Home>EXCHANGES>Wells Fargo Needs Tech Upgrade, Time to Partner With Ripple?
EXCHANGES

Wells Fargo Needs Tech Upgrade, Time to Partner With Ripple?



Wells Fargo customers are not satisfied with the bank’s old technologies and systems and call for an upgrade. Is it time to adopt blockchain-based solutions or distributed ledger systems like Ripple? While this might be the story of other US banks, Wells Fargo’s struggle is quite representative.

From Innovative to Primitive
Back in the ‘90s, Wells Fargo was the first American bank to offer online banking. However, the lender is falling short of clients’ expectations in terms of innovations, according to current and former employees.
Recently, the Wall Street Journal (WSJ) reported on the bank’s archaic systems. While Wells Fargo has enhanced its tech offerings, including contactless debit cards, online mortgage applications, and card-free ATMs, the bank is still struggling with problems across tech operations.
What’s worrying is that the top management often doesn’t seem to care. For example, the lender’s division monitoring initiatives like Apple Pay had missing documents on a regular basis, as their creation and verification was mostly done manually. Mark McAllister, a project manager in the unit from 2014 to 2019, raised concerns about the issues, especially because regulatory compliance was at stake. However, he was fired shortly after apparently because of bothering senior executives.
It is not the first time when the WSJ reports on Wells Fargo’s tech problems. By June 2018, the bank had faced issues like software vulnerabilities, risk-management problems, and cybersecurity concerns, among others.
Last year, the bank’s online and banking systems shut down for hours. Its servers in a Minnesota data center went off after an incident.
Add to this the fake-account scandal in 2016 and you can understand that the lender is almost dealing with a tech crisis.
After the scandal, the old systems have made it challenging for Wells Fargo to meet regulatory requirements. This is the conclusion of more than a dozen of current and former workers. The company has found difficulties with basic tasks such as supervising workers’ pay and creating a new platform for financial advisers.
Can Blockchain Save Wells Fargo?
In October of last year, the new CEO Charles Scharf said in his first meeting with employees:
“We need to be a technology company.”
The bank’s tech boss Saul Van Beurden told the media that his top priorities revolved around fixing regulators’ complaints, attracting talent and making sure servers don’t go offline again.
Big banks spend billions on digital systems and employ tens of thousands of people to ensure the smooth upgrade to innovation. Given that Wells Fargo requires an urgent update, it has the chance to adopt the latest technologies, and blockchain would be the first option.
The distributed ledger technology (DLT) can ensure the security of data and prevent systems from going offline. It can also bring in transparency and speed up processes.
In fact, the bank is already working on its own stablecoin that is due to launch this year. Payments with the USD-backed coin will work with a dedicated platform.
Ironically, Wells Fargo is not supportive of cryptocurrencies like Bitcoin – the first use case of blockchain. The bank doesn’t let its customers buy Bitcoin.
What About Partnering with Ripple?
If the oldest cryptocurrency doesn’t have its place at Wells Fargo, another mainstream coin could be welcomed by the bank. Ripple is a global blockchain network operated by a company that claims to maintain the decentralized aspect of the system. Major banks, including MUFG Bank, Standard Chartered, Banco Santander, SBI, and American Express, have already partnered with Ripple to use its payment system.
The chances are that Wells Fargo will be the next big name to adopt Ripple’s technology, which could be another step for the bank’s upgrade. Last year, Ripple CEO Brad Garlinghouse said that half of the world’s largest banks would be using XRP by the end of 2020. On a side note, Wells is the 13th largest bank.

‘We Need to Be a Technology Company.’ Wells Fargo Struggles With Aging Systems.
Brad Garlinghouse had said it earlier in 2019 that by the end of 2020 half of the worlds largest banks will be using XRP.
Wells Fargo is the 13th largest bank#XRP #xrparmyhttps://t.co/HvMn7S2gEZ
— XRP Enabled (@XRPEnabled) January 12, 2020

Some internet onlookers suggested that Wells Fargo and Bank of America – another large US bank – were having discussions with Ripple regarding potential partnership, though this information couldn’t be confirmed as of today.
Nevertheless, while Ripple can provide several benefits to Wells Fargo, especially in terms of speed and transaction security, it is hardly likely that the bank will use XRP amid the ongoing Ripple lawsuit.
All in all, much depends on the US Securities and Exchange Commission’s decision on XRP’s status.
Do you think Ripple will help Wells Fargo update its system? Share your thoughts in the comments section!

Image via Shutterstock, Twitter @XRPEnabled The post appeared first on Bitcoinist.com.

 

source: https://bitcoinist.com/wells-fargo-needs-tech-upgrade-time-to-partner-with-ripple/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BAT

Send Tip now!

Post source: Wells Fargo Needs Tech Upgrade, Time to Partner With Ripple?

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com



  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary