How BlockChain Technology is Changing the Banking Industry?

With Blockchain Technology, every transaction is made quicker and easier. Blockchain has already started transforming payments, and most of the banking services rely on blockchain for more benefits. In this blog, let’s see How blockchain transforms the banking industry in detail below.

How is BlockChain Technology Changing the Banking Industry?

Blockchain technology is an innovative technology that decreases the fraud in the financial world where 45% of the financial intermediaries like money transfer and stock exchange services are prone to financial crimes. While considering the banking industry, Blockchain technology is used in different ways. According to a report, using Blockchain Technology, the biggest investment bank could save $10bn to enhance the settlement and cleaning efficiency.

Blockchain is an Ideal Solution for FinTech Organizations:

• Blockchain can solve a lot of problems regularly faced by banks & financial organizations nowadays.
• Blockchain technology has various interesting characteristics that make it as attractive as Linux and Skype when they were first introduced.
• It also provides a high level of safety in storing and transmitting data, open and transparent network infrastructure, decentralization and low cost of operations.
• All these impressive characteristics make blockchain a really promising and in-demand solution, even in the much conservative and restricted bank industry.
• According to the research, over half of all top managers agree that blockchain is going to play a crucial role in the success of banking & financial organizations in the near future.

The Future of Blockchain Banking:

• Blockchain technology could have a huge impact on the procedures for handling and confirming transactions, optimizing assets, handling cash and a diversity of other businesses processes which consider for billions of dollars in expenses for banks every year.
• 90% of members of the European Payments Council believe blockchain technology will essentially change the banking & finance industry by 2025.
• The World Financial Industries specify that Blockchain technologies will use by most of the banks by 2020.
• The research reveals that by implementing blockchain, the world banking sector could save up to $20 billion by 2022.

How Can IntellectFaces Help You?

• We specialized in the custom Blockchain development of banking & financial solutions.
• We provide our clients with a comprehensive view of the blockchain-based technology landscape and its potential business implications.
• Our global team of experts works with every client to help develop smart strategies around effective use-cases, investment & implementation.