Will banking and blockchain survive the banks?
The banking world is undergoing a fundamental process of transformation through innovations such as the distributed ledger technology of a blockchain. What challenges, opportunities, threats and business models arise from this?
Disruptive technologies such as blockchain are a double-edged sword for banking: on the one hand, they are a “gift from heaven” and offer many opportunities, on the other hand, they are also a real threat, especially if trends are overslept as a result. This is because increased competition from, for example, agile fintech start-ups and other non-bank financial service providers is severely harming traditional banks by demanding their place in market events.
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Regardless of the degree of digitization, banks, for example, are still far from it compared to fintechs, which focus on innovative technologies in the design and provision of financial services. On the contrary, more and more users and consumers are turning to solutions from providers such as Amazon for their financial needs.
