Banking process are complex and inefficient, resulting in the lose-lose proposition of high costs for banks and poor service for customers. There are many causes for this current state, chief among them: multiple platforms for different jobs; multiple repositories with overlapping data; continuing reliance on paper-based processes integrated with digital interfaces; and, centralized processes that are resistant to change or exposure to failure. Ongoing regulatory changes are only adding pressure to the situation. Many are looking to blockchain as the silver bullet, the answer to all of their problems. While blockchain does offer significant benefits, it is not a panacea. Banks need to evaluate and strategize carefully where and how can they put the technology to the best use. We identified some high-potential use cases for blockchain – the major ones in banking and financial services include trade finance, KYC, syndicated loans, and corporate action.
This viewpoint explores KYC, syndicated loans, and corporate action in detail with a focus on:
Challenges in traditional KYC, syndicated loans, and corporate action systems
Benefits of blockchain in KYC, syndicated loans, and corporate action
The belief that quantum computing is futuristic and will mature years into the future is a myth. Market developments and activities on quantum computing in the last couple of years have proved that. It will mature at an accelerated pace, faster than…
