THELOGICALINDIAN - According to a new address appear by Big Four Accounting close PricewaterhouseCoopers PWC the Fintech anarchy will not circumduct about blockchain addition per se admitting it will abide at the top of trends in the cyberbanking industry Meanwhile banks are still preferring to accommodate easier solutions which will optimize daytoday operations
PWC on Banks’ Innovation Priorities
One of the added appropriate things to booty agenda of in this PwC report is how banks anticipate the approaching technology trends apropos the advance of their own casework and operations. As one would appear to expect, the easier solutions are at the top of that list, while blockchain technology is appear the basal as it will be a challenge to accommodate with an ancient bequest system.
However, banks and added cyberbanking players charge to accumulate in apperception how easier solutions are not consistently the best accessible option. Granted, this could advance to faster improvements in the abbreviate term, but these solutions may lose some of their amount over time. The chase for mobile payments and cyberbanking supremacy will not be easy, though, and demography shortcuts could aching companies in the continued run.
Consumers all over the apple are attractive for simplified user acquaintance options, which is not article blockchain technology can advice with appropriate now. At the aforementioned time, convalescent the user acquaintance can be done by authoritative some UI updates, such as simplifying menus, and absolution adaptable applications. But do not belittle the ability of amusing media either.
The PWC address explains this bearings as follows:
At the aforementioned time, there is a ample focus on convalescent the security of armamentarium transfers and authoritative payments easier and added convenient. These are two areas area blockchain technology could accomplish a big appulse acknowledgment to the all-embracing security of cryptographic measures complex in the transaction system, and the accessibility of actuality cross-platform compatible. That actuality said, the blockchain is not anon actuality advised as a way to accouterment this problem, alike admitting digital wallets are not alfresco of the branch of possibility.
Promising But Future Uncertain
Although the PWC address mentions how blockchain technology is “the abutting evolutionary jump in business action optimisation,” there seems to be a lot of ambiguity apropos the approaching of distributed ledgers in the banking world. Most participants of the PWC analysis accede the accent of this technology, but the majority charcoal on the fence as to whether or not they will accommodate this band-aid anytime soon.
“A cardinal of start-ups in the field, such as R3CEV, Digital Asset Holdings and Blockstream are actively alive to actualize absolutely new business models that would advance to accelerated ‘Creative Destruction’ in the industry,” the PWC Global FinTech Survey 2024 states. “The adeptness to coact on both the cardinal and business levels with a few key partners, in our view, could become a key aggressive advantage in the advancing years.”
As was to be expected, best of the drawbacks axis alternating from the benightedness with blockchain technology, as actual few banking players feel they acquire the all-important ability to see the bigger picture. However, this averseness could additionally advance to bazaar participants underestimating the appulse of blockchain on their circadian activities, affliction their all-embracing business as competitors accretion a aggressive edge.
Are banks underestimating the ability of blockchain technology for their business? Let us apperceive in the comments below.
Source: PWC Global FinTech Survey 2016
Images address of PwC, Shutterstock
