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?
In order not to disappear, banks do not have to use cryptocurrency-related services in their activities. It is enough for banks to fulfill their current functions so that they continue to exist. Banks are very much connected with the state, with its authorities and administrations and serve their interests. Therefore, they will exist as long as there is a state.