Blockchain technology and the innumerable buzzwords associated with it have been extensively circulated within the financial technology circles globally for well over past two years. The technology, which started gaining traction since late 2014 saw a peak in investments through 2016 with some even predicting the number to reach the $2.5 billion mark. However, because the technology impacts global financial systems at their very foundation, the identification of feasible use-cases and their implementation has been a rather daunting task for the majority of banks and financial institutions. Additionally, there have been uncertainties revolving around transaction speed, data privacy and regulatory repercussions of the blockchain, thereby increasing the number of variables in the blockchain equation.
In order to shed some light on the ground reality of some of the aforementioned variables concerning blockchain initiatives undertaken by financial services incumbents, LTP, in collaboration with Infosys Finacle conducted a survey of more than 100 financial services professionals from over 75 banks and financial institutions, including more than 50 CXOs. We would like to present the findings of this report which attempts to gauge the sentiment of the banking industry of the present and future of this technology.
Key questions answered by the report:
- What is their expectation on blockchain investments in 2017?
- Which blockchain use-cases do surveyed banks see as top three emerging opportunities?
- What according to the surveyed banks is the timeline on the commercial adoption of the blockchain technology?
- Which use-case would see the fastest commercial adoption in near future?
- Among permissioned, permission-less and hybrid blockchains, which one did surveyed banks intend to use in their blockchain initiatives?
- Between collaborating with a FinTech and joining a consortium, which approach did surveyed banks adopt?
- What, as per the surveyed banks are the top challenges to implementing blockchain solutions?
- Within surveyed banks, who will drive the implementation of their blockchain initiatives?
A copy of the full report can be downloaded here.
LTP, in partnership with Infosys Finacle, invites you to a webinar on February 28, 2017. The target audience for the webinar: financial services professionals who seek to deliberate on survey insights with industry leaders and better grasp the ground reality of the global landscape for blockchain technology in banking.