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…
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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…
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One potential disrupter for the financial industry today comes from applications involving blockchain technology—the tamper-proof system of distributed ledgers that underlie cryptocurrencies such as Bitcoin. Large financial institutions, from investment banks to stock exchanges to central banks, are all beginning to work on their own blockchain-based solutions in order to stay on top of this innovation. SEE MORE
Blockchain has been a buzzword for the past few years and it’s really no surprise given how it’s changing the dynamic of many industries. Blockchain technology is expected to revolutionise the way we do business, not only in the banking industry but across sectors such as healthcare, government, retail and more. 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…
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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
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…
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It’s a common fact now (or is it?) that many banking calculations can be performed much more efficiently on a quantum computer than on any existing classical computer or even supercomputer. There are more than a few experts who believe quantum in the banking sector is a potential game-changer, where quantum algorithms could be applied…
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