Data and Financial Journalist
The whole purpose of BRICS New Development Bank is to be self sufficient and rely less on western economies. The world’s reserves has shrunk from 90% (2004) of dollar denominated securities to 60% in 2014. But, the growing tension individually in the member countries could easily defeat the purpose for which it was originally formed. Some debate that this small initiative (formation of BRICS) could be a big challenge for the advanced economies.
The creation of AIIB, China has opened its closed doors to many countries. In committing to contribute up to 50% of the AIIB capital, it will be taking the lead in assisting the development of other Asian countries. There will be a lot of rising challenges in the development of the bank but this could be a great opportunity for China to prove itself as a global leader.
Banking sector has witnessed many technological changes in recent years that offer more personalized services. The shift towards getting more digital just got more exciting with the introduction of many user-friendly technologies. As banks try to make banking quicker and secure, the option for digital innovations keeps getting more and more competitive. The first quarter of 2015 introduced some very interesting banking innovations that could revolutionize the banking experience for customers.