Most progressive banks nowadays are worried, but savvy enough not to lose positions in modern financial world. And one of the first banks showing incredible interest and understanding that without digital innovations they cannot keep the position is UBS bank from Switzerland. UBS is ready to spend significant amount of money and their time for coaching tech startups, enthusiasts and entrepreneurs who can help the bank to keep up with currently changing conditions in financial environment, which is overwhelmed with innovations. UBS even created, so called healthy competition environment to choose best of the best startups, named “The Future of Finance Challenge”, professionals who are going to help the bank be in “trend”. One of their aims is to create utility settlement coin, and if they succeed to realize this idea, it will be a tremendous progress for block chain technology. The utility coin will be used as settlement tool in financial transactions.
UBS even organized a special lab, located in London, with the department who is concentrating on crypto technology only. The Finance challenge is an incredible idea, because with financial help and experience of the bank, some exceptional ideas can be monetized and expanded to wider market, which can be beneficial for everybody: bank, people and startups. To sum up, regular bank cannot blossom forth without the help of young, progressive, and creative developers, so in order to win market positions, alliances with tech startups, is the best decision. The utility settlement coin will be connected directly with bank accounts and show real fiat assets, meaning the possibility of coin conversion in traditional fiat currency. Head of crypto laboratory of UBS and UBS CIO state, that the coin can be the base index in developing mass implementation of block chains in traditional financial world. At the same time, the tool may allow the creation of a new format interbank network for transactions between financial institutions. Developments and researches are conducted in collaboration with the startup ClearMatics, who developing clearing machines for OTC markets using block chain.
Financial crisis and its outcomes
Financial crisis was the reason of peoples’ distrust of banks, dismissal of employees from financial institutions and development of new progressive technologies that lead to creation of amazing service platforms like p2p lending, crowdfunding and new payments systems, micro payments etc., that are extremely popular nowadays. Banks being smart players understand all the threat in losing positions on the market that is why the only way the see is to be in collaboration with unstoppable new generation who are the banks future too. And in this “game” will survive only progressive ones, who realize how important to accept digital world, that make consumers' lives easier, rather than trying to compete with them.
Via BitTeaser - bitcoin ppc network
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