The Currency Scene:
News, Events, and Stories about currency from around the world.

Banking

Where do bankers' children bank?

Much has been written about millennials and the way they bank, but what of those with a banker in the family? Does having an insider’s view change the way this select set of millennials bank? What we found after talking to several bankers with adult millennial children (and some with slightly older Gen X kids) is that the answer, in short, is “No.”

Read more ...

Wall Street's Obsession With Blockchain And the Future Of Banking

Anyone who sends money abroad knows how inconvenient it is. Banks take days, sometimes weeks, to clear payments, and they collect a hefty fee in between. And God forbid, when errors occur, money vanishes into thin air. “Banking now is like sending a letter—you send it [and] you don’t know if it reached [its destination],” observed Chris Larsen, CEO and co-founder of Ripple, a San Francisco-based startup. His vision is simple: Money transfer should be like sending an iMessage, where you immediately know if and when it arrives. It’s a bold, disruptive idea for sure, but it’s a vision eagerly embraced by heavyweights on Wall Street.

Read more ...

Wells Fargo CEO John Stumpf predicts demise of user names and passwords

It's been a long time since a big bank CEO discussing the state of his industry sparked spontaneous applause. But that's what happened when Wells Fargo Chairman and CEO John Stumpf talked technology to those attending the Bay Area Council's 2016 Economic Outlook Conference in San Francisco May 17.

Read more ...

Could virtual reality be the next big thing in banking?

While we have been hearing predictions about the disruptive impact of virtual reality (VR) headsets for many years, questions still remain. Now that some models have finally made it to market (including the Oculus Rift from Facebook), we must ask: Could VR devices also cause similar disruption within the banking industry?

Read more ...