Blockchain will impact banking just as much as the internet did

23 Jun 201673 Shares

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Blockchain will enable banks to preserve their investment in legacy systems

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Blockchain will prove to have the same impact on the future of financial services as the internet has had on travel, media and entertainment, PwC has predicted.

PwC has reported that fintech start-ups are encroaching on established markets, forcing IT departments to improve efficiency and reduce costs.

At the same time, IT departments are trying to balance the costs of supporting traditional legacy systems, many of which are 30 years old.

‘You get the feeling that it’s only a little while before banking operations centres are staffed by sophisticated robots, taking over manual tasks from human tellers’
– CIÁRAN KELLY, PWC

A recent survey found that 63pc of business leaders are concerned about keeping pace with technology innovators who are disrupting their industry sector, while at the same time balancing the need to continue investing in legacy technology.

Real-world implications of the advance of technology

A new report by PwC, Financial Services Technology 2020 and Beyond: Embracing Disruption, captures the real-world implications of 10 technological advances on the industry and those who must supervise and tackle them.

These include fintech, the sharing economy, blockchain, digital going mainstream, customer intelligence, public cloud, cybersecurity, the rise of Asia’s tech scene and regulation by tech.

“In Ireland and globally, those at the heart of financial institutions know there is no easy way to embrace this unprecedented disruption,” Ciáran Kelly, financial services partner and advisory leader at PwC Ireland, said.

“Many organisations are now forming the view that the public cloud is safer and more reliable than on-premises solutions.

“Soon, blockchain may prove to have the same impact on the future of financial services as the internet had on many sectors such as media and entertainment, telecommunications, travel, retail etc.

“You get the feeling that it’s only a little while before banking operations centres are staffed by sophisticated robots, taking over manual tasks from human tellers.”

Blockchain image via Shutterstock 

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Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com