Mike Mayo Believes This Year Is The Golden Decade For Banks

Mike Mayo the analyst for Wells Fargo declared during the CNBC news segment given on December 30^th “this is the golden decade of banks and technology.”

Mayo explained that the systems of the banking sector were never integrated despite the 90’s unseen bank consolidation. He then continued explaining that in the “aughts” decade, the 2000s, the banking sector experienced massive growth, which sadly ended in “tears” because of the financial crisis of 2007-2009 as per the reports that we have in our latest cryptocurrency news.

Mike Mayo noted that the financial crisis cleaned up this decade, a quarter-century after the central banks gave permission to banks to leverage their scale and growth. He pointed out that technology gave the banks opportunities to develop bigger efficiency and bigger returns in the new decade saying:

 “Technology is the enabler that will take 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.”

The decade that passed was a decade of recovery for the banks sourced from the financial crisis of 2007-2009. Mayo also predicts that the readiness of the financial sector for big leaps forward in the forthcoming decade is excellent. After 3 decades of continued fall back behind the market In generally Mayo noted that bank stocks are gaining readiness for a voyage of a great decade that Wall Street could not expect. The decade of the bank growth will be lead by new financial technology.
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Mayo did not concretely refer the technologies that will enable the banking sector to develop at that pace, but naturally, blockchain should be considered as an important part of that progression. According to recent findings from CBinsights, the seventh most prevalent investment area in 2019 for banks was blockchain, only to be surpassed by other investment priorities like real estate, wealth management, and capital markets.

Huge banks like JP Morgan, BBVA, and others at this time utilize blockchain technology for different goals. JP Morgan is developing JPM Coin, which utilizes the blockchain to produce instant payments around the globe. Worthy of a mentioning is that CipherTrace, blockchain intelligence company has researched that big banks could be processing up to $2 billion in unobserved digital asset transfers each year.