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

[nazaididuan1]

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!

[haroldtee]

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

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.

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.

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!

[gabmen]

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

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.

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.

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.

[Hilly]

Do you think the tech here includes blockchain and crypto?

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.

Peoppe will still choose to use blockchain.

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.

The conventional banks should think of a way to harness the blockchain into their business else it will extinct.

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.

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.

[cizatext]

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.

[Pumapipa]

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.

[Indrawan77]

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

[kotwica666]

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.

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.

[jcpone]

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.

[bettercrypto]

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.

[acarli]

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.
 

[Kiweikoo]

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

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.

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.

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.

[Akpuv]

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.

[Harrisonimo]

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 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.

[Ozero]

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.

[Rooster101]

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.

[wewe123]

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.

[ninuplanste]

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.

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.

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.

[Rashid555]

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.

[Lotermity91]

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!

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.