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The financial sector is ever-changing. As the digital revolution continues to impact the industry, we are reading, year after year, about the arrival of blockchain technology and its widespread implementation. Nowadays, however, many skeptics are beginning to wonder if this will ever happen. Others firmly believe that blockchain is going to become an infrastructure technology – like the internet. No one really cares how the internet works, but it has become integral to our daily lives. The same will be true of blockchain.
Blockchain technology has long been associated with cryptocurrencies such as Bitcoin, but there is so much more that it has to offer, particularly in how public and private organizations secure, share and use data. It has the potential to cut costs, speed up domestic and cross border transactions, and reduce risks of fraud by enabling real-time authentication.
The financial industry is recognizing this transformative impact of blockchain technology. 9 out of 10 CEOs of banks agree that blockchain will disrupt the banking and financial industry.
Some experts claim that blockchain’s potential for reducing bank’s infrastructure cost is 30% andaccording to a Goldman Sachs report – the banking sector can achieve a 10% headcount reduction with the introduction of blockchain in the KYC procedures, which means $160M in cost-saving annually.
It is also thought that blockchain can save up to 70% of operational costs and between 50-100 % of cloud storage costs.
The entire annual saving potential for banks using blockchain is estimated to a whopping $8.12 Billion.
The blockchain technology will have a big impact on the insurance industry as well, through significant efficiency gains, cost savings, transparency, faster payouts, and fraud mitigation while allowing for data to be shared in real-time between various parties in a trusted and traceable manner.
The Blockchain Finance Forum: Europe 2021, through a series of top-level presentations, interactive panel discussions, and solution-based case studies will explore the effects that this new disruptive technology has on the European financial sector, and at the same time showcase the best practices and models to recognize and seize the opportunities to generate new revenue, deliver process efficiency, improve end-user experience and reduce risk in business operations that come with it.
Meet the market leading companies and listen to their best-practice examples and case studies on blockchain technology supporting the financial sectorHear from engaging speakers – blockchain experts, cryptocurrency leaders, solution providers and startup founders who think outside of the box and can offer exciting new ideasLearn how companies with the help of blockchain can enable faster and more transparent payments, reduce the KYC and onboarding costs and improve operational efficiency, and achieve automated regulatory complianceUncover new products and technology and explore new market opportunitiesGain a competitive advantage in a rapidly changing business environmentA unique platform to share know-how among industry peers and grow your professional network