Image via Flickr user Quoteinspector.com.
Technology has accelerated business development in all industries, and for banking, that means financial technology (fintech) and cryptocurrency.
The Greater Sacramento Economic Council is host a Zoom webinar at 10 am Thursday on “The State of Fintech and Cryptocurrency”.
Ciaran McMullan, CEO of Suncrest Bank at Visalia, The Valley, chairs the webinar. He’s one of nine guests, who range from CEOs of banks to CEOs of fintech.
Ally Medina will represent Blockchain Advocacy Coalition, which educates lawmakers and regulators on blockchain technology – the platform that operates Bitcoin. Medina is the executive director of the coalition.
The webinar will discuss the future of fintech, regulatory and compliance considerations for cryptocurrency, and the idea that this form of currency is an investment opportunity.
McMullan believes fintech will be the # 1 talking point throughout 2021.
McMullan said fintech helps generate new business (loans or deposits) and helps banks become more efficient at serving this business. If done right, it streamlines banking operations while generating more income.
Steve Jones, COO of Suncrest Bank, said payment processing is a big part of fintech.
This payment processing is giving way to cryptocurrency, which Jones says is under heavy scrutiny by regulators in the banking and financial industry.
Cryptocurrency has been accepted institutionally, and it is also referred to as peer-to-peer.
Many players in the banking industry are trying to gain a better understanding of cryptocurrency.
“We both know the difference between a fad and something that’s here to stay. And this is not a fad. There will be no looking back on how organizations have pivoted over the past 12 months. Not at all, ”McMullan said.