Topic: Banks must adopt new technologies to survive an ongoing “extinction phase” - page 5. (Read 1085 times)
November 07, 2018, 05:30:49 AM
The blockchain technology has bought a paradigm shift from centralization to decentralization. As the world is getting exposed to the importance of the blockchain protocol and its positive effect on our lives. The conventional banks should think of a way to harness the blockchain into their business else it will extinct. There is no running away from the blockchain. It has come to stay and it is the future
November 07, 2018, 05:23:34 AM
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?
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.
November 06, 2018, 04:06:32 AM
You don't have to worry about banks. Banks represent the government, so they will never disappear. The contribution of the banking industry to human beings is enormous. The cryptocurrency is only a small part of the banking industry. Banks represent the integrators of capitalism and no one can destroy it.
November 05, 2018, 11:59:24 PM
We considered banks as a storage in which we put our money(fiat) but for using blockchain technology, banks we no longer be used since we can stored our money through blockchain wallet.
If that so, banks still not be needing to embrace crypto if they are no fucntions in these great development.
Banks are not only depositories of our money. Banks maintain current accounts of individuals and legal entities. That is, in fact, the entire business has to document its financial activities in banks for reports to the tax authorities andIf that so, banks still not be needing to embrace crypto if they are no fucntions in these great development.
an audit. Even if the business wanted to switch to the use of cryptocurrency, it cannot do this, since they need to periodically submit financial and business documents to the tax authorities. As long as the cryptocurrency is not legalized by the state and there are no clear instructions on how to do business structures when using cryptocurrency, they are unlikely to massively switch to its use.
Banks also provide loans for practically everything that needs money, including individual sectors of the economy, industries, large projects, social programs of the state and others. This is a very important area of activity for banks, and without it, the state and society cannot yet. Therefore, even in the future, banks will not disappear, but they will switch to new technologies, including blockchain technology. This is evidenced by the widespread use of ripple coins by banks to replace their outdated SWIFT method for transferring funds.
November 02, 2018, 07:25:48 PM
I don't think any bank will extinct,even without new technology system the people will still used the bank, it will be great if the bank implement new technology,it will make our transaction easier and more secure, many countries already start to do research on blockchain, and blockchain will make a good collaboration with bank, it will create a good transparency transaction system
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?
November 02, 2018, 06:57:14 PM
We considered banks as a storage in which we put our money(fiat) but for using blockchain technology, banks we no longer be used since we can stored our money through blockchain wallet.
If that so, banks still not be needing to embrace crypto if they are no fucntions in these great development.
If that so, banks still not be needing to embrace crypto if they are no fucntions in these great development.
November 02, 2018, 06:08:46 PM
They will surely revamp their existing services and integrate the most advanced fintech available just to keep up with the rapid pace of things in this current era. Banks are still a vital part of our socioeconomic lives and even with their outdated systems, they are still taking profits consistently. The move to slowly shift towards the blockchain tech has already begun for some banks, and it's just a matter of time before we see blockchain-powered bank services in the industry which will greatly increase security, reliability and efficiency for the banks.
The thing is that if they start embracing blockchain technology, as you call it, what's to prevent people from just strong everything themselves?
What would you need banks for, if you could just do everything yourself at a fraction of the cost.
Sure, it'll give cryptocurrencies some additional legitimacy, but people would also start to realize that they don't need banks any more.
November 02, 2018, 03:09:07 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?
Banks will be forced to introduce blockchain technology, as they see its benefits and real benefits. This is primarily true for the obsolete SWIFT program, with which funds are transferred by banks and transferred to the use of such coins as ripple. However, they will not actively provide services in cryptocurrency. This will be as long as the states do not legalize cryptocurrency and banks do not receive clear instructions from the government about cryptocurrency. Only after that the widespread use of cryptocurrency by banks is possible. 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?
November 02, 2018, 02:33:06 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?
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?
No, they can not be extinct because people may need them for loans and other thing that people can not afford to get in cash. So the proper way is to also to adapt it.
November 02, 2018, 12:45:16 PM
People are just building up hype when they talk how blockchain will bring a revolution that will wipe out banks and other institutions, in reality there is no sign of this happening, blockchain businesses barely have any users at the moment. Blockchain is much likely to experience an "extinction phase" because it struggles to truly take off, people were working on it for a few years already and there are still no big results.
November 02, 2018, 12:42:20 PM
I don't think banks is ever going to get extinct, at least not anytime soon. That said, I agree banks and other financial institutions need to keep up with the latest technology but I still don't think they will go out of business anytime soon. Besides, many people will still patronize traditional banking even with the existence of new technology.
November 02, 2018, 12:24:44 PM
They will surely revamp their existing services and integrate the most advanced fintech available just to keep up with the rapid pace of things in this current era. Banks are still a vital part of our socioeconomic lives and even with their outdated systems, they are still taking profits consistently. The move to slowly shift towards the blockchain tech has already begun for some banks, and it's just a matter of time before we see blockchain-powered bank services in the industry which will greatly increase security, reliability and efficiency for the banks.
November 02, 2018, 12:12:15 PM
People like Mike Hearn did not leave Bitcoin to work for R3 Group of Banks because he lost faith in Bitcoin, he left because he knew there were a lot of money to be made to develop Blockchain based technologies for Banks. The Banks will recruit the best developers in the Blockchain world to work for them. 
They also have a lot of money to throw around to buy these people to develop their own private version of a Blockchain. Everyone know that Banks will not just sit back, while Bitcoin takes a large share of their market.
They also have a lot of money to throw around to buy these people to develop their own private version of a Blockchain. Everyone know that Banks will not just sit back, while Bitcoin takes a large share of their market.
November 02, 2018, 12:03:34 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?
Sooner or later they will use and include it on their list as the technology cannot be ignored just like what they said and if they do ignore it they will left behind just like what the company of NOKIA did. They tend to create so much FUDs but it won't be enough because they can't fool all the people.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?
Blockchains and banks should collaborate to each other for a better and cheap services for the people.
November 02, 2018, 11:49:11 AM
I think yes. They must adopt new tech.
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.
I do not know how they will compete with nearly zero cost for transactions and trustless blockchain technology.
November 02, 2018, 11:40:13 AM
they are already trying hard to cope up with the problem. they'd sure find a lot of things to solve on their side, they'd find it hard as more people are not trusting their system even if they create a blockchain of their own. they can;t just stop this technology anymore, they just have to join instead or maybe even bought more BTC for themselves.
November 02, 2018, 11:29:47 AM
I think this new technologies does not only include blockchain. They need to approach to the customer a lot better and be a lot more helpful towards them to get more customers from other banks.
Think of the banks around the world treating their customers badly whenever there is a trouble going on whereas if they only helped them instead of push them they could have kept those people. For one worked with the same bank ever since I started working with them and stopped working with HSBC, when I was with HSBC they treated me so badly that I tried to run away from them as soon as possible and found another bank.
Now, I have savings account on this one and always paid all my debts on time which means I am a great customer for the bank and HSBC missed out on me. Technology can help a bank to a point and blockchain (mostly ripple working with banks) can improve their work rate amazingly but that extra manhour should definitely work towards training everyone at the bank to be much more understanding and helpful towards customers.
Think of the banks around the world treating their customers badly whenever there is a trouble going on whereas if they only helped them instead of push them they could have kept those people. For one worked with the same bank ever since I started working with them and stopped working with HSBC, when I was with HSBC they treated me so badly that I tried to run away from them as soon as possible and found another bank.
Now, I have savings account on this one and always paid all my debts on time which means I am a great customer for the bank and HSBC missed out on me. Technology can help a bank to a point and blockchain (mostly ripple working with banks) can improve their work rate amazingly but that extra manhour should definitely work towards training everyone at the bank to be much more understanding and helpful towards customers.
November 02, 2018, 07:22:39 AM
Well to be fair, just about every business has had to adopt with the boom of technology. They all have online presence, and are increasingly adapting to consumers' shift to e-commerce. Banks will simply have to adapt like the rest of them, and they seem to be pulling it off. The dude who mentioned the term "extinction phase" simply highlighted the need to keep up with the times.
I would say so, but it's going to be a (very) minor factor. Investment banks seemed to be looking into the market some time ago so I'm sure sustained interest from the mainstream will lead to them pulling the trigger. In any case, the rise of crypto doesn't seem like an immediate threat to them.
Do you think the tech here includes blockchain and crypto?
I would say so, but it's going to be a (very) minor factor. Investment banks seemed to be looking into the market some time ago so I'm sure sustained interest from the mainstream will lead to them pulling the trigger. In any case, the rise of crypto doesn't seem like an immediate threat to them.
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