From what we can observe in the market, 2016 is the year which sees the move from the hype phase to prototype phase. We predict the development and launch of the first blockchain PoCs in the financial services industry at a company level. In this scenario, the majority of financial institutions interviewed seem unprepared to tackle the upcoming challenge.
A radical change in culture is required to re-think banks’ business models in order to prosper in the future. However, only a few industry participants like Bolero are grasping this while most seem to be focusing on “old-world” use cases as 60% believe that payments will be their initial focus, while in this area a unicorn already exists: bitcoin!
Leaders across financial services institutions are both concerned and excited by the businesses implications arising from blockchain technology. Firms across the globe have begun to educate themselves and are now exploring how the blockchain could be used to bring new services to the market and to enhance existing business and operational capabilities.
In this Paper, based on an EMEA FSI C-Suite survey of over 3,000 people conducted jointly by EFMA and Deloitte, we seek to explain how blockchain can impact the financial services industry and how companies are reacting to this development.
Leveraging on these insights and on Bolero Crowdfunding's real life experience, the paper will present a view of what is driving the blockchain journey of financial institutions, where they currently stand and what actions are needed to fully understand and exploit this exponential technology.