Bank Software Specialist Temenos Group’s CEO Talks Bitcoin And Crypto’s Future Outlook
The CEO of Temenos Group, David Arnolt, which is considered to be one of the largest firms that specialize in software for different banks, went ahead to speak about Bitcoin. They also spoke about the other crypto coins in the market plus the blockchain technology; this was during an interview conducted with the CNN Money Switzerland.
The CEO also went ahead to say that the banks that are across the world have not been evolving over the past 40 years, the reason being they have not received the needed competition. But with Google in place and the entry of Apple and Amazon, banks have woken up and started to spend more money on their digital transformation, especially the Swiss Bank.
He also went ahead to ask if the local banks in the market could actually go ahead and collapse if they failed to take the needed steps to hop on the blockchain technology together with the Fintech bandwagon. He said that it is a possibility this could happen; as a result, it makes it very difficult to predict the future of banks in this ever growing market.
It is because the current structure of banks in the market are a little different from the structure of banks that were present 20 years ago. David also added that their company supports the concept of blockchain but when it comes to the technology, it will not have any drastic impact on their current business. He also said that the company would be making an announcement that will involve the crypto-coin and the blockchain space in the next few days.
A Few More Comments
The CEO went ahead to state that they are in a position to support the cryptocurrency. The company has several activities taking place back in Zurich; this is in terms of promoting the alternative use of technology on the market. And this is not all as the company also supports the distributed ledger technologies.
He was also asked on the plans of the company in using the cryptocurrency and if they will go ahead and choose Ethereum, Bitcoin and the other coins in the crypto market. He commented and said that it wouldn’t be the company that will decide, but the banks in the industry will make the call.
He firmly believes that the banks in the crypto market has a role including the tokenization, he added that in fact, the banks could be a good custodian for the market space.
He also went ahead to speak about the concerns around the regulation in the market. He went ahead to say that they are slightly on the fringes because the company is waiting for the regulatory environment to get sorted out. And till then there are specific questions will get answered like the use of automatic KYC checks plus the several questions that are concerning the market.
He also said that companies tend to spend a lot of money on their research and development than any type of banking software around the world. But he insists that they will be there first, thus expected to see an announcement being made in the next few days.