UBS CEO: Blockchain is the future of traditional banking, integration is inevitable

ChainCatcher reported that UBS Group CEO Sergio Ermotti stated at the World Economic Forum in Davos, Switzerland this week: Blockchain is the future of traditional banking, and the two will merge.

In 2018, he said that blockchain was almost a necessary condition for enterprises to remain competitive, and now asserts that integration is inevitable. At that time, he predicted that blockchain would change the industry's cost structure within 5-10 years, and this timeline is now approaching.

Ermotti's remarks are consistent with the views of Fidelity CEO Abigail Johnson. In December last year, Johnson criticized the underlying technology of traditional finance as primitive and concerning, stating that the existing system is a complex network of reconciliation processes built on primitive technology.