Former Barclays Boss: Banks May Fall Behind in Blockchain Technology Adoption

Former Barclays CEO Antony Jenkins has claimed that major players in the banking industry could be left behind in the adoption of new financial innovations like Blockchain technology. He claims that banks are generally good innovators, but are not as fast as outsiders in adopting innovations for commercial applications.

According to Jenkins, banks struggle when it comes to transforming their operations and it is the major technology companies and financial technology start-ups that are dominating in said area.

“I think what we see in all industries, especially in financial services, is that incumbents (banks) tend to be quite good at innovation – they throw a lot of resources at that – and then the transformation is much harder for them. If you look at all the interesting work on transformation, it's really going outside the big incumbents. And the incumbents themselves are starting to realize this."

Full story at http://bit.ly/2xtTvve

Source: CoinTelegraph

 

 

 

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