Banking institutions across the globe have taken several moves towards digitalization-driven business models like mobile banking. However, when it comes to blockchain in banking, the efforts have been fairly sidelined. The hesitation that banks are showing contrasts the interest that the blockchain technology is getting across other industries. A sign of which can be seen in…
Read more
Global efforts to prevent money laundering and the financing of terrorism are incredibly expensive for financial firms to maintain. In 2014, it was estimated that global spending on Anti-Money Laundering (AML) compliance alone amounted to $10 billion.[iv] The banks are coming under pressure from investors and analysts to reduce costs, but many expect the budgets for…
Read more
The banking industry is realizing the power of blockchain. Unburdened by centralized authorities (like banks), blockchain makes it easier for currencies to be traded, loans secured and payments processed, all of which make it a worthy alternative to current technologies in the industry. SEE MORE
When interest in blockchain began to accelerate a few years ago, the expectations surrounding its uses were lofty. Blockchain was touted as technology that could fix our supply chains, our healthcare system and even our democracy. Yet, when the experiments conducted on potential blockchain applications, including pilot programs conducted in the financial services and banking…
Read more
For use cases that don’t need a high degree of decentralization — but could benefit from better coordination — blockchain’s cousin, “distributed ledger technology (DLT),” could help corporates establish better governance and standards around data sharing and collaboration. SEE MORE
Quantum Computers are supposed to be much faster and more powerful, Than current Supercomputers, and as such, Their application could have a profound act on any industry. Caixa Bank is one Bank that is demonstrating these through its quantum banking programme. SEE MORE
Quantum computers can run Monte Carlo simulations in impressive time. These simulations analyze risk-and-return trade-offs on combinations of investments to optimize a portfolio based on a customer’s goals and risk tolerance. SEE MORE
Why are banks investing in quantum computing? Many banks have started working on quantum computing projects that could one day become part of their normal operations. The speed-up in computing time is applicable to many problems in financial services. SEE MORE
The Colonial Pipeline debacle has revealed how vulnerable our infrastructure is to cyberattack, including a future quantum computer attack. My last column revealed how important it is to use quantum and post-quantum solutions to protect our cyber vulnerabilities, now and in the future. This is even more true of our financial infrastructure, including our leading financial markets, our…
Read more
ver the years, we could observe the rapid evolution of the financial world. It is hard to imagine that not so long ago, the most common way to pay while making a purchase was to use cash. Nowadays, options are nearly endless. Want to pay with an app on your phone or Bitcoin wallet? Feel…
Read more
