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

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

In 2018, he mentioned that blockchain is almost a prerequisite for companies to remain competitive, and now asserts that the merger is inevitable. He predicted at that time that blockchain would change the industry's cost structure within 5-10 years, and that timeline is approaching.

Ermotti's remarks align with those of Fidelity CEO Abigail Johnson. Johnson criticized traditional financial underlying technologies as primitive and concerning last December, stating that the existing systems are built on a complex network of reconciliation processes based on primitive technologies.