Bitcoin enthusiasts are looking forward to bringing banks to their knees. Even though that seems highly unrealistic right now, a lot of US consumers seem to share this opinion. A recent survey goes to show most consumers are fairly certain institutions will cease to exist in their lifetime. A rather surprising finding, although it goes to show trust in financial institutions is at an all-time low.
It is somewhat surprising to find out Americans believe the system of banks will come to an end. Nearly 60% of respondents to a Blumberg Capital survey seem to share this sentiment. Banks are struggling to keep up with consumer demands, which are always shifting and changing.
Whether or not financial institutions will completely disappear in the years to come, remains anybody’s guess. But it is certain consumers and enterprises are flocking to alternative finance like never before. Fintech and cryptocurrencies provide services and tools that the banking system cannot.
Banks Continue To Struggle With Innovation
To put things into perspective, 57% of survey respondents believe banking institutions will disappear during their lifetime. In most cases, this still means institutions will be around for several more decades, giving them ample of time