How Blockchain is Transforming the Financial Services Industry, 2020 Report
DUBLIN, Feb. 5, 2020 /PRNewswire/ -- The "How Blockchain is Transforming the Financial Services Industry" report has been added to ResearchAndMarkets.com's offering.
Blockchain has begun to come into its own in 2019.
In this study, we provide use cases and growth opportunities in 3 sectors: global payments, trade finance, and KYC/AML. These are 3 of the areas where Blockchain has been tested and leveraged with key use cases emerging in financial services; in particular, cross-border payments, and digital identification and verification. There have been use cases in smart contracts across multiple sectors; smart contracts have been especially effective in real estate, supply chain logistics, and law.
The enthusiasm for blockchain and its promise is demonstrated in the annual global survey that the publisher conducts on the state of digital transformation in different industries. We found in that survey tat the top 3 reasons banks, financial services companies, and insurance companies are investing in blockchain are: to improve the security of certain classes of data, enable systems with blockchain-specific capabilities, and to gain efficiencies in their external operating ecosystem. Financial companies identified the advantages they are already seeing from blockchain - it improves cost efficiency, enhances customer care, and facilitates further innovation.
Some of the strategic imperatives for financial services companies that are interested in transforming their operations with blockchain include education - internally and externally in their ecosystem; focus on customer expectations when developing technology; recognizing its advantages and what it enables, since it is only likely to continue to grow.
Key Topics Covered
1. Executive Summary
2. Market Overview
3. Current State of Blockchain in Financial Services
4. Trade Finance
5. Global Payments
6. KYC/AML Compliance
7. Growth Opportunities
8. Current State of Digital Transformation
For more information about this report visit https://www.researchandmarkets.com/r/vti8m0
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SOURCE Research and Markets