Quote from: Bergman on February 05, 2016, 10:32:04 PM

Quote from: Chase on February 05, 2016, 06:43:09 PM

I am guilty of being attracted to the article at first because of its title, but it definitely has some good points.

CITI: The technology banks are going wild for could turn them into 'dumb pipes'

http://www.businessinsider.com/citi-blockchain-technology-could-turn-banks-to-dumb-pipes-2016-1

Competition for the banks will ultimately be a good thing. I tend to believe it is in the banks best interest to be involved in fintech.

Great article!

But Citi's third argument is that "banks benefit from a relatively strong track record of safekeeping assets, and therefore have earned a certain amount of trust and credibility." Given that banks are still fessing up to billion-pound fines almost weekly, the words "trust" and "credibility" are probably not the first you'd associate with large banks these days.

That was my first thought when I read that statement, they treat these fines as just part of the cost of doing business, instead of following the rules.