Everything moves forward and finances have to do so too, of course. Now KRAK has appeared in the middle of the scene, an app that wants to become your only bank, the only one you need for absolutely everything. From paying for groceries every day to investing, saving… or moving crypto!
Of course, you can imagine the reception this proposal has had, so we are going to tell you what KRAK is and what you will be able to do with it.
KRAK: a super app
You live it too, your paycheck arrives in one account, then you have another for savings, then another for the kids’ expenses… and in the end you never know how much money you have. Well, KRAK wants you to have everything in the same place.
The company calls it an everything account, a kind of “total account” where you manage daily payments, investments, digital assets and money movements in real time. All from your phone and without needing to go through the bank.
And the traditional banks?
They will have to step up! KRAK is betting on the pure and ultra fast digital world, and you will have noticed that your bank, well, physical branches usually move quite slowly…
KRAK promises zero waiting, instant transactions, native blockchain integration and easy movements.
The approach is more similar to that of a fintech, an exchange and a financial manager… but all together!
Security and speed
KRAK insists a lot that its system is more secure than traditional banking because it operates on a modern architecture with blockchain verification, where each operation is recorded, secured and practically shielded.
In addition, everything is designed so that the user does not have to suffer lines, endless paperwork, calls to the bank, or those websites that look like they were designed in 2008 and never updated which are a complete nightmare…
The era of “super apps”
We need simplification, we all want to have everything in a single app, pay, invest money, see budgets and move crypto without jumping from app to app, and KRAK proposes exactly that, as if your phone were already your new banking office!
Danger for the banks?
Yes, we are not going to deny it. If KRAK manages to take off, traditional banks are going to have competition because today’s user no longer wants bureaucracy, nor to waste entire mornings at the bank… so it could become the favorite option of young people (who as you already know, hate human contact, ugh!)
That said, it has to overcome some obstacles, the first being user trust, regulations, licenses… but the proposal is strong enough to make more than one bank start to get nervous!
1 personal finance = 1 app
“Why use five different apps if you can use only one?” And that is how they launched their application, they want your payments, your investments, your purchases, your cards… everything to be organized in a single app, without needing to walk around your phone looking for where you have each thing. And maybe you have not thought about the most positive part of all (which is not having everything located), it is only having to learn one password! Scatterbrains of the world, you love the idea, we already know it.
So, KRAK presents itself as an incredible alternative, but it will have to sell itself very well to get a spot in this market. Still, they promise speed, security and efficiency. Will they be up to the task?