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

[wuvdoll]

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.

[dr_chen]

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.

[Gibreil]

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.

[fasdorcas]

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.

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.

[ophyrim]

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

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.

[VaLeRaaa]

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.

[Semaj123]

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.

[Barbarian]

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!

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.

[guoyu78]

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.
 

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.

[Kiweikoo]

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.

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.

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.

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.

[nasipadang]

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.

[bangkit tri]

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

[resty]

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?

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.   

[bajingluncat]

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

[dimox]

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

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.

[maligu]

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.

[Finestream]

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.

[Theb]

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.

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.

[cybernetik7]

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.

[senin]

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.