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

156

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group

Share with:


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

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group
SHARE
Previous articleAlign Commerce Obtains Insurance Covering Blockchain Payments
Next articleSantander Becomes First UK Bank To Introduce Blockchain Technology For International Payments
Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.