How will Blockchain assist the banks?

“Reasoning how this will be possible, the company that specializes in providing best-in-class market research and business intelligence across 6 key sectors, said that blockchain will assist in cost reductions in payment processing, reconciliation, treasury operations and compliance.

Juniper Research made this major FinTech tweet on 1st August based on their press release, stating: “#Blockchain deployments to save #Banks more than $27bn annually by 2030, with cost reductions not just in #Payments processing and reconciliation, but in treasury operations and compliance. #Fintech #Banking”

The research findings claim that there will be an 11% reduction in costs per on-chain transaction.

The company further stated: “Indeed, the research argued that in compliance, automation of identity/money-laundering checks, allied to capability of the blockchain to verify the digital identity of an individual, should enable savings of up to 50% of the existing costs base within a few years.”

However, the research also cautioned about the need to parallel-run blockchain-based services with legacy systems. This would ensure that ‘savings would not be realized for several years after initial deployment, with annual cost reductions not reaching $1 billion per annum until 2024’.”

Moreover: https://bcfocus.com/news/blockchain-banks-27bn-2030/20481/

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