Big Banks Potentially See Blockchain as a Long Term Solution

Citigroup Chief Executive Mike Corbat sat down with the FT in a wide ranging interview that discussed a variety of pressing topics including what the bank thinks about blockchain technology; he explained how the early expectations were unreasonable and that the bank sees potential in the technology over the long term; this aligns with many other big banks who are beginning to test the technology but are not yet running to overhaul their current systems; the biggest beneficiary of the technology is in supply chain finance, which is still done with notebooks, pens and paper according to Corbat; the hype is certainly gone but the market still sees an opportunity and that is evident by the continues investment into potential solutions by financial services companies. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.