Blockchain can reduce costs for banks and customers and significantly improve the quality of products and services. As such, blockchain offers better capital optimization due to a significant reduction in operational costs for banks.
Blockchain technology will change the way people interact with banks. Blockchain eliminates intermediaries, such as banks, allowing people to trade directly with each other, using a record of transactions kept in a shared ledger.
Blockchain technology will make lending easier and faster; settlement of transactions will be instant, not days. Blockchain can also reduce the time to open a bank account from days to minutes.
Financial institutions and banks such as JPMorgan Chase, Morgan Stanley, and Goldman Sachs are among the firms with dedicated groups for cryptocurrency and its underlying blockchain technology.
Some of the ways blockchain technology is being used in banks and finance companies include:
International Payments
Capital Markets
Trade Finance
Regulatory Compliance and Audit
Money Laundering Protection
Insurance
Peer-to-Peer Transactions
Our Approach
We will keep your organization from being left behind. We will work one-on-one with you and assist you in developing a blockchain strategy that will allow your company to compete by adapting to the changes in the financial services industry.
Why GBA?
More change is coming as blockchain technology is slowly being adopted and making its way to the banking and financial services industry. From remittances to cross-border payments and securities trading, blockchain technology is poised to disrupt the way international transactions are carried out, and digital assets are secured.
Our team and strategic partnerships are constantly exploring how blockchain solutions in banks can be used effectively to help your organization improve products and services, reduce costs, and increase profits.