In a CNBC article Antony Jenkins talks about how banks are becoming irrelevant and must update their business models before they get replaced by any number of new fintech companies around the world.
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Ex Barclays CEO says banks face a 'Kodak Moment':
http://www.cnbc.com/2017/06/26/ex-barclays-chief-says-banking-could-face-its-own-kodak-moment-urges-banks-to-embrace-fintech-solutions.html
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How interesting about the banks future. Stock Transfer Agents might have a similar situation. Of course, some transfer agents are also banks - like Wells Fargo. But excellent service oriented Transfer Agents like (IMO) Compushare could "expand/evolve" to incorporate crypto portfolios and assist in their customers meeting regulatory requirements. The financial world is truly in a state of change, whether banks like it or not.
Thanks for excellent presentation of the banking industry future.
The bigger the entity the less agile they usually become. Banks are about as big as they get so it is no surprise they are not very agile in general. This is why a lot of big entities fail to change with time and in the end almost die due to it. This is why the music industry clung to CD sales for so long instead of adopting digital music. Is this why phone directories like YellowPages were still focused on print long after the trend was already dead and moved to online. They get set in their ways and because of this tend not to look forward, which is usually at their own detriment in the long run. Kodak Moment is a great term for this "illness".
Excellent video, Chris. Thank you! I love the disruption that the blockchain technology is having on the banks. And I agreed with you. They are not going to give up that power. My guess is that they will sink rather than embracing this technology and relinquishing the power they have enjoyed for so long at the expense of impoverishing entire nations, causing a lot of pain and suffering, and enriching themselves in the process.
The whole evolve or die out mechanism.
i like your way of presantation :)
Solid decision talking about the cnbc article. Should bring more awareness to BTC or at least ripple
Good info.
See how Kodak stock skyrocketed after the announcement:
This is a screenshot taken from Google showing price action of the last 365 days.
Amazing!