The chief executive of Canadian Imperial Bank of Commerce (CIBC) recently expressed his opinions on the disruptive payment technologies like Bitcoin.
Victor Dodig, who was attending the launch of their new mobile payment application Suretap in Toronto, said during a QA round that CIBC does not feel threatened by the challenges Bitcoin and similar peer-to-peer technologies pose to its business; instead, the bank is closely studying them in the interests of its own benefits.
Dodig meanwhile rubbished the theories that favors new payment platforms over traditional banking sectors, especially when it comes to abducting the latter’s market share. “Will clients move in droves to these new technology platforms to do their lending,” he asked himself and stated:
“I don’t think so. It won’t happen that quickly.”
As Dodig noted new p2p payment startups as less-severe threats to CIBC, he never shied away from accepting peer-to-peer lending platforms as serious competitors. The disruptive lending platforms, as noted by many, has eased down one’s attempts to secure loans — without the need to go through banks. Dodig believed that such kind of competition would certainly force bankers to chop down their fees.
Recently, a US-based loan financing service,