Banks must adopt new technologies to survive an ongoing “extinction phase” - page 3.

kotwica666

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Quote from: YinShuiSiYuan on November 19, 2018, 02:14:10 PM

Quote from: fauzan Ichsan on November 19, 2018, 08:28:03 AM

Quote from: FunGate on November 19, 2018, 07:59:20 AM

I think decentralized versions of everything will replace the existing structures because they ensure true democracy and trustworthiness.

Decentralized social media platforms, marketplaces, news websites, fintech services. We're at the beginning of a massive overhaul!

of course the first to feel it is a bank, because in addition to the blockchain system there is a cryptocurrency, both of which are interrelated. therefore bank must adjust the situation to remain in existence

Banks will certainly deal with this "problem". They will adopt blockchain to their own needs using the existing cryptocurrency experiences. After all, bankers observe what is happening in the world of finance and technologies used there and react to emerging threats or opportunities that they may use for their own purposes.

Actually, it's already happening.. Look who's in second place on Coinmarketcap.. Wink

Now it is XRP.
Ripple is a tool for banks and if it is not yet the final tool that banks will use for transactions, it is definitely an "experiment" based on which they learn how to use Blockchain for their own purposes.

Indrawan77

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If there is huge pressure then the bank will adopt the new technology to make every thing become more efficient, but banknis not afraid of crypto, bank is centralised, it got more power than crypto, so we can't force bank to adapt crypto, but maybe bank will adopt blockchain, blockchain technology is veey useful without changing too much of the transaction system

Pumapipa

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With the fast chaniging technology comes also the change in how we do our finances. I strongly believe that financial technology includes block chain and such for these kind of forms actually help the people when in comes to how they deal with money. If stock market is included in the management of financial technology then cryptocurrency should also be in one. After all, crypto is here to stay. So banks must be willing to adapt and to learn this kind of technology to be able to further improve the way in banking and serving their clients.

cizatext

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The banking sector had adopt a wide rang of new technologies in recent times and that is what is resulting into the new phase of an economy which is the cashless society, and some other new tech too. But I don't think blockchain will be adopted soon despite the fact that it presence and relevance can not be over look.

Hilly

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Quote from: The Sceptical Chymist on November 14, 2018, 12:43:01 PM

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

Do you think the tech here includes blockchain and crypto?

Not really, though I'm pretty sure banks are figuring out if it would be profitable for them to enter the crypto space and possible ways to do it.

Banks are not stupid, and they're not going away despite CNBC's use of the media-buzzy "extinction phase". I don't claim to know much about what's happening in the fintech world, but I'm confident that banks will figure out a way to integrate new innovations into their businesses. They have the money, power, and experience to do this.

Quote from: Blackhammer321 on November 13, 2018, 06:10:53 AM

Peoppe will still choose to use blockchain.

You say that as if bitcoin or blockchain technology has been adopted to an extent that people are going to abandon traditional banking. This isn't true.

Quote from: munareal on November 07, 2018, 05:30:49 AM

The conventional banks should think of a way to harness the blockchain into their business else it will extinct.

You better believe they're already thinking about ways of doing this, although I don't think lack of blockchain adoption by banks will mean their doom. Again, bitcoin and blockchain have not been adopted by the masses to the extent that people posting in this thread seem to think they've been.

Bank is an additional source for the government to make extra money and it will not perish by the blockchain. There might rather be a change in policies that will give way to both the economic units to go with harmony side by side.

gabmen

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Quote from: haroldtee on November 20, 2018, 03:20:37 AM

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.

Sure one way to look at it, but one thing we still have to realize is that banks has never for once had any competition and that has made them to do whatever they please, bring any policy that suits them at the detriment of the customers, knowing that in the actual sense, people certainly do not even have a choice at all.

Now, this is a different case entirely and it is pretty obvious that banks are now beginning to feel threatened to some extent at least with the existence of cryptocurrency, which to me is something good and those values we are not actually seeing yet with banks, will start popping up as they tend to try as much as possible to stay relevant. So one way or the other, to survive, they will just have to adapt!

Well i wouldn't call cryptocurrencies a competition yet. And banks are far from extinction phase. Though i think banks are well aware of what the emergence of crypto and mass acceptance of it means. It's inevitable that some time probably in the future, banks will find a way to cope with advancing technology.

haroldtee

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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.

Sure one way to look at it, but one thing we still have to realize is that banks has never for once had any competition and that has made them to do whatever they please, bring any policy that suits them at the detriment of the customers, knowing that in the actual sense, people certainly do not even have a choice at all.

Now, this is a different case entirely and it is pretty obvious that banks are now beginning to feel threatened to some extent at least with the existence of cryptocurrency, which to me is something good and those values we are not actually seeing yet with banks, will start popping up as they tend to try as much as possible to stay relevant. So one way or the other, to survive, they will just have to adapt!

nazaididuan1

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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!

futile-resistance

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Quote from: zeingrind777 on November 14, 2018, 01:34:24 AM

Yes, I think blockchain and crypto are one of the technologies in question. I think blockchain technology that is decentralized and has transparency will be sought after by everyone rather than conventional bank systems that still use the old method. In addition, cryptocurrencies that are controlled directly by the holder will ignore bankers who are fully controlled by the central bank and the state.

I really do not see any ignoring here at some point. Banks will always be banks and they will know how to adapt to every new technology for their own benefit, take it or leave it.

Sure, there are a lot of policies within the system of governance that holds bank into play, but as time goes on, as more people get to keep adopting the blockchain technology as well as the crypto space entirely, there is no doubt that banks will find a way to figure out how to put themselves as well on the line, rather than sitting on the sidelines.

yusupjatigumilar

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I think banks do not need to make changes to their work systems, because crypto currencies are not a big problem for them, because people go to banks not only to save or send money, there are many bank services that crypto currencies cannot do such as capital loans, insurance and others, while cryptocurrency can only transfer funds efficiently and cheaply

mcTether

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With the rapid acceptance of cryptocurrency by the new generation and future leaders, it means the banks may either accept the new blockchain technology, and collapse their businesses into it, or get kicked out in future as their services will be obsolete.

YinShuiSiYuan

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Quote from: fauzan Ichsan on November 19, 2018, 08:28:03 AM

Quote from: FunGate on November 19, 2018, 07:59:20 AM

I think decentralized versions of everything will replace the existing structures because they ensure true democracy and trustworthiness.

Decentralized social media platforms, marketplaces, news websites, fintech services. We're at the beginning of a massive overhaul!

of course the first to feel it is a bank, because in addition to the blockchain system there is a cryptocurrency, both of which are interrelated. therefore bank must adjust the situation to remain in existence

Banks will certainly deal with this "problem". They will adopt blockchain to their own needs using the existing cryptocurrency experiences. After all, bankers observe what is happening in the world of finance and technologies used there and react to emerging threats or opportunities that they may use for their own purposes.

fauzan Ichsan

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Quote from: FunGate on November 19, 2018, 07:59:20 AM

I think decentralized versions of everything will replace the existing structures because they ensure true democracy and trustworthiness.

Decentralized social media platforms, marketplaces, news websites, fintech services. We're at the beginning of a massive overhaul!

of course the first to feel it is a bank, because in addition to the blockchain system there is a cryptocurrency, both of which are interrelated. therefore bank must adjust the situation to remain in existence

FunGate

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I think decentralized versions of everything will replace the existing structures because they ensure true democracy and trustworthiness.

Decentralized social media platforms, marketplaces, news websites, fintech services. We're at the beginning of a massive overhaul!

fasdorcas

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Quote from: BlueStackz on November 16, 2018, 01:41:51 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?

In my opinion, things are not so simple as they look like in the form of theory. There are millions of banks around the world and the US federal bank is one of the powerful one which work to maximize the profit and at times of need, assist the government. A cryptocurrency concept will not be so strong to disrupt the banking system though the small banks do fear the system.

I do agree that banks must adapt technologies but do not think for a while that they cannot survive without the cryptocurrency. The banking network is very strong and this cannot be out kicked so easily.

Somehow, I always have this notion as well, considering the fact that banks have existed over the years; and there is a lot more that pertains to banking activities than savings, but we all know savings is a huge part of it.

Moreover, something that has always occurred to me is the fact that even though we may not get to see everyone shifting gears into using crypto, banks will always feel threatened with a competition when it comes to the aspect of people who are well learned and crypto enthusiasts over time, sticking to using their own wallets and being their own banks, and that is some faction, they sure won't want to just let go. So in a way, I believe that will make them come up with something to practically still make them relevant and useful over time when it comes to also benefiting from the crypto space.

Osarman

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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.

Janation

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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.

DedgeDoge

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Quote from: zeingrind777 on November 14, 2018, 01:34:24 AM

Yes, I think blockchain and crypto are one of the technologies in question. I think blockchain technology that is decentralized and has transparency will be sought after by everyone rather than conventional bank systems that still use the old method. In addition, cryptocurrencies that are controlled directly by the holder will ignore bankers who are fully controlled by the central bank and the state.

Banks will adopt this technology once it would become spread all over the world. It will take long and longtime but believe me we will see the supremacy of bitcoin after years.

jeromix

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Quote from: PlusOne88 on November 14, 2018, 01:51:46 PM

This could be true and I may agree on this but to say it as absolute is a big no for me. Banks had been there since the old times and with the advent of computers and online transactions it has speed up the process yet transactions that are manual still occur on any bank on any given time, so I believe that changes are necessary but the old ways could still remain.

There is no absolute decentralized system and there is no absolute centralized system that exist for it does not do good in an organization or a system itself. I do not agree that there is a need for a bank to adopts new technologies to survive. In fact banks will be needed for this new technology to succeed especially doing huge transactions like converting fiat to cryptocurrency and vice versa.

selardkinley

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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.

Topic: Banks must adopt new technologies to survive an ongoing “extinction phase” - page 3. (Read 1085 times)