As more blockchain-based payment networks and fiat-backed digital currencies – including one from the largest U.S. bank – emerge, experts and analysts are predicting a sea change for the financial services industry.

"I think you're starting to see a growing consensus," said Matt Savare, a partner who works in the technology group of New Jersey-based law firm of Lowenstein Sandler LLP. "I do quite a bit of FinTech and I can tell you my clients… the banks, are inherently conservative – at least the large ones. But once they see other banks adopt new technologies, you see it snowball. Other banks will often join on in pretty quick fashion."

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