Wells Fargo analyst Mike Mayo announced during a Dec. xxx CNBC news segment that "this is the gilt decade of banks and technology."

Mayo explained that while the 1990's had record bank consolidation (cyberbanking businesses merge with each other), systems were never integrated. He so explains that in the "aughts" decade – the 2000s – banks saw excessive growth, which unfortunately concluded in "tears" due to the financial crisis of 2007-2009.

Mayo pointed out that the financial crunch was cleaned up this decade, twenty-v years after national banking first permitted banks to leverage their calibration and growth. He noted that  technology better enabled for banks (which could include emerging tech such every bit blockchain, auto learning and mobile cyberbanking) will ensure efficiency and ameliorate returns this decade, stating:

"Technology is the enabler that volition have banks on multi-year trends to improve efficiency and ensure better returns with a lower risk profile that is still being under appreciated by the Street."

What this all means

The decade we've only finished has been one of recovery for banks reeling from the financial crunch of 2007-2009

Mayo predicts that the fiscal sector is ripe for big advances over the side by side 10 years. After iii directly decades of lagging the broader market place, Mayo notes that bank stocks are getting ready to embark on a big decade that Wall Street might non be expecting. That decade of thriving banks volition be applied science-enabled.

Does this include blockchain?

Mayo does not specifically refer to which technologies will enable advances for the cyberbanking manufacture, just blockchain could be an of import element for moving forwards.

According to recent findings from CBinsights, blockchain engineering has get the 7th most popular investment expanse for banks this year, trounce by other investment priorities like real estate, wealth management, and capital markets.

Major banks such as JP Morgan, BBVA, and others currently use blockchain technology to different ends. JP Morgan is working on JPM Coin, which uses blockchain to make instantaneous payments around the world.

It bears mentioning that blockchain intelligence house CipherTrace has found that large banks may be processing up to $ii billion in undetected cryptocurrency-related transfers each twelvemonth.

In a printing release shared with Cointelegraph on Dec. 16, CipherTrace claims that its research unit has uncovered that every i of the United States' superlative 10 commercial banks have unregistered cryptocurrency businesses (like crypto exchanges) using their payments networks to process funds.