Topic: JP Morgan's Annual Report Says it May have to "Adapt" to Crypto (Read 98 times)
i believe by "to modify or adapt its products" they may mean they will adopt blockchain technology. and this has been happening among a lot of banks and financial institutes. they have been adapting to the world. and i also believe that all of them will eventually also adopt bitcoin because they will see that they have no other choice but accept the fact that this decentralized currency is here to stay no matter what they wish for it and no matter how much FUD they spread about bitcoin!
February 28, 2018, 07:14:02 PM
https://www.coindesk.com/jpmorgan-says-it-may-have-to-adapt-to-counter-crypto-adoption/
Quote
Furthermore, both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation. New technologies have required and could require JPMorgan Chase to spend more to modify or adapt its products to attract and retain clients and customers or to match products and services offered by its competitors, including technology companies.
I think there will come a time in the near future where banks will have to start transferring funds from account to account in a near instantaneous way. Even though Bitcoin and other cryptocurrencies are not mainstream yet, its pretty simple to send money from one wallet to another in minutes, even if its in a different country. A lot of services from banks require 3-5 business days and are only initiated during business hours, and I think things like that will be non-existent in the future. Certain things also need a 2-3 day settlement time, which I think with the rise in popularity of BTC and crypto will become obselete. I know for example in my bank it takes 3 days when I pay my credit card bill online to another bank, which is ridiculous. Thoughts?
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