Recently I have read several articles and posts from bank’s representatives how they celebrate innovations and innovative approach. They mentioned for example … instant payments …
I’ve raised the question whether they mean “Instant payments” and also “Instant Settlement”. So far no answer.
If you are a bit familiar with environment in the banks and you’ve heard about Ripple, you might get already the feeling.
Approx. 11 000 banks use SWIFT. You can google the functionality and also their innovative steps like gpi.
If you are responsible for innovations in your bank and not considering or already working with Ripple, you are still several light years behind any innovations.
We, like a bank customers, know that business model base on fees and blocking money on Nostro-Vostro accounts is over.
Therefore it is often a bit funny to read about today’s banks innovations, but it seems they are just improvements of the old stuff.
I have raised the question to banks’ representatives, whether they plan to enable the investments into crypto currencies (yes, the really meaningful ones like XRP, ChainLink, Cardano, EOS …) for normal bank’s clients. The answer you know already. They replied that they don’t plan it anytime soon and they are not sure whether banks should play a role here.
Yes, crypto world is speculative and volatile, so that all artificial products like ETF, Futures Contracts, Leverage products, are not, right?
You can also hear the comment from banks, that their systems are complex, complicated, regulated and therefore they still use Mainframe or simply 20 – 30 years old technologies in the background. This might be the case.
On the other hand, if you talk about innovations in your company, you should show some role modelling excellence achievements and not celebrate as innovation already outdated processes.