Bankers are now facing their Uber moment

#Banks now facing their Uber moment  #Blockchain cometh ! #bitcoin #ethereum #BTC

  • For lack of any obvious alternative, we still overwhelmingly entrust the big banks with our money.
  • Over the years, the big banks have been subjected to any number of competition investigations, and little good have any of them done.
  • As things stand, all banks look the same, which is why there is so little switching, and why even when banks are broken up it makes little difference to the customer experience.
  • Blockchain, the technology behind Bitcoin, is just one of a number of technologies promising to transform the face of finance
  • Buried in the report was something potentially revolutionary – that banks be required to implement so-called “open banking application program interfaces”.

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@MarkTOByrne: “#Banks now facing their Uber moment #Blockchain cometh ! #bitcoin #ethereum #BTC”

Bankers are a resilient lot. They survived the financial crisis, and they’ve largely survived the subsequent regulatory crackdown. More remarkably still, they have so far survived a digital transformation which has upended many other service industries, from retail to media, music and taxi-hailing.

Bankers are now facing their Uber moment