The Banking Sector’s Interest in Blockchain May Translate to Job Cuts
The banking sector is enthusiastic to implement blockchain technology in order to automate most of the processes, This may lead to future job cuts in the sector. The banks were never charmed about Bitcoin for multiple reasons. For starters, when the digital currency was first introduced following the collapse of the US banking system, it was hailed as the killer of the traditional banking sector. As time passed, the digital currency gained enough traction to actually threaten the traditional banking industry with its easy and fast transactions at literally no transaction costs. The fierce....
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Michael Hsu stated that it is starting to worry him that “we’re not spending that time and attention on some other things," like fintech, which he described as the “future.” United States Acting Comptroller of the Currency (OCC) Michael Hsu has expressed concerns that regulators are spending “too much time on crypto," rather than more pressing issues, such as technology and banking. The crypto skeptic OCC head made the comments during an interview with Reuters on Oct. 13, as he outlined a worry that crypto is “occupying a lot of brain space for an awful lot of people” in the regulatory....
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Many financial services executives say blockchain technology is low on their corporate priority list, according to a new survey from professional services firm PricewaterhouseCooper (PwC). The new report, which focuses on global trends in financial technology, drew responses from 544 participants, including C-level executives as well as innovation directors and managers from firms in the banking, insurance, asset management and FinTech industries. Most respondents said they were, at best, "moderately familiar" with the technology, with less than 5% indicating that they....