Traditional financial institutions today are in a race for faster and up to date banking technology. Ripple is positioning itself as the solution to significant banking inefficiencies. Consequently, banks are investing in blockchains lest they are outdone. In January 2019, for instance, Ripple made an announcement that it had over 200 global banks as their partners.
Banks, due to technological advancements, have found themselves in a sink or swim situation. Their market is flooded, yet filled with finicky, demanding customers. The fast and affordable transactions speeds that Ripple brings will help them stand out from the pack. Ripple has also partnered with the Gates Foundation‘s MojaLoop, to build a financial internet for the financially marginalized.