31 Oct '13, 11am
Banking innovation depends on bitcoin
With one firm swoop, banks could eliminate the threat from Apple, Google, and PayPal by embracing the new bitcoin cryptocurrency. Disruption doesn’t always come from the outside but revolutions do form at the periphery, which is precisely where bitcoin sits today. It’s easy to talk about conventional financial services disruption such as digital banking and mobile payments, because we’ve seen the information age already disrupt entrenched industries. We know that banking in the future will be something you do – not some place you go – and aggressive fintech startups already provide the innovation that’s occurring in the financial services space. Combine that fact with the existing platform behemoths of Apple (iPhone iOS) and Google (Android) and banks fear losing the customer relationship on the road to becoming a non-strategic utility. By altering the monetary unit of acc...