64% of Belgian banks think banks could become irrelevant due to blockchain

22 Nov, 2018
by Joeri Cant
News
64% of Belgian banks think banks could become irrelevant due to blockchain

In a fintech survey, conducted by the National Bank of Belgium, it was revealed that more than 60% of Belgian banks think that banks could become irrelevant in the future because of innovations like blockchain technology. More than 40% think virtual currencies are a threat to their business.

The survey asks the opinion from banks on the idea of banks becoming disintermediated, and therefor making banks irrelevant, to which more than 60% answered they think it is possible to highly possible against 38% who answered it would be highly improbable that this would ever happen.

Belgian banks see as well threats in new fintech business models. Models like peer-to-peer transfers, mobile banks, and virtual currencies are all perceived as threats.

More than 40% perceive virtual currencies as a major to moderate threat, while less than 20% see it as a good opportunity. Almost 40% of the banks have no opinion on virtual currencies.

Crypto influencer Anthony Pompliano, was quick to share some of the results with his 169K followers.

One of the replies came from a 21 year old Belgian, who is convinced his kids won't have any bank accounts.

However, not everybody seems to agree with the survey or with Anthony.

What do you think? Will banks become irrelevant due to innovations like blockchain technology? Let us know in the poll below.

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