Jenkins added that cryptocurrencies like bitcoin, and even artificial intelligence, were only the beginning for the "transformation" in banking he envisages. "This is just in the footprints of what's going to happen here. As these technologies season and develop, we can imagine total transformation of the banking system, using blockchain for example, in a world where banks don't really exist anymore."
He was joined by Oliver Bussmann, the former chief information officer of UBS. Bussmann echoed Jenkins's comments, adding that blockchain was transforming finance by removing the need for middle men. "It's a new business model emerging which is decentralized, where the middle man is disappearing and this has been now introduced as an equity, so a lot of startups are now using the cryptocurrency to get funding and using this as a currency to get paid and also provide services," Bussman said. "So there's a different incentive now being set up that didn't exist before, and this is the reason we are seeing a rapid increase of this kind of business right now."
Among the recommendations Jenkins and Bussman have made for this banking 'transformation' are open banking platforms which allow third parties to manage their finances, blockchain technologies like artificial intelligence and cryptocurrencies, and headhunting for experts in areas of AI, big data, distributed ledger technology, and cybersecurity.