Banks must adopt new technologies to survive an ongoing “extinction phase” - page 2.

Barbarian

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Quote from: nazaididuan1 on November 20, 2018, 02:54:07 AM

Technology is changing the development of mankind!
Financial technology is accelerating the change of the financial ecology and business model of traditional banks!
The bank combines customer needs with technology applications to create a modern bank that is steadily operating and innovative, and better serve customers!

Banks are already feeling the pressure but not from cryptocurrencies but for many other business that are giving loans, sometime ago giving loans was a service that only banks offered, now in almost any important store you can get credit directly with them without the need of any bank.

Semaj123

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Banks always connected every time we made a cash out. From this point, they already adopt the technology which it is impossible to be eliminated. We just don't totally how this works but in simple analysis, we still rely on bank whenever we need to convert crypto into fiat.

VaLeRaaa

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Businesses in America’s Ohio have been given the green light to pay their tax bills in cryptocurrencies, says the state’s treasurer.

Speaking to the Wall Street Journal, treasurer Josh Mandel explained that as of November 26 companies throughout the state could register and pay for a whole range of taxes via the OhioCrypto platform, using Bitcoin. The treasurer is quoted as stating, “I see [Bitcoin] as a legitimate form of currency.”

Per the Wall Street Journal’s report, the state’s platform also hopes to begin accepting other cryptocurrencies, and hopes to allow “eventually” individuals in Ohio to pay taxes using the platform.

A number of other American states have launched similar bids, including Illinois, Arizona and Georgia, but none have yet succeeded in persuading local legislatures to accept proposals.
https://cryptonews.com/news/ray-of-bitcoin-hope-as-ohio-oks-crypto-tax-payments-2976.htm

introduction gradually occurs. This is a good precedent.

ophyrim

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Quote from: Pab on November 01, 2018, 04:31:50 PM

Customers will choose cheapest most secure service
Blockchain fintech will work more like financial services than traditional banks
When i see how Revolut is popular in my country than i think it will happen
Maybe it why why big banks are creating so much negative news about blockchain and crypto

100% agree. The technology is improving really fast and the banking system that we are using now is very old. In my country, one of the biggest banks is preparing to use XRP for money transfer. If you are refusing to adopt new technology, you can not survive.

fasdorcas

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Quote from: bettercrypto on November 20, 2018, 12:42:37 PM

Do you think these banks will simply let their extinction to happen? We are talking about billionaires and strong companies here. There's no doubt, they are learning and have already concrete plans as early as the first blockchain went operational. Banks will utilize the potential of recent technology of cryptocurrency rather than compete with it.

Of course, there is no way that would happen at all. Considering the fact that banks have been in existence, they have all the facilities and technology in space to handle themselves in changing times, they will simply just find a way to easily adapt to the changing times in the long run.

Sure, there is a lot of things changing, and one thing about life is that the same way our mindsets are changing, technology is changing, organizations are changing, that is the same way banks will also have to revamp themselves to be able to get themselves occupied in servicing the new world.

Gibreil

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Eventhough they will adapt the newest technology in the globe, they will extinct soon! Remember, there is no permanent in this world except change. People will adapt every changes that happen in our society. Banks will remove because we can now save using our digital phones by the help of advanced technology, cryptocurrency and blockchain technology.

dr_chen

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Not only banks but also other sectors adopt theirselves to technologic developments. Banking sector uses technology intensively, evolves theirselves, and stays updated. They are preparing strategies in order to implement new projects to overcome crypto currencies and diminish crpto markets.

wuvdoll

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Not all "new technologies" is really blockchain. I agree blockchain plays a big role into this but the technology is really vast and should be considered a lot further then the blockchain level we all know. For example there is a loan "bank" or company or whatever it is called "Kabbage" and they do give out loans to business' and they do not give out loan like any other bank in the world.

They have an algorithm and that checks out your credit points and so forth like any other bank and also checks your social media presence as well. They take a look at how much followers you have and how many of them are real followers and they check how many responses your posts get and stuff like that.

They are basically giving you loan depending on your popularity. They did used a new technology there to decide who should get loans but they did not used blockchain at all. Long story short, banks do need new technology but that doesn't have to be blockchain at all, just any sort of improvement would be helpful.

Lotermity91

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Quote from: nazaididuan1 on November 20, 2018, 02:54:07 AM

Technology is changing the development of mankind!
Financial technology is accelerating the change of the financial ecology and business model of traditional banks!
The bank combines customer needs with technology applications to create a modern bank that is steadily operating and innovative, and better serve customers!

Yeah, our lives are getting changed in a different way. Our systems are getting upgraded, the manual work is continuously getting over by automation. Hence, time will change this currency too.

Rashid555

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For now the best adoption of crypto is important for every one and if you want to survive in future you must have some crypto as well and new technologies have makes things very comfortable and improved, So many things are in here for further innovations and crypto is the best solution for problems now.

ninuplanste

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Quote from: Osarman on November 19, 2018, 12:56:17 AM

Quote from: Barbarian on November 14, 2018, 12:14:18 AM

I am not really worried about banks, those are some of the oldest institutions around the world and they know very well how to play the game, they understand that they will need to adapt to this new development, but before they do they are going to try to eliminate cryptocurrencies so they do not have to compete but if they can't then they will reinvent themselves.

Yeah, the truth is that they have been through thick and thins, as well as adaptation to evolution over the years, and I do not see this shaking them into a hideout in the long run, as they most definitely will find a way to at least get to adapt to the way things are changing pretty fast.

I am sure they already know a time will come for them to realize there is so much to gain from the new world that is coming and as long as they are able to keep rendering a service within this space, which I believe there always will be, then, I am sure nothing will stop them from at least making the best of it.

Bitcoin always had been under heavy fire. It was always an element to be targeted. International propagandas had been planned to demolish this amazing coin, but it always stood firm and determined.

wewe123

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🚀🚀 ATHERO.IO 🚀🚀

As the time is always changing new things , the present institutions would ways adopt the new technology being introduced like the banks , this is in order to assure that this institutions will be able to survive from this extinction phase of the future come.

Rooster101

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Banks particularly the big ones can upgrade their services into modern technology to match the cryptocurrencies. Some banks are already planning to adopt blockchain to turn their banking services at par with the other industries that also uses blockchain and this plan could disrupt the banking services around the world.

Ozero

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For the banks do not worry. They will exist even if they do nothing in terms of optimizing their work. However, they will only lose part of their profits, but will continue to exist. The banking system is very necessary for the state and it will always protect banks. However, bankers are always looking to increase their profits and will switch to using cryptocurrency if they feel good profits in this area with minimal risk.

Harrisonimo

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Quote from: UconBit on November 01, 2018, 04:04:56 PM

https://www.cnbc.com/2018/11/01/fintech-banks-face-extinction-phase-amid-new-financial-technology.html
Rapid changes in financial technology, or fintech, are shaking up the global banking industry.
Banks must adopt new technologies to survive an ongoing “extinction phase” wrought by such tech, according to Stephen Bird, Citi’s global consumer banking CEO.
While new technologies cannot be ignored, bankers say the primary aim is to use them to provide the best service to customers.
Hard figures on how much the new wave of technology has disrupted retail banking are hard to come by, but analysts have stressed that the challenge is real.
Do you think the tech here includes blockchain and crypto?

I do think the technology advancement being referred to here also has to do with bitcoin/cryptocurrency and blockchain. The banks are expected at this level to have imbibed some of the blockchain advantages to live up the current pace of technological advancement; having an ease of processes in their service delivery.

Akpuv

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I am sure the central banks of various countries and the Federal Reserve are making their own plans on how to possibly key into cryptocurrency when the right time comes.

Kiweikoo

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Quote from: Janation on November 17, 2018, 03:01:36 AM

Quote from: selardkinley on November 16, 2018, 03:59:05 AM

Quote from: panatinaikosx on November 02, 2018, 07:04:45 PM

When you think all banks around the world with adopt blockchain technology? Or this will not happen too soon?

Banks are very prone to getting hurt by the crisis and can not really do something good to shield them selves. Though upgrading the system to crypto might solve some problems.

I don't think cryptocurrencies will be a problem to them. Banks are something that is inevitable to exist in a country since it is a great business if you will be looking at it.

As long as there are people using fiat, there will always be banks. Even though people are using cryptos, there will always be people that will use fiat since most of them are not used to use another currency and not that used to technologies and others are not really on cryptos to use on the society as a payment method. I'd stick on an investment crypto rather than a currency crypto.

Well, as long as people keep using fiat right? However, one thing we should also understand is that a time will come when most tech savvies and learned people will see the need to just discard fiat in the process where cryptocurrency space becomes usable in real life as a currency that it is. We are not there yet, but I do not believe a time will not eventually come that this will become a reality and looking at the fact that the world is gradually getting digital anyway, and physical paper currency will go into extinction one way or the other, so as I see it, banks will really need to up their game to keep being relevant.

acarli

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When you think about it, the banking system, in general, has adopted technology well. They seem to use existing tech, rather than create it. No major breakthroughs generated by them.

I think they will adopt blockchain if it makes sense for them. They will most likely be the laggards of adoption. When they do it will be to increase user experience and security in an efficient way. Now, you find a lot of sectors trying to fit blockchain into their business model just because they want the publicity. For example, online schools Edgecoin and the Academy token. These two projects have a token for the sake of having a token. Why not just use BTC.. why make a tokenized representation of value for the education programs? These programs do not make sense to me.

bettercrypto

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★Bitvest.io★ Play Plinko or Invest!

Do you think these banks will simply let their extinction to happen? We are talking about billionaires and strong companies here. There's no doubt, they are learning and have already concrete plans as early as the first blockchain went operational. Banks will utilize the potential of recent technology of cryptocurrency rather than compete with it.

jcpone

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I don't believe that traditional banks are going on an extinction phase. Banking institutions nowadays are really secure and well-established. Now, the new technology brought by blockchain is disrupting the banking system for good. Though blockchain technology won't make these banks extinct but rather make them perform better system. I'm sure that financial institutions including banks are preparing and adopting well with the current technology. Anticipating the thing that may happen in the future.

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