The Bank of the Future -- Blockchain & Crypto enabled
Arthur Bedel ?? ??
Co-Founder @ Connecting the dots in Payments... | Global Revenue at VGS | Board Member | FinTech Advisor | Ex-Pro Tennis Player
New technologies, AI and the Blockchain are reshaping the way banks & financial institutions are operating, for the better…??
Historically, traditional currencies have always been under the control of powerful authorities like governments and banks. However, 2009 marked a revolutionary change with the introduction of Bitcoin, the first cryptocurrency, designed to facilitate direct peer-to-peer transactions, bypassing traditional financial institutions and potentially creating a smoother, more equitable financial system.
Banks face a strategic crossroads with crypto's rise:
??Stay on the sidelines
??Cautiously enter the market
??Fully integrate crypto & blockchain services
The path for Banks to stay ahead in the Blockchain revolution is complex yet straightforward:
??Technology Integration: Banks need to integrate blockchain into their operating models, leveraging a flexible IT infrastructure capable of adapting to the volatile crypto market.
??New Services: Institutions are branching out into crypto-related services, such as custody, trading, payments to meet customer interest without full-scale market entry.
??Risk Management: With the risks of hacks and operational risks from supporting various cryptos, banks must enhance security measures and choose supported currencies wisely.
??Internal Governance: Robust internal governance protocols and ongoing risk assessments will be essential.
??Legal and Regulatory Compliance: Banks must ensure that their crypto services comply with existing AML and KYC regulations.
??Customer-Centric Models: As crypto becomes more mainstream, banks must focus on customer-centric models that provide easy access to crypto services.
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So what’s the plan for banks to stay relevant? ??
??Adapting Business Models: New business models incorporating blockchain technology, can bring efficiency and new service offerings.
??Strategic Partnerships: Collaborations with FinTech can help traditional banks navigate the complexities of the crypto space — Zero Hash , Triple-A , MoonPay , etc.
??Digital Currency Issuance: Some may consider issuing their own digital currencies, as seen with 摩根大通 's JPM coin & Revolut which requires careful planning and infrastructure support.
??Investing in Infrastructure: Banks will need to invest in both hardware and software that can handle blockchain technologies.
??Educating Stakeholders: Banks must educate their customers, stakeholders, and staff about the benefits and risks of cryptocurrencies.
Banks' approaches to integrating blockchain into their operating models will determine their relevance in an increasingly digital financial marketplace.
Source: https://lnkd.in/gs8n9E8V by Arthur D. Little & GFT Technologies
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Agreed. Blockchain integration in banking enhances security, streamlines transactions, and meets the growing demand for crypto services. Partnerships with tech firms like Zero Hash, Simplex, and Triple-A equip banks with innovation and customer-centricity, ensuring competitiveness and fostering an inclusive financial ecosystem.
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1 年Fantastic insights on how blockchain is reshaping the banking landscape! Thanks for sharing this informative edition of The Payments Brews Arthur Bedel ?? ??
Co-Founder @ Connecting the dots in Payments... | Global Revenue at VGS | Board Member | FinTech Advisor | Ex-Pro Tennis Player
1 年Source: https://lnkd.in/gs8n9E8V by Arthur D. Little & GFT Technologies Follow - Marcel van Oost & Connecting the dots in payments... ??
The self proclaimed, most influential person in payments. Except for Jack Dorsey or those two bros from that other company & definitely not Satoshi Nakamoto, but after all those guys it's me.
1 年Fascinating insights! Are banks fully embracing this revolution or are there still reservations?
Digital Transformation Consultant @ Hafz | Digital Solutions Architect | Fintech | AI | IoT | Big Data | Data Analytics | Pioneering Fintech Solutions to Revolutionize Traditional Business Models
1 年Can't wait to dive into the article! ??