By Jim Bulling
The banking industry is expressing overwhelming support for the development and use of new technologies to improve the banking experience and have expressed their desire to enter into partnership with Fintech businesses.
Deutsche along with Bank of America, J.P.Morgan, UBS and Bank of England are well on the way to developing their own blockchain technology. Others such as Citibank are also looking at developing their own digital currency.
Deutsche has released a whitepaper, ‘Fintech 2.0’ which informs investors and clients of its plans to transition to digital banking, the importance of doing so and has indicated its plans to partner with fintech startups. Deutsche have argued that it is critical for the banking industry to develop and implement these new technologies, so not to become obsolete. After record losses in 2015 the bank states it is ready to develop a new business model to recognise digital changes.
Find Deutsche’s ‘Fintech 2.0’ whitepaper here.
In Australia the new CEO of ANZ, Shayne Elliot has stated that digital opportunities will be the key to finding growth and has emphasised the importance of developing good technologies to meet the needs of customers. In restructuring senior management at the bank, the CEO has also created a new role for a group executive, ‘Digital Banking’ which will develop the bank’s digital transformation strategy.