Topic: Banks must adopt new technologies to survive an ongoing “extinction phase” (Read 1085 times)

In my opinion, its not only the banks who needs to adapt to these modern technologies, it is everything that needs to be changed for us to have a better world, but for a start, I think banks do really need to catch up to what is happening in our world today, this is for the better and for further advancement.

Banks will definitely keep on existing but their influence is surely going to decrease if cryptocurrencies really becomes a successful as many are predicting, if that happens banks are going to have problems to get new clients and to mantain the clients that they have.

Banks very quickly and sensitively react to changing conditions in the field of financial relations and therefore you should not worry about them. They will never miss their financial gain. In addition, even if they would not use blockchain technology in their activities, they would still continue to work successfully, since they are actually under state protection. However, they quickly began to switch to the use of ripple cryptocurrency.

Banks are really not having any trouble at all when it comes to "extinction" since they are too big to fail. I mean do you know what could have happened in 2008 if banks were not saved? They could definitely go bankrupt and just put all those people in jail and that would be the end of it, right now we wouldn't have these horrible "is it happening again" fears we have.

However if that happened than the whole world would have collapsed, we are talking about trillions of dollars gone right down to toilet with god knows how many people trusting these banks with their money and investments and companies that got promised funding that started projects with so many countries still waiting.

I mean with what happened in 2008 we already barely escaped a world wide crisis and greece and spain got hit hard, guess what could have happened if banks were not bailed out. Hence banks will not have a "extinction phase" since they are just too big to fail.

indeed we all must follow development of technology, in this case bank becomes the main spotlight because finance is closely related to bank, and what emerges is a new currency in the form of digital

Come to think of it, this statement doesn't apply to just the banks. It would have to apply to everyone. Everyone has to catch up to technologies so one doesn't get left behind and be obsolete. In the case if banks, i think this statement applies more to them in the Advent of crypto currency and blockchain technologies.

That's true, they are part of the business where in consistent changes happen,just lile what the mass community is about changing,  and nowadays Bitcoin is becoming popular by now and we should eventually accept the changes every single day though it was tough at first but if we dont there would be chances that we cannot live with the others.

but until now the use of blockchain is also not as efficient as a bank system that is still active today, so people prefer bank usage compared to blockchain, besides blockchain technology also still cannot be fully utilized. The reason why big banks make negative news about crypto is probably because they still see great potential for the next few years so they want to turn off the spirit now to develop blockchain technology

Banks will exist in any case, even if they do not introduce new technologies. They are very necessary for the state and in fact are part of the state. Of course, for the sake of profit, they will inevitably introduce advanced technologies, as evidenced by their transition to blockchain technology in the form of ripple cryptocurrency.

Banking sector can easily and fastly adopt itself to changes. Banks are so close to their customers and they don't only know what their customers need to but also they influence expectations and finacila behavior of their customers. They'll survive any way they can do and they'll give their all to find a way.

It is not actually about their desire but banks need to improve it first before the customers even get to the point demanding it. Because once they demanded a certain feature and you can't deliver it they will most certainly move to a bank where the feature is already available. So for banks to stay competitive they really must invest in their R&D as even though Banking is a traditional business they must still find ways on how they can improve their technology to move forward with what we have now.

Yes.The government will surely find a way not to let this happen.But having the fact that we have to embrace new technologies which includes blockchain and cryptocurrency,i think changes will really take place especially in the banks because as soon as more people will be attached with cryptocurrency,then its adoption would surely become inevitable.

You don't have to worry about such a problem. Banks are usually the core of the government. They will not lose their future markets for cryptocurrencies. Even if Bitcoin rises to $100,000, it will not pose a threat to traditional banks. Traditional finance is very powerful.

yes, but not all people will choice cheapest, sometime they will grab the easy one. they are too lazy to learn about new technology, so they think old service is enough for them.
actually, spreading crypto is less. because many people know crypto for their income. but im sure if there someone or party try to spread cryptocurrent as cryptocurrent.

indeed, in fact, banks must evolve with the times, continue to innovate in systems and technology, people today tend to choose technology that is able to suit their lifestyle, they like something that is simple and practical but efficient, blockchain technology in bitcoin is an ideal technology which fits the lifestyle of today's society, I think if the bank does not want to lose its market, they must think hard to create technology that is equivalent or can rival the existing blockchain technology

That is also my perception because BANK is the stable and hard in terms of doing business so I think they will have an option or they will making their own way  to stay longer being as a banking company,  as a new high technology uses for crypto currency I think the Bank has also an option to override this type of method to continue their business using high technology.   

with more and more customers, as you say, it requires more sophisticated technology to manage it. hence from that in the future bank must think about it, so that service to customers is maintained

For a bank it is indeed necessary to improve their technology, from what I understand it is because the desires of the customers are also increasing so inevitably their features and technology must be able to keep up with that desire. About technologies like what to used I didn't really understand, even though blockchain technology was good but I didn't know whether it was suitable to be implemented at their bank.

There is actually no doubt at all that the banks obviously are already figuring out ways to actually inculcate the blockchain technology one way or the other, so I would say, for what it is worth, we will get to see the banks really make some moves to that area as time goes on. There is a lot of things the blockchain technology is going to be disrupting, and there is a lot of benefits it can bring into the financial sector when it comes to transparency and accountability, so unless a certain country and banks are running from that, which will be too obvious, I believe over time, they won't have a choice than to blend in.

Of course, anyone who thinks banks will no longer exist because of blockchain technology or cryptocurrency is not basically in reality yet. We are talking about banks that have been in existence, they have all it takes to quickly figure things out, they have all the facilities in place to easily adapt into the system and there are so many ways they can easily go about this and benefit from it without having to feel threatened at all in the long run which would be more of a symbiotic thing eventually. Something can only go into extinction phase if it no longer has relevance; I do not see banks wanting to be in that position in the long run.

It is just about time, as we are beginning to see things happen, we will get to see not just banks, but countries, trying to make use of the blockchain technology which would eventually usher us into the cashless age, so one way or the other, we will get to see a lot of things change with banks.

I know it is a lot to wrap ones head around to imagine how all these things will become a reality, but no one can know except to just wait to see how events will unfold over time, but I do not see banks for any reason going into extinction.