Is blockchain the end of banks and insurance companies as we know them?
No. Blockchain alone is certainly not. Nevertheless, traditional banks and insurance companies struggle much harder than before. Digitalization is bringing a multitude of new, sometimes international, competitors in all business areas. Customer demands are changing dramatically. Interest rates have been at a low level for many years.
Digitalization can help banks to serve their customers cheaper and simultaneously better than ever before. At the same time, banks must learn new methods to significantly increase the speed of their product and service development.