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https://www.cnbc.com/2018/11/01/fintech-banks-face-extinction-phase-amid-new-financial-technology.html
Rapid 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, Citi’s 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?

Customers will choose cheapest most secure service
Blockchain fintech will work more like financial services than traditional banks
When i see how Revolut is popular in my country than i think it will happen
Maybe it why why big banks are creating so much negative news about blockchain and crypto

Clearly the "extinction phase" they are talking about is not about them going out of business but their way on moving out from their traditional way of banking to a much up to date system and that involves technological integration. I just think that they over-exaggerated the "extinction" event but banks survived and they have quickly adapted to change. Although there is no mention about cryptocurrencies or blockchain in the article they might still be involve to their coming change and we just don't know it yet.

Innovation is crippling into Bank sector as a result of the potential in Blockchain  technology. In recent time we have seen many adoption of this technology called (Blockchain). Banking sector will incorporate the power of this technology to provide security and independence into the banking sectorial. 

Yeah, crippling them....but not in reality.
Have you read the article?
, And here is another one
Bank of America shares surge more than 4% after earnings top expectations (https://www.cnbc.com/2018/07/13/bank-of-america-earnings-q2-2018.html)

Cryptos are crippling the banking sector so much that they've made them  millions in profits from wires going in and out exchanges, getting visa cards with cryptos, p2p exchanges ..but done via banks.
Do you have any real information on how banks are getting cripples by blockchain projects? Rather than that, I see how banks are taking over blockchain projects.

Anyhow the article doesn't mention cryptos or blockchain projects so at this moment is still wishful thnking

I guess adaptation has always been the banks' forte. Banks have been dealing with different sorts of changes and financial evolution over a very long time and yet they are here to stay until now. They have proven time and again that they are more or less an integral part of a complete society. Right now, they are entertaining some significant changes in relation to the growth of the blockchain technology. I think they will still survive.

I do not think that blockchain technologies play a significant role at the moment. Fintech projects based on blockchain technologies have only recently begun to emerge and have not yet managed to gain the trust of a large audience. But in the long run, I believe that the blockchain projects will lead the fintech market.

Maybe this is a new step in evolution, maybe they should disappear. Extinction phase complete!

Maybe we should make a "simulation test" like they do in the schools "fire simulation" to banks, let's simulate to withdraw all funds at once and see if the fire extends...

In any case, it would be nice to see a lot of improvements in banks using Blockchains.

Well to be fair, just about every business has had to adopt with the boom of technology. They all have online presence, and are increasingly adapting to consumers' shift to e-commerce. Banks will simply have to adapt like the rest of them, and they seem to be pulling it off. The dude who mentioned the term "extinction phase" simply highlighted the need to keep up with the times.


I would say so, but it's going to be a (very) minor factor. Investment banks seemed to be looking into the market some time ago so I'm sure sustained interest from the mainstream will lead to them pulling the trigger. In any case, the rise of crypto doesn't seem like an immediate threat to them.

I think this new technologies does not only include blockchain. They need to approach to the customer a lot better and be a lot more helpful towards them to get more customers from other banks.

Think of the banks around the world treating their customers badly whenever there is a trouble going on whereas if they only helped them instead of push them they could have kept those people. For one worked with the same bank ever since I started working with them and stopped working with HSBC, when I was with HSBC they treated me so badly that I tried to run away from them as soon as possible and found another bank.

Now, I have savings account on this one and always paid all my debts on time which means I am a great customer for the bank and HSBC missed out on me. Technology can help a bank to a point and blockchain (mostly ripple working with banks) can improve their work rate amazingly but that extra manhour should definitely work towards training everyone at the bank to be much more understanding and helpful towards customers.

they are already trying hard to cope up with the problem. they'd sure find a lot of things to solve on their side, they'd find it hard as more people are not trusting their system even if they create a blockchain of their own. they can;t just stop this technology anymore, they just have to join instead or maybe even bought more BTC for themselves.

Banks have to go with the money flow, otherwise they will extinct.
I do not know how they will compete with nearly zero cost for transactions and trustless blockchain technology.

I think yes. They must adopt new tech.

Sooner or later they will use and include it on their list as the technology cannot be ignored just like what they said and if they do ignore it they will left behind just like what the company of NOKIA did. They tend to create so much FUDs but it won't be enough because they can't fool all the people.
Blockchains and banks should collaborate to each other for a better and cheap services for the people.

People like Mike Hearn did not leave Bitcoin to work for R3 Group of Banks because he lost faith in Bitcoin, he left because he knew there were a lot of money to be made to develop Blockchain based technologies for Banks. The Banks will recruit the best developers in the Blockchain world to work for them.  >:(

They also have a lot of money to throw around to buy these people to develop their own private version of a Blockchain. Everyone know that Banks will not just sit back, while Bitcoin takes a large share of their market.  :P

They will surely revamp their existing services and integrate the most advanced fintech available just to keep up with the rapid pace of things in this current era. Banks are still a vital part of our socioeconomic lives and even with their outdated systems, they are still taking profits consistently. The move to slowly shift towards the blockchain tech has already begun for some banks, and it's just a matter of time before we see blockchain-powered bank services in the industry which will greatly increase security, reliability and efficiency for the banks.

I don't think banks is ever going to get extinct, at least not anytime soon. That said, I agree banks and other financial institutions need to keep up with the latest technology but I still don't think they will go out of business anytime soon. Besides, many people will still patronize traditional banking even with the existence of new technology.

People are just building up hype when they talk how blockchain will bring a revolution that will wipe out banks and other institutions, in reality there is no sign of this happening, blockchain businesses barely have any users at the moment. Blockchain is much likely to experience an "extinction phase" because it struggles to truly take off, people were working on it for a few years already and there are still no big results.

No, they can not be extinct because people may need them for loans and other thing that people can not afford to get in cash. So the proper way is to also to adapt it.

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.

The thing is that if they start embracing blockchain technology, as you call it, what's to prevent people from just strong everything themselves?
What would you need banks for, if you could just do everything yourself at a fraction of the cost.

Sure, it'll give cryptocurrencies some additional legitimacy, but people would also start to realize that they don't need banks any more.

We considered banks as a storage in which we put our money(fiat) but for using blockchain technology, banks we no longer be used since we can stored our money through blockchain wallet.
If that so, banks still not be needing to embrace crypto if they are no fucntions in these great development.

When you think all banks around the world with adopt blockchain technology? Or this will not happen too soon?

I don't think any bank will extinct,even without new technology system the people will still used the bank, it will be great if the bank implement new technology,it will make our transaction easier and more secure, many countries already start to do research on blockchain, and blockchain will make a good collaboration with bank, it will create a good transparency transaction system

Banks are not only depositories of our money. Banks maintain current accounts of individuals and legal entities. That is, in fact, the entire business has to document its financial activities in banks for reports to the tax authorities and
an audit. Even if the business wanted to switch to the use of cryptocurrency, it cannot do this, since they need to periodically submit financial and business documents to the tax authorities. As long as the cryptocurrency is not legalized by the state and there are no clear instructions on how to do business structures when using cryptocurrency, they are unlikely to massively switch to its use.
Banks also provide loans for practically everything that needs money, including individual sectors of the economy, industries, large projects, social programs of the state and others. This is a very important area of ​​activity for banks, and without it, the state and society cannot yet. Therefore, even in the future, banks will not disappear, but they will switch to new technologies, including blockchain technology. This is evidenced by the widespread use of ripple coins by banks to replace their outdated SWIFT method for transferring funds.

You don't have to worry about banks. Banks represent the government, so they will never disappear. The contribution of the banking industry to human beings is enormous. The cryptocurrency is only a small part of the banking industry. Banks represent the integrators of capitalism and no one can destroy it.

I realy don't think that banks will be "extinct" any time soon.

Even with blockchain and bitcoin potentially going mainstream in the very near future, it is foreseeable that banks would simply start offering services that integrate these technologies instead of being totally replaced by them like many others have suggested.

To me, it's obvious that banks right now can only stay relevant if they are able to adapt to changes in technological trends, which includes cryptocurrencies. I wouldn't be surprised if banks start using blockchain ledgers to keep internal records in the near future and offer investment packages revolving around crypto as well, in order to suit demands.

The blockchain technology has bought a paradigm shift from centralization to decentralization. As the world is getting exposed to the importance of the blockchain protocol and its positive effect on our lives. The conventional banks should think of a way to harness the blockchain into their business else it will extinct. There is no running away from the blockchain. It has come to stay and it is the future

Banks, of course, will introduce blockchain technology and other advanced technologies, however, even without them, there is no threat of extinction. Banks are now actually part of the state, a state without them can not fully exist. Therefore, the state will protect banks from cryptocurrency, if necessary.
However, apparently, after legalization of cryptocurrency by the state, banks will themselves provide various services in cryptocurrency. Of course, commercial cryptocurrency banks will experiment more.

If this is the case, thre is a huge possibility that the banks will have no value at all. We can conclude that it might happen if and only if, banks continusly insist that they havethe capabilities to do so especially to the time where blockchain is on top. But then it might happen soon but not today.

I think it's blockchain and crypto because the decentralization of the system offered will shake banking that is centralized. but the news I received them (the banking) continued to blow FUD and new negative about crypto but on the screen they bought potential crypto to catch up with other crypto holders

In my opinion, Blockchain is no doubt a very good and advanced technology but no bank is going to adapt this technology because they might not be able to earn as much as they are now. Even banks in the developed countries will not adapt blockchain because it is something that talks about the cost minimization and for banks, cot minimization means profit minimization so do the math now.

You underestimate the strength of the bank, and the bank is also a giant in all industries. They won't fail with the arrival of cryptocurrencies, they will be used with cryptocurrencies. The cryptocurrency is just a new starting point for the financial industry. But the bank controls the entire cryptocurrency. If the government needs bitcoin to rise to $100,000, it is easy to achieve. Especially the country with strong economic strength.

There was no bank extinction will happen. Banks service has proven on its effectiveness especially in acting as a third party to both parties for the transaction to complete. Besides people could safely save their fiat money on banks. I do believe also that the cryptocurrency that uses fiat conversions will use banks to safely stored the fiat during the crypto conversion.

it is not possible for banks to go extinct, people seem to be underestimating the power of banks. Crytos are very good and offer many advantages but also have disadvantages

- if the owner of the wallet has 100 btc and dies without leaving the private key or password of the wallet, how will the relatives have access to the bitcoin of that person who died?

If it were in the bank the person would only have to show the document proving that the person died and that he was his relative.

But with cryptos the thing is still very complicated because the wallets are not regulated and they do not have a physical office.

In addition to the fact that cryptos are manipulated and very volatile

the banks will not be extinct, not even 50 years hence, the banks still reigned and will have very high profits.

Probably true. Banks can only use fiat, even though they adopt bitcoin or cryptocurrency. Peoppe will still choose to use blockchain. Banks needs fee to earn for their expenses therefore they donnot have the capability to perform what the blockchain can do.

I am not really worried about banks, those are some of the oldest institutions around the world and they know very well how to play the game, they understand that they will need to adapt to this new development, but before they do they are going to try to eliminate cryptocurrencies so they do not have to compete but if they can't then they will reinvent themselves.

Yes, I think blockchain and crypto are one of the technologies in question. I think blockchain technology that is decentralized and has transparency will be sought after by everyone rather than conventional bank systems that still use the old method. In addition, cryptocurrencies that are controlled directly by the holder will ignore bankers who are fully controlled by the central bank and the state.

You think so ? Wait till probably some years’ time and you will see if this would be a thing or not. Blockchain technology is something I believe the government itself all over the world will not be able to run away from and in that aspect of going this way, we all know the level of governance, chances of transparency and accountability will be there, and this is actually what most countries today need.

Now, banks are just moving with the trend and how it comes, so if this becomes a norm, I have no doubt they will just have to follow put. Nonetheless, as some have said, I really still see banks trying as much as possible not to get thrown out to the bin, as they will always find a way to adapt to anything just to keep being relevant.

Fintech and Financial Technology is the same thing. Fintech is the shortening of Financial Technology.

Using technology in our daily life is increasing, yeah. It can be an application, domotic, or whatever but this particular trend about banking online is already here since a decade and there is a real demand actually. (it saves the time of a lot of people, and help others to manage their budget,..)

The retail banking has already started to use this trend. Most banks have their own subsidiary company. At least in my country, it is like this. I can even tell you most neobanks here give you a "bonus welcome" from €50 to €150 just to attract new clients. They understood the need to adapt themselves to the trends, don't worry about that. I am not sure to know any bank here who refused to change over the year.

Not really, though I'm pretty sure banks are figuring out if it would be profitable for them to enter the crypto space and possible ways to do it. 

Banks are not stupid, and they're not going away despite CNBC's use of the media-buzzy "extinction phase".  I don't claim to know much about what's happening in the fintech world, but I'm confident that banks will figure out a way to integrate new innovations into their businesses.  They have the money, power, and experience to do this.

You say that as if bitcoin or blockchain technology has been adopted to an extent that people are going to abandon traditional banking.  This isn't true.

You better believe they're already thinking about ways of doing this, although I don't think lack of blockchain adoption by banks will mean their doom.  Again, bitcoin and blockchain have not been adopted by the masses to the extent that people posting in this thread seem to think they've been.

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.

This could be true and I may agree on this but to say it as absolute is a big no for me. Banks had been there since the old times and with the advent of computers and online transactions it has speed up the process yet transactions that are manual still occur on any bank on any given time, so I believe that changes are necessary but the old ways could still remain.

in my opinion it is clear that crypto and blockchain are meant. where with the existence of blockchain transactions made easy with low costs. very different from banks that have weaknesses in the area.and with the need for changes in banks in various sectors with the existence of blockchain.

Headline is pretty misleading as what they are referring to an "extinction phase" is there old way of banking and not them as a business being extinct. It is true that they need to adapt after all mobile wallet apps are more convenient than what they are offering with their old system. Also look at their businesses which they lend money to other people, I doubt that cryptocurrencies would hurt their main business with what we have now. If you look at it having a bank business is one of the safest way to be rich as long you have a proper management for it.

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.

In my opinion, things are not so simple as they look like in the form of theory. There are millions of banks around the world and the US federal bank is one of the powerful one which work to maximize the profit and at times of need, assist the government. A cryptocurrency concept will not be so strong to disrupt the banking system though the small banks do fear the system.

I do agree that banks must adapt technologies but do not think for a while that they cannot survive without the cryptocurrency. The banking network is very strong and this cannot be out kicked so easily.

I do not even think they will extinct at all. Considering the fact that banks have always known ways to at least play their games effectively and how we are even seeing them come up with some possibilities of capturing the attention of few people who want to be a part of the crypto space but do not know how to, I believe as time goes on, the banking institution will always have a way to stay relevant.

The facilities are already there, all it takes for them is just to blend in and add a crypto related service to one of their features. From my own perspective though, this is one thing I feel would end up happening, which would bring about some level of coexistence in the long run.

Banks are very prone to getting hurt by the crisis and can not really do something good to shield them selves. Though upgrading the system to crypto might solve some problems.

There is no absolute decentralized system and there is no absolute centralized system that exist for it does not do good in an organization or a system itself. I do not agree that there is a need for a bank to adopts new technologies to survive. In fact banks will be needed for this new technology to succeed especially doing huge transactions like converting fiat to cryptocurrency and vice versa.

Banks will adopt this technology once it would become spread all over the world. It will take long and longtime but believe me we will see the supremacy of bitcoin after years.

I don't think cryptocurrencies will be a problem to them. Banks are something that is inevitable to exist in a country since it is a great business if you will be looking at it.

As long as there are people using fiat, there will always be banks. Even though people are using cryptos, there will always be people that will use fiat since most of them are not used to use another currency and not that used to technologies and others are not really on cryptos to use on the society as a payment method. I'd stick on an investment crypto rather than a currency crypto.

Yeah, the truth is that they have been through thick and thins, as well as adaptation to evolution over the years, and I do not see this shaking them into a hideout in the long run, as they most definitely will find a way to at least get to adapt to the way things are changing pretty fast.

I am sure they already know a time will come for them to realize there is so much to gain from the new world that is coming and as long as they are able to keep rendering a service within this space, which I believe there always will be, then, I am sure nothing will stop them from at least making the best of it.

Somehow, I always have this notion as well, considering the fact that banks have existed over the years; and there is a lot more that pertains to banking activities than savings, but we all know savings is a huge part of it.

Moreover, something that has always occurred to me is the fact that even though we may not get to see everyone shifting gears into using crypto, banks will always feel threatened with a competition when it comes to the aspect of people who are well learned and crypto enthusiasts over time, sticking to using their own wallets and being their own banks, and that is some faction, they sure won't want to just let go. So in a way, I believe that will make them come up with something to practically still make them relevant and useful over time when it comes to also benefiting from the crypto space.

I think decentralized versions of everything will replace the existing structures because they ensure true democracy and trustworthiness.

Decentralized social media platforms, marketplaces, news websites, fintech services. We're at the beginning of a massive overhaul!

of course the first to feel it is a bank, because in addition to the blockchain system there is a cryptocurrency, both of which are interrelated. therefore bank must adjust the situation to remain in existence

Banks will certainly deal with this "problem". They will adopt blockchain to their own needs using the existing cryptocurrency experiences. After all, bankers observe what is happening in the world of finance and technologies used there and react to emerging threats or opportunities that they may use for their own purposes.

With the rapid acceptance of cryptocurrency by the new generation and future leaders, it means the banks may either accept the new blockchain technology, and collapse their businesses into it, or get kicked out in future as their services will be obsolete.

 I think banks do not need to make changes to their work systems, because crypto currencies are not a big problem for them, because people go to banks not only to save or send money, there are many bank services that crypto currencies cannot do such as capital loans, insurance and others, while cryptocurrency can only transfer funds efficiently and cheaply

I really do not see any ignoring here at some point. Banks will always be banks and they will know how to adapt to every new technology for their own benefit, take it or leave it.

Sure, there are a lot of policies within the system of governance that holds bank into play, but as time goes on, as more people get to keep adopting the blockchain technology as well as the crypto space entirely, there is no doubt that banks will find a way to figure out how to put themselves as well on the line, rather than sitting on the sidelines.

Technology is changing the development of mankind!
Financial technology is accelerating the change of the financial ecology and business model of traditional banks!
The bank combines customer needs with technology applications to create a modern bank that is steadily operating and innovative, and better serve customers!

Sure one way to look at it, but one thing we still have to realize is that banks has never for once had any competition and that has made them to do whatever they please, bring any policy that suits them at the detriment of the customers, knowing that in the actual sense, people certainly do not even have a choice at all.

Now, this is a different case entirely and it is pretty obvious that banks are now beginning to feel threatened to some extent at least with the existence of cryptocurrency, which to me is something good and those values we are not actually seeing yet with banks, will start popping up as they tend to try as much as possible to stay relevant. So one way or the other, to survive, they will just have to adapt!

Well i wouldn't call cryptocurrencies a competition yet. And banks are far from extinction phase. Though i think banks are well aware of what the emergence of crypto and mass acceptance of it means. It's inevitable that some time probably in the future, banks will find a way to cope with advancing technology.

Bank is an additional source for the government to make extra money and it will not perish by the blockchain. There might rather be a change in policies that will give way to both the economic units to go with harmony side by side.

The banking sector had adopt a wide rang of new technologies in recent times and that is what is resulting into the new phase of an economy which is the cashless society, and some other new tech too. But I don't think blockchain will be adopted soon despite the fact that it presence and relevance can not be over look.

With the fast chaniging technology comes also the change in how we do our finances. I strongly believe that financial technology includes block chain and such for these kind of forms actually help the people when in comes to how they deal with money. If stock market is included in the management of financial technology then cryptocurrency should also be in one. After all, crypto is here to stay. So banks must be willing to adapt and to learn this kind of technology to be able to further improve the way in banking and serving their clients.

If there is huge pressure then the bank will adopt the new technology to make every thing become more efficient, but banknis not afraid of crypto, bank is centralised, it got more power than crypto, so we can't force bank to adapt crypto, but maybe bank will adopt blockchain, blockchain technology is veey useful without changing too much of the transaction system

Actually, it's already happening.. Look who's in second place on Coinmarketcap.. ;) Now it is XRP.
Ripple is a tool for banks and if it is not yet the final tool that banks will use for transactions, it is definitely an "experiment" based on which they learn how to use Blockchain for their own purposes.

I don't believe that traditional banks are going on an extinction phase. Banking institutions nowadays are really secure and well-established. Now, the new technology brought by blockchain is disrupting the banking system for good. Though blockchain technology won't make these banks extinct but rather make them perform better system. I'm sure that financial institutions including banks are preparing and adopting well with the current technology. Anticipating the thing that may happen in the future.

Do you think these banks will simply let their extinction to happen? We are talking about billionaires and strong companies here. There's no doubt, they are learning and have already concrete plans as early as the first blockchain went operational. Banks will utilize the potential of recent technology of cryptocurrency rather than compete with it.

When you think about it, the banking system, in general, has adopted technology well. They seem to use existing tech, rather than create it. No major breakthroughs generated by them.

I think they will adopt blockchain if it makes sense for them. They will most likely be the laggards of adoption. When they do it will be to increase user experience and security in an efficient way. Now, you find a lot of sectors trying to fit blockchain into their business model just because they want the publicity. For example, online schools Edgecoin and the Academy token. These two projects have a token for the sake of having a token. Why not just use BTC.. why make a tokenized representation of value for the education programs? These programs do not make sense to me.
 

Well, as long as people keep using fiat right? However, one thing we should also understand is that a time will come when most tech savvies and learned people will see the need to just discard fiat in the process where cryptocurrency space becomes usable in real life as a currency that it is. We are not there yet, but I do not believe a time will not eventually come that this will become a reality and looking at the fact that the world is gradually getting digital anyway, and physical paper currency will go into extinction one way or the other, so as I see it, banks will really need to up their game to keep being relevant.

I am sure the central banks of various countries and the Federal Reserve are making their own plans on how to possibly key into cryptocurrency when the right time comes.

I do think the technology advancement being referred to here  also has to do with bitcoin/cryptocurrency and blockchain. The  banks are expected at this level to have imbibed some of the blockchain advantages to live up the current pace of technological advancement; having an ease of processes in their service delivery.

For the banks do not worry. They will exist even if they do nothing in terms of optimizing their work. However, they will only lose part of their profits, but will continue to exist. The banking system is very necessary for the state and it will always protect banks. However, bankers are always looking to increase their profits and will switch to using cryptocurrency if they feel good profits in this area with minimal risk.

Banks particularly the big ones can upgrade their services into modern technology to match the cryptocurrencies. Some banks are already planning to adopt blockchain to turn their banking services at par with the other industries that also uses blockchain and this plan could disrupt the banking services around the world.

As the time is always changing new things , the present institutions would ways adopt the new technology being introduced like the banks , this is in order to assure that this institutions will be able to survive from this extinction phase of the future come.

Bitcoin always had been under heavy fire. It was always an element to be targeted. International propagandas had been planned to demolish this amazing coin, but it always stood firm and determined.

For now the best adoption of crypto is important for every one and if you want to survive in future you must have some crypto as well and new technologies have makes things very comfortable and improved, So many things are in here for further innovations and crypto is the best solution for problems now.

Yeah, our lives are getting changed in a different way. Our systems are getting upgraded, the manual work is continuously getting over by automation. Hence, time will change this currency too.

Not all "new technologies" is really blockchain. I agree blockchain plays a big role into this but the technology is really vast and should be considered a lot further then the blockchain level we all know. For example there is a loan "bank" or company or whatever it is called "Kabbage" and they do give out loans to business' and they do not give out loan like any other bank in the world.

They have an algorithm and that checks out your credit points and so forth like any other bank and also checks your social media presence as well. They take a look at how much followers you have and how many of them are real followers and they check how many responses your posts get and stuff like that.

They are basically giving you loan depending on your popularity. They did used a new technology there to decide who should get loans but they did not used blockchain at all. Long story short, banks do need new technology but that doesn't have to be blockchain at all, just any sort of improvement would be helpful.

Not only banks but also other sectors adopt theirselves to technologic developments. Banking sector uses technology intensively, evolves theirselves, and stays updated. They are preparing strategies in order to implement new projects to overcome crypto currencies and diminish crpto markets.

Eventhough they will adapt the newest technology in the globe, they will extinct soon! Remember, there is no permanent in this world except change. People will adapt every changes that happen in our society. Banks will remove because we can now save using our digital phones by the help of advanced technology, cryptocurrency and blockchain technology.

Of course, there is no way that would happen at all. Considering the fact that banks have been in existence, they have all the facilities and technology in space to handle themselves in changing times, they will simply just find a way to easily adapt to the changing times in the long run.

Sure, there is a lot of things changing, and one thing about life is that the same way our mindsets are changing, technology is changing, organizations are changing, that is the same way banks will also have to revamp themselves to be able to get themselves occupied in servicing the new world.

100% agree. The technology is improving really fast and the banking system that we are using now is very old. In my country, one of the biggest banks is preparing to use XRP for money transfer. If you are refusing to adopt new technology, you can not survive.

Businesses in America’s Ohio have been given the green light to pay their tax bills in cryptocurrencies, says the state’s treasurer.

Speaking to the Wall Street Journal, treasurer Josh Mandel explained that as of November 26 companies throughout the state could register and pay for a whole range of taxes via the OhioCrypto platform, using Bitcoin. The treasurer is quoted as stating, “I see [Bitcoin] as a legitimate form of currency.”

Per the Wall Street Journal’s report, the state’s platform also hopes to begin accepting other cryptocurrencies, and hopes to allow “eventually” individuals in Ohio to pay taxes using the platform.

A number of other American states have launched similar bids, including Illinois, Arizona and Georgia, but none have yet succeeded in persuading local legislatures to accept proposals.
https://cryptonews.com/news/ray-of-bitcoin-hope-as-ohio-oks-crypto-tax-payments-2976.htm

introduction gradually occurs. This is a good precedent.

Banks always connected every time we made a cash out. From this point, they already adopt the technology which it is impossible to be eliminated. We just don't totally how this works but in simple analysis, we still rely on bank whenever we need to convert crypto into fiat.

Banks are already feeling the pressure but not from cryptocurrencies but for many other business that are giving loans, sometime ago giving loans was a service that only banks offered, now in almost any important store you can get credit directly with them without the need of any bank.

It is just about time, as we are beginning to see things happen, we will get to see not just banks, but countries, trying to make use of the blockchain technology which would eventually usher us into the cashless age, so one way or the other, we will get to see a lot of things change with banks.

I know it is a lot to wrap ones head around to imagine how all these things will become a reality, but no one can know except to just wait to see how events will unfold over time, but I do not see banks for any reason going into extinction.

There is actually no doubt at all that the banks obviously are already figuring out ways to actually inculcate the blockchain technology one way or the other, so I would say, for what it is worth, we will get to see the banks really make some moves to that area as time goes on. There is a lot of things the blockchain technology is going to be disrupting, and there is a lot of benefits it can bring into the financial sector when it comes to transparency and accountability, so unless a certain country and banks are running from that, which will be too obvious, I believe over time, they won't have a choice than to blend in.

Of course, anyone who thinks banks will no longer exist because of blockchain technology or cryptocurrency is not basically in reality yet. We are talking about banks that have been in existence, they have all it takes to quickly figure things out, they have all the facilities in place to easily adapt into the system and there are so many ways they can easily go about this and benefit from it without having to feel threatened at all in the long run which would be more of a symbiotic thing eventually. Something can only go into extinction phase if it no longer has relevance; I do not see banks wanting to be in that position in the long run.

For a bank it is indeed necessary to improve their technology, from what I understand it is because the desires of the customers are also increasing so inevitably their features and technology must be able to keep up with that desire. About technologies like what to used I didn't really understand, even though blockchain technology was good but I didn't know whether it was suitable to be implemented at their bank.

with more and more customers, as you say, it requires more sophisticated technology to manage it. hence from that in the future bank must think about it, so that service to customers is maintained

That is also my perception because BANK is the stable and hard in terms of doing business so I think they will have an option or they will making their own way  to stay longer being as a banking company,  as a new high technology uses for crypto currency I think the Bank has also an option to override this type of method to continue their business using high technology.   

indeed, in fact, banks must evolve with the times, continue to innovate in systems and technology, people today tend to choose technology that is able to suit their lifestyle, they like something that is simple and practical but efficient, blockchain technology in bitcoin is an ideal technology which fits the lifestyle of today's society, I think if the bank does not want to lose its market, they must think hard to create technology that is equivalent or can rival the existing blockchain technology

yes, but not all people will choice cheapest, sometime they will grab the easy one. they are too lazy to learn about new technology, so they think old service is enough for them.
actually, spreading crypto is less. because many people know crypto for their income. but im sure if there someone or party try to spread cryptocurrent as cryptocurrent.

You don't have to worry about such a problem. Banks are usually the core of the government. They will not lose their future markets for cryptocurrencies. Even if Bitcoin rises to $100,000, it will not pose a threat to traditional banks. Traditional finance is very powerful.

Yes.The government will surely find a way not to let this happen.But having the fact that we have to embrace new technologies which includes blockchain and cryptocurrency,i think changes will really take place especially in the banks because as soon as more people will be attached with cryptocurrency,then its adoption would surely become inevitable.

It is not actually about their desire but banks need to improve it first before the customers even get to the point demanding it. Because once they demanded a certain feature and you can't deliver it they will most certainly move to a bank where the feature is already available. So for banks to stay competitive they really must invest in their R&D as even though Banking is a traditional business they must still find ways on how they can improve their technology to move forward with what we have now.

Banking sector can easily and fastly adopt itself to changes. Banks are so close to their customers and they don't only know what their customers need to but also they influence expectations and finacila behavior of their customers. They'll survive any way they can do and they'll give their all to find a way.

Banks will exist in any case, even if they do not introduce new technologies. They are very necessary for the state and in fact are part of the state. Of course, for the sake of profit, they will inevitably introduce advanced technologies, as evidenced by their transition to blockchain technology in the form of ripple cryptocurrency.

but until now the use of blockchain is also not as efficient as a bank system that is still active today, so people prefer bank usage compared to blockchain, besides blockchain technology also still cannot be fully utilized. The reason why big banks make negative news about crypto is probably because they still see great potential for the next few years so they want to turn off the spirit now to develop blockchain technology

That's true, they are part of the business where in consistent changes happen,just lile what the mass community is about changing,  and nowadays Bitcoin is becoming popular by now and we should eventually accept the changes every single day though it was tough at first but if we dont there would be chances that we cannot live with the others.

Come to think of it, this statement doesn't apply to just the banks. It would have to apply to everyone. Everyone has to catch up to technologies so one doesn't get left behind and be obsolete. In the case if banks, i think this statement applies more to them in the Advent of crypto currency and blockchain technologies.

indeed we all must follow development of technology, in this case bank becomes the main spotlight because finance is closely related to bank, and what emerges is a new currency in the form of digital

Banks are really not having any trouble at all when it comes to "extinction" since they are too big to fail. I mean do you know what could have happened in 2008 if banks were not saved? They could definitely go bankrupt and just put all those people in jail and that would be the end of it, right now we wouldn't have these horrible "is it happening again" fears we have.

However if that happened than the whole world would have collapsed, we are talking about trillions of dollars gone right down to toilet with god knows how many people trusting these banks with their money and investments and companies that got promised funding that started projects with so many countries still waiting.

I mean with what happened in 2008 we already barely escaped a world wide crisis and greece and spain got hit hard, guess what could have happened if banks were not bailed out. Hence banks will not have a "extinction phase" since they are just too big to fail.

Banks very quickly and sensitively react to changing conditions in the field of financial relations and therefore you should not worry about them. They will never miss their financial gain. In addition, even if they would not use blockchain technology in their activities, they would still continue to work successfully, since they are actually under state protection. However, they quickly began to switch to the use of ripple cryptocurrency.

Banks will definitely keep on existing but their influence is surely going to decrease if cryptocurrencies really becomes a successful as many are predicting, if that happens banks are going to have problems to get new clients and to mantain the clients that they have.

In my opinion, its not only the banks who needs to adapt to these modern technologies, it is everything that needs to be changed for us to have a better world, but for a start, I think banks do really need to catch up to what is happening in our world today, this is for the better and for further advancement.