Financial Services Retailers – Blockchain Will be Most Significant Technological Innovation Since the Internet

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Nearly two-thirds (60 percent) of global financial services retailers who have some understanding of Blockchain believe it will prove to be the most significant technological development since the internet, according to research undertaken by Marketforce. The study was conducted on behalf of strategic business applications provider Pegasystems Inc. (NASDAQ: PEGA) and Cognizant, a leading provider of information technology, consulting, and business process outsourcing services.

Graham Lloyd, Director and Industry Principal of Financial Services at Pegasystems, said:

“For many, the jury is still out on whether or not Blockchain will be a force for good or not. However, we do know there’s no longer room to be complacent about such a potentially significant source of disruption. Banks and insurers must prepare themselves for the day when they might have to manage Blockchain-stored customer data – whether it be their personal information, details of their assets, or even real-time data from virtual currencies.”

“To do this, they will need to take the time to understand Blockchain and how this emerging technology could affect them moving forward. The earlier this technology is understood at the highest levels of the business, the sooner organizations will be able to develop strategies to mitigate risk and harness the power of digital transformation. The smart players are those who already have teams dedicated to exploring this new technology.”

The study surveyed 500 financial services and insurance industry executives across 56 countries to examine the challenges and opportunities they face in a time of rapid technological change. It highlighted the fact that although the overwhelming majority of those who had an understanding of Blockchain see it as a potential game-changer across the global financial services landscape, there are still a significant number of organizations who risk being left behind as a result of their own lack of knowledge or understanding. Indeed, more than one-third (35 percent) of all global respondents admitted they have never heard of Blockchain while of those who had, nearly a quarter (23 percent) said they had no understanding of the technology.

However, the study also found that those who understood Blockchain thought it would have a significant impact on the financial services industry moving forward, suggesting that the industry should be doing more to educate themselves as to its potential effect. More than half (53 percent) of respondents said the technology would have a significantly disruptive impact in clearing and settlement markets, while more than one-third (36 percent) also expect to see significant disruption from Blockchain on the checking accounts market. Meanwhile, almost half (45 percent) of respondents agreed the combination of Blockchain wallets and Peer-to-Peer lending could even herald the “end of banking as we know it.”

 

To download a copy of the Future of Retail Financial Services report, please visit: http://www.pega.com/future-of-finance

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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