BlockchainNews reported that “‘Big Four’ accounting firm KPMG highlights a dire need for the global financial system to make radical changes, including through the adoption of digital currency in place of antiquated interbank payment and settlement structures.” The November 20, 2018 report entitled “Big Banks Finally See That Finance Is Due a Revamp, but Is It Too Late” included contributions from Bank of England, Bank of Canada, HSBC, among other that “shows is a shift in sentiment towards creating a new way to transfer value across borders” and that:
This indicates little more than very early beginnings; banks are only just starting to edge into this space and while aptly recognizing the need to adapt may be the first step, already well-funded ventures have come up with plans for an alternative.
Challenger banks are nothing new, and customers now have a range of options which allow them to control funds exclusively on mobile and online.
The success of these FinTech startups has made consumer feeling clear: make our personal money easier to access and charge us fewer fees.
Not much of a surprise….what do you think?
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