Industry Report: Blockchain Technology Will Save Banks Billions
Accenture Consulting recently teamed with McLagan, a business unit of Aon plc and a capital markets benchmarking provider, on an in-depth impact analysis of blockchain technology’s ability to improve efficiency for investment banks. “Banking On Blockchain, A Value Analysis For Investment Banks” examined cost/benefit analysis, business applications and ROI. Blockchain technology allows multiple parties to share access to the same data simultaneously with improved confidence. Because different parties typically maintain their own data, processes are usually plagued with inefficiencies like....
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Accenture, a $75 bln consulting and professional services firm, revealed in its report that the implementation of Blockchain technology could save investment banks up to $12 bln a year. The report entitled “Banking on Blockchain, a Value Analysis For Investment Banks” released by Accenture Consulting in collaboration with Aon, is based on a survey which the firm’s researchers conducted with eight major investment banks. According to the report, the utilization of Blockchain in supplementing manual processes and operations of banks can save organizations up to 30 percent in annual savings....
According to a report released by Santander, using blockchain technology could allow banks to save as much as $20 billion. The research is called "The Fintech Paper 2.0" and was created in collaboration with fintech venture fund Anthemis and research firm Oliver Wyman. "It is only a matter of time before distributed ledgers become a trusted alternative for managing large volumes of data," the paper indicated. It revolves mostly on how emerging fintech technologies, including the decentralized ledger behind digital currencies, could affect banks. Blockchain Technology in Banks. Blockhain....
Blockchain technologies could reduce banks' infrastructural costs by $15-20bn a year by 2022, a new report from Santander InnoVentures claims. The FinTech 2.0 Paper, produced in collaboration with Oliver Wyman and Anthemis Group, says distributed ledger technology could save banks money by eliminating central authorities and bypassing slow, expensive payment networks. Beyond payments, its authors identify other areas of potential for distributed ledgers, noting: "In time, distributed ledgers will support 'smart contracts' - computer protocols that verify or enforce contracts. This will....
According to a new report released by Big Four Accounting firm PricewaterhouseCoopers (PwC), the Fintech revolution will not revolve around blockchain innovation per se, though it will remain at the top of trends in the banking industry. Meanwhile, banks are still preferring to integrate “easier” solutions, which will optimize day-to-day operations. One....
A new report from Accenture posits that large investment banks could cut operational costs by as much as $12bn annually by implementing blockchains in their business. Released today, the report (co-written with benchmarking consultancy McLagan) focuses on the kinds of cost savings investment banks could potentially achieve through use of the tech to streamline various office functions. Financial reporting expenses, for example, could fall by at least 70%, whereas compliance costs could drop between 30% and 50%, according to Accenture. Overall savings, the firm suggests, could be between....