UBS: banking industry will be "rocked to its core" by cryptocurrencies

Alex Batlin, Senior Innovation Manager at UBS, has reportedly predicted that cryptocurrencies will be one of the primary disruptive game-changers to emerge from the FinTech (financial technology) industry. According to recent reviews of Mr Batlin's research findings, digital currencies such as Bitcoin are set to dominate the financial world due to their convenience in eradicating the need for central banks in favour of more direct and efficient user-to-user transactions. Market conditions created by the sub-prime mortgage crisis and the general distrust of financial services "middlemen" are two other key reasons given by Mr Batlin for UBS's enthusiasm for investing in the rising popularity of this technology. The main losers in the scenario Mr Batlin predicts are banks and payment infrastructure services, who the article claims will be "rocked to their core"; Mr Batlin explains: “No need to open bank accounts or deal with Visa, PayPal etc. Imagine if just half of the unbanked started using Bitcoin; would the rest of the world be able to resist?”

UBS Executives Tout Cryptocurrency as Game Changer

December 30, 2015 By: Mike Dautner

Executives at UBS, the largest bank in Switzerland, touted cryptocurrencies as one of the primary game changing and disruptive technologies coming from fintech.

Alex Batlin, Senior Innovation Manager at UBS, has been following trends in the cryptocurrency industry for some time now.

At UBS, Batlin focuses on research projects that gauge the progress, development and practicality of cryptocurrencies and blockchain technology.

Batlin has been with UBS for over a decade now, and has been the head of fintech research for several years now. He believes that bitcoin was made popular due to market forces created by the subprime mortgage crisis.

One point he focused on was both the distrust of the financial services industry, and the unnecessary role financial servicers provide as middlemen.

Batlin has been writing and discussing the impacts of the fintech industry for years now, and is one of the most outspoken supporters of the disruptive nature of financial technology firms.

In particular, Batlin believes bitcoin and other cryptocurrencies will rock the banking industry to its core. “No need to open bank accounts or deal with VISA, PayPal etc. Imagine if just half of the unbanked started using Bitcoin – would the rest of the world be able to resist?” he said.

Not only does Batlin believe bitcoin will dominate the financial services industry, he’s put it into practice. Last August he and his team launched a blockchain research competition that offered more than $300,000 is rewards.