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richxrp

UK Banks afraid of disruption

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58 minutes ago, richxrp said:

Looks there will be a future for cryptos.. despite the naysayers..

https://www.ccn.com/fear-of-fintech-uk-bankers/

UK banks are taking a big hit with mobile banks like Atom, Monzo, Revolut, N26, Starling etc. Those online banks offer better interest accounts as they don't need to pay rent on brick and mortar. Digital banking has hurt them so badly that HSBC and Barclays (to name just the two) are creating a completely separate digital only brand to compete. 

 

- HSBC - https://www.finextra.com/newsarticle/32598/hsbc-aims-to-dodge-the-iceberg-with-digital-only-banking-project

- Barclays - https://uk.reuters.com/article/uk-banking-barclays-goldman/barclays-to-challenge-goldman-in-digital-only-bank-market-ft-idUKKCN1MO0UY

- Goldman Sachs - https://uk.reuters.com/article/uk-goldman-sachs-britain/goldman-sachs-opens-digital-consumer-bank-in-britain-idUKKCN1L813B

- RBS - https://www.finextra.com/newsarticle/32581/starling-to-help-rbs-develop-digital-bank

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1 hour ago, richxrp said:

Looks there will be a future for cryptos.. despite the naysayers..

https://www.ccn.com/fear-of-fintech-uk-bankers/

This is very interesting since it fits so well with what Marcus Treacher (ex SWIFT and HSBC) has been predicting
 

Quote

 

SIBOS  Much has been said of Open Banking and the emergent API culture. How does Ripple fit into this new market model?

Ripple fits ever so well into that model. You and I are lucky to be working in an industry during exciting times. Banking has been incremental and even the technology that’s in play today is simply automating what the Medicis worked out in the 1500s. For the first time there’s serious disruption in the market. 

The future macro view is the same as other industries: collaborations of providers that work in very heterogeneous supply chains. For instance, you have a core brand like BMW, but, in the background, you have a whole portfolio of supply chain companies.  Banking is not like that, it is monolithic and many activities are clubbed together that conveniently fit under these single brand company names.

APIs and Open Banking are very powerful catalysts that are exploding those activities into many components. I think the banking world is fragmenting into specific players and the role of the winners will be about aggregation, holding the customer to your brand and connecting outward to the ecosystem. It suits us beautifully because one of the killer plays we have is the embracing of the interledger. 

That openness is perfect in a world where you’re connecting players together and creating a network of value. The end result provides much better services for startups, people and companies.

 

After wards Treacher started to liken banks to shipping lines that never rose to the challenge of airlines, and most recently to train companies who retain some use in the modern world but not at the same level as they had before the invention of air travel.

 

 

Edited by Julian_Williams

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