Banks must adopt new technologies to survive an ongoing “extinction phase”

[Julunguul]

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

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

[Nissan-GTR]

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

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.

[patarfweefwee]

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.

[wahyu wida]

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

[ausbit]

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

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

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.

[Argoo]

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.

[Barbarian]

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.

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.

[UchihaRukawa]

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?

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.