Free sign-up Sign in
Free sign-up Sign in
GlobalData

Blockchain

Retail Banking Technology

< View all reports

Blockchain Report, Retail Banking Technology Report

Blockchain in Retail Banking - Thematic Research

Blockchain technology will play a major role in a wide range of sectors, including financial services.

Blockchain could reduce costs while opening up opportunities for innovation and removing barriers for entry. Currently a new bank has to invest heavily in infrastructure. With a blockchain system, potentially, a new bank could just connect to the existing network. The analogy is an on-demand or cloud system for banks.

shutterstock_1044058180_LandingPage
  • What you need to know...
  • Blockchain is a nascent industry. It is moving beyond the incubation phase, but it is still largely the domain of proof-of-concept projects and small-scale production deployments.
  • Some of the world’s most powerful companies – including Goldman Sachs, IBM, and Microsoft – are investing heavily in DLT to gain an early edge as it moves beyond incubation phase and bitcoin exclusivity.
  • DLT will play an important role in enabling new business networks, and it will find its way into the core of many mainstream processes.

Impact of blockchain on retail banking

At its simplest, a bank runs a database and records claims against it. There are thousands of banks which all do pretty much the same thing. Each of them builds and maintains its own systems to support their work. Not only is this very expensive, it introduces barriers for automated communication and integration.

DLT has the potential to provide a universal distributed system that can be used by many institutions. This drives efficiency and brings systems together allowing for improved quality of service, opening up options for new products and services.

Purchase Today

Single user $ 1,950

Buy Now

reportstore@globaldata.com

+44 (0) 161 359 5813

Not ready to buy yet? Download our free report series guide on Retail Banking Technology:

I consent to GlobalData collecting my details provided via this form.

You are in control of the communications you receive from us and you can update your preferences anytime to make sure you are receiving information that matters to you. Please check our GlobalData Privacy Policy to see how we protect and manage your submitted data.