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

[UconBit]

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?

[Pab]

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

[Theb]

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.

[proTECH77]

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. 

[stompix]

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?

So far, at least, global banks are holding up, based on their most recent reporting periods. Citi, Standard Chartered, Bank of America, HSBC and Credit Suisse, for example, all reported third-quarter profit increases from the same period last year

, And here is another one
Bank of America shares surge more than 4% after earnings top expectations

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

[Images21]

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.

[alex_gr_cc]

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?

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.

[timotron]

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.

[jseverson]

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.

Do you think the tech here includes blockchain and crypto?

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.

[coinplus]

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.

[electronicash]

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.

[eroejoe]

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.

[iTradeBit]

I think yes. They must adopt new tech.

[Lanatsa]

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?

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.

[Kakmakr]

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. 

[dothebeats]

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.

[Michael_Cox]

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.

[hatshepsut93]

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.

[ShadowBits]

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?

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.

[Rustamm]

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?

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.