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Banking Giant UBS CEO Says......... Blockchain Will ‘Reshape’ Banking

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The CEO of Swiss banking giant UBS, Sergio Ermotti believes there is a future for blockchain technology, and that blockchain will play a big role in changing and reshaping our industry."

He told CNBC that he believes Blockchain technology will “likely reshape” the way banks do business. UBS is already heavily invested in the new technology, partnering in the Batavia project with IBM, Bank of Montreal, and others.

Sergio Ermotti, said "Our strategy there is very simple. We try to initiate and get as many other financial institutions and clients into teams like trade finance with other banks and IBM was a successful venture…allowing banks to operate and transact at a cheaper, more efficient level.”

Though excited about the possibilities that Blockchain technology holds for the banking sector, the CEO was ambivalent toward Bitcoin preferring to comment on blockchain that meets needs of the sector.

The statement should not come as a surprise given the involvement of UBS with the technology as an efficiency enabler to increase efficiency and decrease costs of operations.


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