For instance, arguably one of the most digitized industries today, banking, continues to face the risk of losing the personal touch that comes from physical branches. This, on top of the challenges that encompass most things digital, namely security risks, identity theft concerns, and service disruptions, to name a few.

Fortunately, leaders in the fintech industry are well aware of these and other challenges, and those who most value customer trust continue to ensure their digital banking platforms are addressing existing concerns and are ready to adapt to any new challenges that emerge.

This includes German billionaire Michael Gastauer, whose global digital banking company the Black Banx Group has earned substantial success in fintech despite only being launched in 2015 thanks in large to a commitment of developing digital banking products and services that are primarily focused on benefiting customers and maintaining their trust.

The Black Banx Difference

Black Banx was founded by Michael Gastauer in 2014, following a time when he had founded and sold a Zurich-based asset management company and pioneered (and also successfully sold) the first payment solution platform for e-commerce and other internet based industries in Europe. Throughout these successes, a constant challenge he observed and even had to deal with himself were the flaws of cross border banking, account opening in foreign countries, and international wire transfers. 

Driven by the belief that everyone deserves the best possible banking, Gastauer continues to helm Black Banx and maintains its efforts in developing global financial services that anyone can count on. Now, with just a smartphone, internet access, and a minimum of one valid identification card, customers can set-up a Black Banx account. From there, they immediately enjoy access to the following: 

• Accounts in 28 FIAT and 2 cryptocurrencies

• Accepting Private and Business clients from 180 countries

• International and inter-platform instant payments in multiple currencies

• Multi-Currency Debit Card options (including plastic, metal, and virtual)

• Real-time currency exchange and crypto trading services

• Unrestricted payouts to third parties and crypto withdrawals to external wallets

• Interest-bearing savings accounts in multiple major currencies

• Solutions like batch upload or API for bulk payments for business customers

Black Banx maintains a comprehensive suite of services and make these and numerous currencies accessible to a customer base of 45 million and counting so that the latter can continue to have a bank that they can trust to be there for them as they make transaction to and from almost anywhere in the world and no matter the currency they are working with.

According to Gastauer, this level of accessibility and reliability is something that has always been possible in the banking industry yet, in one way or another, was not given to customers even in the recent past.

“Despite how long traditional banking has existed and how digital banking advanced so rapidly, financial services continued to be elusive to many unbanked and underbanked communities. By working to make Black Banx available to everyone and everyone and without the hindrance of a tedious application process, we show that we trust anyone to bank with us and that they can trust us to meet all their banking needs and preferences.”

Prioritizing Security

Given his extensive experience and expertise in the financial industry, Michael Gastauer also believes that security is vital in not only running a successful fintech company but also, and more importantly, to best maintain the trust which customers place on the likes of Black Banx to maintain both their finances and their personal information. 

As such, the company continues to employ advanced security protocols, including encryption technologies and multi-factor authentication, to fortify its platform against cyber threats. By committing and investing in innovation, Black Banx ensures that every interaction on its platform is shielded from unauthorized access and data breaches.

A pillar to its security architecture is the implementation of end-to-end encryption, which ensures that sensitive information remains confidential and tamper-proof throughout transmission. This helps in the mitigation of the risks of data interception and unauthorized access, providing customers with peace of mind as they make their transactions.

For Gastauer, it’s important that Black Banx maintains a proactive stance on security, and leveraging emerging technologies such as AI-driven algorithms and real-time monitoring systems to detect and neutralize potential threats to customers’ assets and information. Additionally, the company continues to emphasize regulatory compliance by keeping in line with global standards such as KYC and AML guidelines.

“It’s important that Black Banx’s security measures are just as robust as the banking products and services to continue to develop,” Gastauer shares. “As our platform is global in scale, we make sure that customers can count on us to make transacting and managing their finances easy to do no matter where they are, and can trust us to ensure their money and information are not vulnerable to any threats coming from any direction.”