In a somewhat surprising statement, Fintech expert Frank Schwab feels very confident Bitcoin will not go anywhere anytime soon. At the same time, he is also concerned about the future of banks, as they are on the verge of becoming obsolete. Bitcoin enthusiasts have known this for quite some time, but it’s always interesting to see these thoughts confirmed by outsiders.
Fintech and Bitcoin Can Make Banks Obsolete
Or that seems to be something Frank Schwab is fairly confident about, at least. Not too many people will be surprised by his statement, as he is the founder of Germany’s Fintech Forum. At the same time, he also knows all too well how the situation is evolving in the financial world. Innovation is key to staying relevant, which is still something banks are struggling with right now.
Albeit there is a vast focus in general, some of the trends are gaining more attention compared to others. Robo-advising, mobile payments, and even Bitcoin are on the minds of investors right now. Financial institutions have to keep up with these developments, which is much easier said than done. Those who feel to do so will find themselves rendered obsolete in the coming years; that much is certain.
Developing an interest in financial technology does not happen overnight. There is always a certain attraction to this world, which usually stems forth out of frustration. Despite most of us using the traditional financial ecosystem, it can be a clumsy environment to deal with. What starts out as an idea for a personal need can someday revolutionize the daily lives of millions.
Frank Schwab was rather positive regarding the future of Bitcoin:
“Alternative banking services that do not involve banks will gain a significant share of the overall banking services market. Though we need to accept that this will take another 10-to-20 years.”
One misconception is whether or not the average person on the street needs to worry about Fintech and Bitcoin. In most cases, the answer would be “yes”, albeit it remains up to individual projects of focus on people first. Bitcoin has been focusing on people for seven years now, yet it still hard to explain it to people. Waiting for them to come to cryptocurrency may not be the best approach either, though.
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