[2016-09-05] MIT Report: Blockchain for Banks - New Era or Lipstick on Pig?

[Karartma1]

This is a must read! 

Could rapid innovation in the fintech space lead to the end of banks as we know them? A recent report from Massachusetts Institute of Technology (MIT) titled Digital Banking Manifesto: The End of Banks explores these possibilities.

As Mark Mullen, the Chief Executive of Atom, said in 2015:

“Banks are trying to be cool and hip and build super cool digital front ends. But it’s like putting lipstick on a pig - ultimately it’s still a pig and the new front end is still running into an awful digital back end."

Read more here
https://cointelegraph.com/news/mit-report-blockchain-for-banks-new-era-or-lipstick-on-pig

[panju1]

Banks are the dinosaurs of our times.
They have a very cozy relationship with regulators and have kept out competition so far.
But as Jamie Dimon said long ago... "Silicon Valley is coming... " 

[pitham1]

Definitely lipstick on pig.
Banks are trying to do just enough to stay relevant in today's world. The banking world is ripe for disruption.