Mike Mayo is Wells Fargo’s analyst. In CNBC news segment on December 30, 2019, Mayo noted that “this is the golden decade of banks and technology.”

According to him, despite the bank consolidation in the 1990s that led to the merger of banking businesses, yet there was no systems integration. However, by the time the aughts decade (the 2000s) emerged, the growth experienced by banks was exorbitant but did not end well because of the financial crisis that happened between 2007 and 2009.

Mayo continued that the cleaning up of the financial crisis happened in the decade that ended in 2019. The clean up occurred 25 years following the first time banks were allowed to clout their scale and growth.

Mayo mentioned the role of technology enabled for banks, which is to ascertain better performance and returns. It is noteworthy that some of the technologies may include blockchain, machine learning and mobile banking.

He forecasts big advancement in the financial sector within the immediate ten years. He noted that the previous three decades were characterized by broader market’s backward status but in the new decade, bank stocks are preparing for a big move that Wall Street might not anticipate. However, technology will enable the prosperity of banks in the decade.

Mayo did not specifically mention the technologies that will allow the advancement in the banking industry. Nevertheless, blockchain may play a crucial role.

Recently, the findings from CBinsights noted that blockchain technology was the seventh most renowned investment area for banks in 2019. At the moment, some of the leading banks that utilize blockchain technology for various things include JP Morgan and BBVA.

JP Morgan is trying to come up with JPM Coin, which utilizes blockchain for instantaneous payments worldwide.

According to CipherTrace, big banks could be processing a maximum of 2 billion USD every year in undetected transfers related to crypto. CipherTrace said it was able to uncover unregistered crypto businesses owned by leading 10 banks in the U.S., being used to process funds.