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?
There is no extinction going on for the banks as far as I am concerned. The only thing they are facing is the continuous alternative way of making payment which is due to the birth of fintech companies but this fintech companies still relies on the goodwill of the banks in other to penetrate as an average man on the street would trust the bank with his money that someone telling him to download an app to carry out his financial transactions.
On technology advancements, I will not be surprised that the reason why we have not heard much from banks on blockchain is that they are waiting for government regulations and they would launch as I am sure they would have been developing something behind the scene.