77 pct of global financial services companies plan to adopt blockchain in live production systems by 2020: PwC Report
Blockchain technology is moving from hype to reality and real life use cases are set to become much more common, PwC said in a new report.
The report “Redrawing the lines: FinTech’s growing influence on Financial Services”, draws on a survey of over 1,300 respondents globally. It says that financial institutions are putting disruption at the heart of their strategy and adopting newer technologies such as Artificial Intelligence (AI) or blockchain or changing the cultural environment to foster innovation.
According to survey results:
PwC also pointed out that opinions around use cases for blockchain vary by country, often driven by the level of development in the technology in each geography. Respondents from the United States cite funds transfer infrastructure as the most likely business use case, probably explained by the maturity of blockchain investment already undertaken there, it said.
"The financial services industry has now fully embraced FinTech to help drive change and innovation. Activity ranges from partnering with FinTechs startups, financing in-house incubators, and deploying new solutions, to testing use cases in areas like blockchain. Sustained focus on innovation is much needed and can only be a good thing for firms and their customers”, Commenting, Steve Davies, EMEA FinTech leader at PwC, said.
“There are few overnight successes and, unsurprisingly, as much perspiration as inspiration. There is a tension between the time needed for new ideas to mature and the expectations of firms seeking to collaborate with Fintech startups. Managing expectations around returns is important, particularly for firms facing significant cost pressures. Embracing Fintech is as much about different ways of working and problem solving as it is about deploying new technology.”