Future Banks & Bitcoin

Do we care if the banks come under attack? Not so much, according to the following op-ed appearing on Bitcoin.com. Internet companies and social media sites can (and are) moving into the financial services field (aka, banks) and may be better suited for it. Oh yeah, bitcoin plays a major role too. Do we wake up one morning and read “Amazon buys Chase”? Hmmmmm!!

The banking industry is ‘shaky’, social media provides financial services, Facebook and Amazon (and more) could become banks and using bitcoin would make the digital currency THE currency of the internet. Its the “new world” an its already under way and the banks are in the way.  A worthwhile futuristic read, even if it’s not where we are today.  (Bill Taylor, CEO)

“The flow of recent news shows that the banking industry is under stress. Big banks are cutting jobs. According to Reuters, “HSBC has begun cutting around 100 senior jobs in its investment banking division worldwide this week, according to sources with direct knowledge of the matter.”

In parallel, HSBC and other banks are nervously developing strategies to survive Brexit’s impact.

Taxpayers continue to bailout traditional banks. According to Bloomberg, “Italy’s banks are struggling under the weight of a 360 billion-euro mountain of bad loans, a plight that has eroded profitability and undermined investor confidence. The nationalization of Monte Paschi could be followed by rescues for lenders including Veneto Banca SpA and Banca Popolare di Vicenza as part of the government package.”

Social Media Providing Financial Services

Bad loans, poor profits, and Brexit are not the only problems facing the obsolete banking industry.

Banks need to innovate to become radically nimbler, simpler, and cheaper if they wish to sustain a competitive advantage vis-à-vis potential competitors from the social media.”

Read Full Article at News.bitcoin.com