The fruits of these would be in the form of safe, trackable and secure digital currency, distributed ledger-keeping and homogenous IT systems –all of which would ultimately result in better customer service. Banks and IDRBT can work together to study these, test them out and adapt for best use. 8. Third are the Fin Tech companies – the new, non-conforming disruptors.
For too long, banks thought their competitors are their fellow bankers; then they accepted the other financial institutions as their competitors. They always thought the technology companies are their enablers; with their help, the banks have been differentiating themselves from the rest of the crowd. The banks never thought the technology companies will be their direct competitors.