Results tagged “truly digital banking”

Trends Reshaping Banking in 2017

From a bank's perspective, the glass is both half empty and half full as we head into a new year. The financial services industry continues to experience unprecedented change. One set of factors is purely environmental - sluggish global macroeconomic growth that shows no signs of picking up, rising regulatory capital and operating costs, depressed interest rate environments in developed markets, large non-performing assets in developing economies, and devalued currencies in several pockets, to name a few. This is putting further strain on the banking business, which is already bogged down by a marked slowdown in growth and profitability. 

Blockchain - A Strong Link in the Banking Chain

One of the hallmarks of truly digital banking - which is the theme for the Finacle track at Confluence - is the role of the vast banking ecosystem. As a variety of banking and non-banking players collaborate and co-create to offer customers universal banking services, they would need a robust, secure mechanism to facilitate their interactions.

One of that mechanism is very likely, the Blockchain. There is a huge amount of interest in this technology, which has the potential to transform the way the industry works. Investment in Blockchain projects is expected to surpass USD 1 billion next year, and a number of banks are already experimenting with it quite seriously. Barclays, for instance, has a partnership with P2P payments provider Circle, which uses the Blockchain network. Then there's Visa, one of the participants in a USD 30 million investment in Chain, a Blockchain development platform. There are several ways in which Blockchain technology can improve capital market transactions, and a consortium of 42 banks is already working with Fintech firm R3 to examine some of them.

1