Published on June 15th, 2018 | by bitcoin0
Blockchain to reduce costs for banks
Blockchain technology has the potential to revolutionize transaction banking according to a study by major global management consultancy firm Bain & Company, Cointelegraph auf Deutsch reports today, June 14.
In a press release accompanying the study publication, Bain partner and bank expert Dr. Christian Graf noted that overall, banks are facing a similar upheaval as the telecommunications industry over the last decade.
He predicts that “small-scale, purely transaction-driven fee structures will be replaced in the future by flat fees for the provision of comprehensive solutions.”
According to Graf, banks who act early and begin implementing blockchain tech now “will gain a competitive advantage.” In Liechtenstein, Bank Frick has been working intensively with fintech clients for some time, and Hypothekarbank Lenzburg recently became the first bank in Switzerland to provide business accounts to blockchain and cryptocurrency companies.
Today, June 14, the senior research director at the Bank of Canada’s funds management and banking department questioned the effectiveness and security of using blockchain for banking at the 2018 G20 Global Financial Stability Conference in Seoul.