Banks must adopt new technologies to survive an ongoing “extinction phase” - page 4.

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Quote from: magneto on November 07, 2018, 05:23:34 AM

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 realy don't think that banks will be "extinct" any time soon.

Even with blockchain and bitcoin potentially going mainstream in the very near future, it is foreseeable that banks would simply start offering services that integrate these technologies instead of being totally replaced by them like many others have suggested.

To me, it's obvious that banks right now can only stay relevant if they are able to adapt to changes in technological trends, which includes cryptocurrencies. I wouldn't be surprised if banks start using blockchain ledgers to keep internal records in the near future and offer investment packages revolving around crypto as well, in order to suit demands.

I do not even think they will extinct at all. Considering the fact that banks have always known ways to at least play their games effectively and how we are even seeing them come up with some possibilities of capturing the attention of few people who want to be a part of the crypto space but do not know how to, I believe as time goes on, the banking institution will always have a way to stay relevant.

The facilities are already there, all it takes for them is just to blend in and add a crypto related service to one of their features. From my own perspective though, this is one thing I feel would end up happening, which would bring about some level of coexistence in the long run.

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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?

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.

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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?

In order not to disappear, banks do not have to use cryptocurrency-related services in their activities. It is enough for banks to fulfill their current functions so that they continue to exist. Banks are very much connected with the state, with its authorities and administrations and serve their interests. Therefore, they will exist as long as there is a state.

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Headline is pretty misleading as what they are referring to an "extinction phase" is there old way of banking and not them as a business being extinct. It is true that they need to adapt after all mobile wallet apps are more convenient than what they are offering with their old system. Also look at their businesses which they lend money to other people, I doubt that cryptocurrencies would hurt their main business with what we have now. If you look at it having a bank business is one of the safest way to be rich as long you have a proper management for it.

ibrayzorhaf

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in my opinion it is clear that crypto and blockchain are meant. where with the existence of blockchain transactions made easy with low costs. very different from banks that have weaknesses in the area.and with the need for changes in banks in various sectors with the existence of blockchain.

PlusOne88

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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.

audaciousbeing

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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?

There is no extinction going on for the banks as far as I am concerned. The only thing they are facing is the continuous alternative way of making payment which is due to the birth of fintech companies but this fintech companies still relies on the goodwill of the banks in other to penetrate as an average man on the street would trust the bank with his money that someone telling him to download an app to carry out his financial transactions.

On technology advancements, I will not be surprised that the reason why we have not heard much from banks on blockchain is that they are waiting for government regulations and they would launch as I am sure they would have been developing something behind the scene.

The Sceptical Chymist

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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.

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Fintech and Financial Technology is the same thing. Fintech is the shortening of Financial Technology.

Using technology in our daily life is increasing, yeah. It can be an application, domotic, or whatever but this particular trend about banking online is already here since a decade and there is a real demand actually. (it saves the time of a lot of people, and help others to manage their budget,..)

The retail banking has already started to use this trend. Most banks have their own subsidiary company. At least in my country, it is like this. I can even tell you most neobanks here give you a "bonus welcome" from €50 to €150 just to attract new clients. They understood the need to adapt themselves to the trends, don't worry about that. I am not sure to know any bank here who refused to change over the year.

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Quote from: perfect999 on November 13, 2018, 01:13:22 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, Blockchain is no doubt a very good and advanced technology but no bank is going to adapt this technology because they might not be able to earn as much as they are now. Even banks in the developed countries will not adapt blockchain because it is something that talks about the cost minimization and for banks, cot minimization means profit minimization so do the math now.

You think so ? Wait till probably some years’ time and you will see if this would be a thing or not. Blockchain technology is something I believe the government itself all over the world will not be able to run away from and in that aspect of going this way, we all know the level of governance, chances of transparency and accountability will be there, and this is actually what most countries today need.

Now, banks are just moving with the trend and how it comes, so if this becomes a norm, I have no doubt they will just have to follow put. Nonetheless, as some have said, I really still see banks trying as much as possible not to get thrown out to the bin, as they will always find a way to adapt to anything just to keep being relevant.

zeingrind777

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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.

Barbarian

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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.

Blackhammer321

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Quote from: eroejoe on November 02, 2018, 11:45:46 AM

Banks have to go with the money flow, otherwise they will extinct.
I do not know how they will compete with nearly zero cost for transactions and trustless blockchain technology.

Probably true. Banks can only use fiat, even though they adopt bitcoin or cryptocurrency. Peoppe will still choose to use blockchain. Banks needs fee to earn for their expenses therefore they donnot have the capability to perform what the blockchain can do.

Slow death

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it is not possible for banks to go extinct, people seem to be underestimating the power of banks. Crytos are very good and offer many advantages but also have disadvantages

- if the owner of the wallet has 100 btc and dies without leaving the private key or password of the wallet, how will the relatives have access to the bitcoin of that person who died?

If it were in the bank the person would only have to show the document proving that the person died and that he was his relative.

But with cryptos the thing is still very complicated because the wallets are not regulated and they do not have a physical office.

In addition to the fact that cryptos are manipulated and very volatile

the banks will not be extinct, not even 50 years hence, the banks still reigned and will have very high profits.

Buttermellow

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There was no bank extinction will happen. Banks service has proven on its effectiveness especially in acting as a third party to both parties for the transaction to complete. Besides people could safely save their fiat money on banks. I do believe also that the cryptocurrency that uses fiat conversions will use banks to safely stored the fiat during the crypto conversion.

zcashplan

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You underestimate the strength of the bank, and the bank is also a giant in all industries. They won't fail with the arrival of cryptocurrencies, they will be used with cryptocurrencies. The cryptocurrency is just a new starting point for the financial industry. But the bank controls the entire cryptocurrency. If the government needs bitcoin to rise to $100,000, it is easy to achieve. Especially the country with strong economic strength.

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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?

In my opinion, Blockchain is no doubt a very good and advanced technology but no bank is going to adapt this technology because they might not be able to earn as much as they are now. Even banks in the developed countries will not adapt blockchain because it is something that talks about the cost minimization and for banks, cot minimization means profit minimization so do the math now.

yitzjoe

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I think it's blockchain and crypto because the decentralization of the system offered will shake banking that is centralized. but the news I received them (the banking) continued to blow FUD and new negative about crypto but on the screen they bought potential crypto to catch up with other crypto holders

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Quote from: eroejoe on November 02, 2018, 11:45:46 AM

Banks have to go with the money flow, otherwise they will extinct.
I do not know how they will compete with nearly zero cost for transactions and trustless blockchain technology.

If this is the case, thre is a huge possibility that the banks will have no value at all. We can conclude that it might happen if and only if, banks continusly insist that they havethe capabilities to do so especially to the time where blockchain is on top. But then it might happen soon but not today.

Irvinn

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Banks, of course, will introduce blockchain technology and other advanced technologies, however, even without them, there is no threat of extinction. Banks are now actually part of the state, a state without them can not fully exist. Therefore, the state will protect banks from cryptocurrency, if necessary.
However, apparently, after legalization of cryptocurrency by the state, banks will themselves provide various services in cryptocurrency. Of course, commercial cryptocurrency banks will experiment more.

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