Global research and advisory firm Gartner has conducted an interesting research into the usage and adaptation of technology in the banking sector, and the findings will surprise you.
It seems that blockchain technology, which has promised a new digital age is slipping off the radar of banks, as AI rises in domination.
In related news, after China, Vietnam has declared that anyone using bitcoins will be jailed.
Banks: We Need AI Not Blockchain!
Gartner asked 3160 Chief Information Officers (CIOs) from 354 banks across 98 countries, and sought their insights and opinions into the usage of technology in banking.
As per the response received, it is clear that they all believe technology will change the status-quo, and transform banking.
But the medium shall be different.
More and more CIOs of Banks today believe that Artificial Intelligence and related technologies shall be the agent of change, rather than bitcoins and blockchain technology.
Pete Redshaw, Managing Vice President at Gartner said,
“Digital transformation and its related technologies such as APIs are more important for banking than for other industries. Banks and other banking and investment services organisations clearly recognise that the status quo is not sustainable, and they must disrupt themselves before it is done to them,”
Interestingly, even Internet of Things doesn’t feature prominently, in the factors which can change banking industry.
This is extremely opposite to what is happening in India.
ICICI Bank recently became the first Indian bank to successfully use blockchain for completing transaction, as they are aiming to use more and more blockchain based technology in their everyday operations.
Besides, leading Indian banks have already joined forces to ensure that blockchain based operations becomes a reality. SBI, Axis Bank, HDFC and ICICI Bank have already joined this consortium.
You Can Be Jailed In Vietnam For Using Bitcoins
Meanwhile, Vietnam has officially banned the usage of bitcoins in the country. Fine as huge as £6,000 can be imposed, in case anyone uses bitcoins for any transaction.
State-run bank, in a statement said,
“Bitcoin virtual currency and other similar is not lawful means of payment in Vietnam; The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam,”
In September, China had banned any transaction using Bitcoin or Etherium. However, China has banned bitcoins because they wish to launch their own crypto-currency, which will soon replace all forms of physical currencies.
Note here, that Vietnam’s ban doesn’t mention mining or exchange of virtual currencies; which means that they are open for crypto-currency, maybe in future.
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