For decades, the finance industry has been on a quest to realize its goal of making banks accessible to all. But unfortunately, this remains to be elusive, with Fast Company reporting that 1.5 billion people worldwide are still unbanked based on the latest 2024 data. In the US alone, at least 6 million people don’t have access to any form of financial service.
To be “banked” means to have access to financial services offered by banks and financial institutions. On the other hand, the “unbanked” and “underbanked” may have cash, but they don’t have the means to join the financial market due to the lack of access to any bank or finance company whatsoever. So as more modern businesses start to rule out cash as a payment option, the unbanked and underbanked are bound to suffer.
Enter Black Banx. The Canada-headquartered digital bank that’s changing the landscape of modern banking. Created and launched by master innovator and fintech visionary Michael Gastauer, Black Banx is on a mission to make money flow freely, most especially in places deprived of access to established financial systems.
Black Banx as a Borderless Financial System
For the 35-year-old banker from Germany, access to financial services is the “key enabler” in today’s highly competitive and fast-paced society. He created Black Bank with the goal of making it a dynamic force for innovation in the fintech sector by, first and foremost, unlocking a borderless financial system for all.
“We want to provide a financial service platform that helps to grow global markets by connecting people and businesses around the world with optimal ease, via smartphones and online,” says the digital bank on its website.
To help people and businesses grow, Gastauer’s brainchild is committed to facilitating the instant flow of money around the world at a fair price. Since its public launch in 2015, Black Banx has been a global brand, operating and giving access to customers in 180 countries and territories across the globe. Michael says that despite being a global and borderless digital bank, his company is customer-focused and capable of bringing a personal banking experience to everyone and anyone in the world, wherever they may be.
How Black Banx Facilitates the Free Flow of Money
There are many factors involved in the global operations of Black Banx—all designed to facilitate and ensure the fast, seamless, and cost-effective flow of money or transfer of funds.
First on the list is the low overhead cost. Since Black Banx is fully digital and operates without physical branches, its overhead cost is significantly lower than most of its rivals. This explains why Black Banx only charges flat rates on all of its financial services, including deposits, transfers, savings, crypto trading, and many more.
Another factor is transaction efficiency. By leveraging the latest advancements in financial technology, Black Banx guarantees clients that their financial transactions within its online and mobile platforms are done faster and more efficiently. The streamlined system prompts users to repeat their transactions at Black Banx, eventually earning their trust to be long-term clients.
Black Banx utilizes artificial intelligence, machine learning, blockchain, and other technologies applicable to the world of banking and finance. This factor makes it possible for the neobank to offer personalized financial services. The system can analyze customer data and behavior and offer personalized services and recommendations for the benefit of their accounts.
The most important factor is its international reach. As a global brand, Black Banx allows customers to take advantage of its borderless banking system, which makes it easy for them to deposit, transfer, and pay no matter where their accounts or recipients are located. Not all modern banks are capable of conducting cross-border transactions. It’s also rare for those with this feature to process international transactions for a reasonable price. At Black Banx, clients don’t have to deal with these issues.
Mapping Black Banx’s Global System
When Gastauer conceptualized Black Banx in 2013, he already thought of making its operations seamless by building and acquiring structures and facilities to form a solid network that could pull off his vision for a borderless digital bank. Today, that network makes it possible for Black Banx to operate and serve clients in 57 places in Europe, 52 in the Americas, 28 in the Asia-Pacific, 25 in Africa, and 18 more in Oceania.
By making money flow in global economies, Black Banx is benefiting from its own system and generating more than enough revenues to fuel its operations and fund its ongoing and future innovative projects and products.
Black Banx continues to expand its reach and user base through its aggressive customer acquisition strategies. It does this by providing business and individual clients with banking access without restrictions based on nationality, country of residence, religion, and amount of funds held or transferred. Gastauer says that more than ensuring that money flows freely within Black Banx’s system, the company seeks to simplify online banking, reduce transaction times, and achieve financial inclusion.