Topic: Banks must adopt new technologies to survive an ongoing “extinction phase” - page 6. (Read 1085 times)
November 02, 2018, 06:25:15 AM
Maybe this is a new step in evolution, maybe they should disappear. Extinction phase complete!
Maybe we should make a "simulation test" like they do in the schools "fire simulation" to banks, let's simulate to withdraw all funds at once and see if the fire extends...
In any case, it would be nice to see a lot of improvements in banks using Blockchains.
November 02, 2018, 06:19:25 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 do not think that blockchain technologies play a significant role at the moment. Fintech projects based on blockchain technologies have only recently begun to emerge and have not yet managed to gain the trust of a large audience. But in the long run, I believe that the blockchain projects will lead the fintech market.
November 02, 2018, 05:57:24 AM
I guess adaptation has always been the banks' forte. Banks have been dealing with different sorts of changes and financial evolution over a very long time and yet they are here to stay until now. They have proven time and again that they are more or less an integral part of a complete society. Right now, they are entertaining some significant changes in relation to the growth of the blockchain technology. I think they will still survive.
November 02, 2018, 05:51:22 AM
Innovation is crippling into Bank sector as a result of the potential in Blockchain technology. In recent time we have seen many adoption of this technology called (Blockchain). Banking sector will incorporate the power of this technology to provide security and independence into the banking sectorial.
Yeah, crippling them....but not in reality.
Have you read the article?
Quote
So far, at least, global banks are holding up, based on their most recent reporting periods. Citi, Standard Chartered, Bank of America, HSBC and Credit Suisse, for example, all reported third-quarter profit increases from the same period last year
, And here is another oneBank of America shares surge more than 4% after earnings top expectations
Cryptos are crippling the banking sector so much that they've made them millions in profits from wires going in and out exchanges, getting visa cards with cryptos, p2p exchanges ..but done via banks.
Do you have any real information on how banks are getting cripples by blockchain projects? Rather than that, I see how banks are taking over blockchain projects.
Anyhow the article doesn't mention cryptos or blockchain projects so at this moment is still wishful thnking
November 01, 2018, 05:53:27 PM
Innovation is crippling into Bank sector as a result of the potential in Blockchain technology. In recent time we have seen many adoption of this technology called (Blockchain). Banking sector will incorporate the power of this technology to provide security and independence into the banking sectorial.
November 01, 2018, 05:05:23 PM
Clearly the "extinction phase" they are talking about is not about them going out of business but their way on moving out from their traditional way of banking to a much up to date system and that involves technological integration. I just think that they over-exaggerated the "extinction" event but banks survived and they have quickly adapted to change. Although there is no mention about cryptocurrencies or blockchain in the article they might still be involve to their coming change and we just don't know it yet.
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
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
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?
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?
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