The Fintech Threat to Banking: A Solution From MIT
In the next 10 years, 30 percent of banking jobs could be obsolete, according to a recent Citi GPS report. This statistic from Citigroup’s report makes an assessment of the potential impact of fintech on the global banking industry. It echoes the concerns of former Barclays PLC Chief Executive, Antony Jenkins, who referred to the position of consumer....
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Is fintech sector a threat to the banking world? Traditional banking is still observing this sector and has taken a lot of steps towards utilizing the technology behind Bitcoin, the blockchain. But still, at least in the case of Santander Bank, the fintech industry did raise a few red flags. Business Insider has quoted Mariano Belinky, the head of Santander's fintech investment fund InnoVentures, discussing the exercise that the bank had undertaken to gauge the level of impact that the nascent industry could have on its operations. While speaking at an online lending conference, LendIt....
The Institute of International Finance held its annual membership meeting in Washington this past weekend, and banking elite from all over the world convened to discuss many topics. The newest topic of discussion at this year's meeting, one that had eluded them in previous years, was a threat to traditional banking embodied by Bitcoin and other crypto-currencies. What should banking "do" about a Bitcoin threat? What can they do about it? How to handle the Bitcoin threat. Jamie Dimon is the CEO of JP Morgan Chase. JPMorgan Chase is the leading U. S. bank in domestic assets under management,....
An industry survey that covered 150 executives and investors in the banking sector has revealed that Fintech startups are only causing limited disruption to the industry rather than the dramatic, industry-defining shakeup of an ‘Uber Moment’. A new survey conducted by Autonomous Research has revealed that 14% of banks face a significant threat by Fintech innovations such as bitcoin’s blockchain and similar distributed ledger technologies. Other figures show 44% of 150 investors and banking industry executives believing ‘selected disruption’ in certain sectors while 41% are of the opinion....
An economic modelling study has concluded that Scotland stands to lose over 14,000 jobs in its financial services sector over the next decade if the country does not embrace the rushing wave of Fintech innovation. Like any other country in the world, Scotland’s financial services and banking sectors are, if the hype is to be believed, under the threat of an upcoming Fintech revolution with innovation such as blockchain at its fore. A report by the Centre of Financial Regulation and Innovation by Strathclyde Business School in Glasgow has revealed that Scotland could, in a worst-case....
According to a new document, Bitcoin has been named a talking point by the Federal Advisory Council. The Federal Advisory Council consists of 12 representatives of the banking industry and advise the Board of Governors of the Federal Reserve System. The question "Does Bitcoin pose a threat to the banking system, economic activity, or financial stability?" was asked and the main concerns were mainly about banking, economic activity and the financial stability of Bitcoin. The notes go over how the Council doesn't believe Bitcoin is a threat to the banking system; however, it is a threat to....