According to global consulting firm McKinsey, the banking industry is facing significant threats from new digital competitors, and from consumer adoption of digital services overall. If financial institutions don't address these risks appropriately, they could suffer the kind of big blows to their balance sheets not seen since the worldwide financial crisis of 2008
The 6,000 job cuts announced last week at Nordea Bank AB are just a down payment for an industry facing radical overhaul, says Chief Executive Officer Casper von Koskull.
The financial system is the core of our global ecosystem and has gained the trust of billions of people worldwide. While many see blockchain as the ultimate competitor of the banking system, both can certainly peacefully co-exist and even complement each other.