The Future of Banking` at CryptomountainRocks 2019

TL;DR

The discussion focuses on the potential risks and benefits of blockchain technology in banking, including the possibility of replicating the existing system and the need for cultural change. The panelists also discuss the role of banks as advisors, the influence of artificial intelligence, and the regulatory landscape.

Transcript

all right everybody welcome so we're gonna um I guess continue the conversation we've been having all afternoon we've touched on a lot of things I want to go back to some of those things and maybe try to get in a few areas we haven't talked about quite yet but obviously the the elephant in the room um is in my opinion at the your sharks I think the... Read More

Key Insights

• ⚾ Cultural change is necessary to avoid replicating the existing system in blockchain-based banking.
• 🇨🇷 Blockchain technology can bring cost efficiency, frictionless transactions, and emotional connection to banking.
• 🐕‍🦺 Banks may evolve into advisors, providing value to customers through personalized services and insights.

Questions & Answers

Q: Isn't there a risk of replicating the existing system in blockchain-based banking?

The panel acknowledges this risk and emphasizes the need for cultural change in how people perceive money and wealth. Replicating the existing system would not achieve the desired decentralization and disintermediation.

Q: Can Google or Facebook create a better banking system with blockchain technology?

While the panel agrees that technology giants like Google and Facebook could potentially enter the banking space, they emphasize the importance of ensuring a pure and true access to blockchain-based services and assets for customers.

Q: What regulatory changes would be ideal for blockchain-based banking?

The panel agrees that a more balanced regulatory landscape is necessary, with fewer regulations like too big to fail and Basel III. However, they also acknowledge the need to protect investors and prevent money laundering.

Q: What is the timeframe for banks to transition into advisors rather than traditional banks?

The panel does not provide a specific timeframe, but they believe that the role of banks as advisors will evolve over time as blockchain technology and artificial intelligence continue to improve the financial industry.

Summary & Key Takeaways

• The panel discusses the two paths for using blockchain technology in banking: improving existing systems or creating new decentralized business models.

• The risk of replicating the current system in a new asset class is acknowledged, and panelists emphasize the need for cultural change in the way people think about money and wealth.

• The benefits of blockchain in banking are highlighted, including cost efficiency, frictionless transactions, and making banking less relevant yet more emotional for customers.