The National Bank of Belgium: 64% Belgian banks consider the end to the banking due to Fintech

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The National Bank of Belgium conducted a survey that stipulates the end of modern banking system in the world. It’s curious that 64% of polled representatives of Belgian banks believe in such outcome due to the blockchain technology. Only 38% consider this scenario as implausible. At the same time banking people don’t like since more than 40% think cryptocurrencies may put the end to their jobs and business taking as a whole. They are convinced that any peer-to-peer financial communications as well as the banking services based on mobile gadgets are harbingers of the sunset of banks. They treat this opportunity as a threat, and additional about 20% respondents believe cryptocurrencies give a good chance to enhance modern banking system or qualitatively streamline this sphere.

This survey was shared by Morgan Creek Capital co-founder Anthony Pompliano who got a feedback from Twitter follower who lives in Belgium: “I’m Belgian, 21 years old and I’m almost sure my kids wont have any bank account and will laugh at me for trusting banks and used so many different shitty currencies at the expense of global internet free money.” As survey labels as a “first scenario” that “banking services become disintermediated, making banks irrelevant, as customers interact directly with individual financial services providers, for example by lending directly from investors through a platform, instead of indirectly through a bank’s balance sheet.”

There are another three scenarios that stipulates the same scenario as the first one but with some peculiarities. At last, the fifth scenario envisions that banks embrace fintech since they “digitise and modernise themselves to retain the customer relationship and core banking services, by leveraging enabling technologies to change their current business models and where needed by partnering up with fintech players.” All five scenarios imply that fintech will play crucial role in deciding the fate of modern world banking system.

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