This is a preview of a research report published by Business Insider Intelligence, a “business insider” advanced research service. To learn more about commercial inside information, click here.
Almost every global bank is experimenting with blockchain technology in an attempt to release its promised cost savings and operational efficiency.
Banks are exploring this technology in a variety of ways, including through cooperation with FinTech companies, joining global consortia, and building their own internal solutions.
In this report, Business Insider Intelligence outlines why and how banks explore blockchain technology, provides details of the blockchain efforts made by the three major banks based on in-depth interviews, and emphasizes that the global banks are Other block-based salient experiments performed. It also discusses possible trends in the technology over the next few years and factors that are critical to the successful implementation of blockchain-based solutions by banks.
The following are some key conclusions from this report:
Most banks are exploring the use of blockchain technology to streamline processes and reduce costs. However, they are also looking to capitalize on other strengths, including increasing their competitiveness with fintechs and using this technology to create new business models.
Banks have begun to narrow their focus and are increasingly focusing on the tangible use cases of blockchain technology that can solve practical problems facing their businesses.
Regulators are increasingly interested in blockchain technology and are working with major banks to develop regulatory frameworks.
Blockchain-based solutions will begin to appear in different areas of financial services. The most successful solutions will solve specific problems for banks and attract enough networks to create a wide range of benefits.
According to the in-depth interviews, the blockchain introduced in detail the projects of UBS, Credit Suisse and Banco Santander, the three major banks.
Emphasis is placed on the factors that are critical to the successful implementation of blockchain-based solutions by banks.