Connecting disparate payment platforms is the Holy Grail of cryptocurrencies. The path to building such a system is not always clear, but must start at the core of the protocol.
Nobody enjoys the experience of making a payment Â-- so a growing number of companies are likely to follow Uber's lead and make transactions so easy they're practically invisible. That means banks will have to ramp up their efforts to become customers' default cards.
The health care system is riddled with excess capacity, huge legacy costs, out-of-control expenses and regulations even more onerous than those in banking. And just as in banking, high-tech startups are shaking up the system.
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including ideas about how to improve disclosure requirements and ways to encourage banks and young tech firms to join forces.
As technological problems forced the New York Stock Exchange to grind to a halt Wednesday, financial services insiders and observers weighed in on the vulnerabilities of increasingly electronic financial systems.
As technological problems forced the New York Stock Exchange to grind to a halt Wednesday, financial services insiders and observers weighed in on the vulnerabilities of increasingly electronic financial systems.
While some predict that fintech startups will soon overthrow banks, a boom in partnerships between the two industries is far more likely. Startups will benefit from access to new markets and infrastructure, while banks will stay on the cutting edge of innovation.
There are plenty of opportunities for banks to collaborate with the tech startups that are driving rapid change in the financial industry. But first they need to find innovative ways to address systemic challenges like compliance as well as cultural differences.
You'll find many disruptors in banking, but startups like Moven aren't among them. In essence, virtual banks simply dress up web storefronts to look like banks but offer one-tenth the services.
In order for a blockchain to succeed, it needs to be a public resource. That means few alternative blockchains are likely to achieve much traction outside a small niche.
