https://www.cnbc.com/2018/11/01/fintech-banks-face-extinction-phase-amid-new-financial-technology.htmlRapid 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, Citis 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.