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Blockchain Use Cases – Banking and Financial Services IndustryActionable Intelligence for technology decision makers. Navigate through the noise surrounding blockchain, and focus on how the banking and financial services industry is embracing blockchain.
Popular Enterprise Blockchain Use Cases – Banking and Financial Services Sector
Trade Finance
Key Benefits: Authorize and verify the trade transaction, reduces the time required and eliminates intermediaries as well as paper-based documentation.
Cross-border Remittance
Key Benefits: It offers a fast, secure, transparent, convenient and low-cost medium to transfer money across borders. Blockchain reduces the remittance fees and intermediary cost.
Bond Trading
Key Benefits: Blockchain-based bond trading platforms helps in the streamlined, transparent and near real-time issuing of bonds. Human effort and errors are reduced as a result of disintermediation.
Bancassurance
Key Benefits: It provides a common platform for banks and insurance companies to improve customer experience and operational efficiencies.
Compliance Management
Key Benefits: Eliminate non-compliance, delays or manual errors in reporting by having the reporting organizations as well as the regulators/ authorities on a common blockchain platform.
Asset Servicing Information Management
Key Benefits: Blockchain allows safekeeping of financial instruments and makes information exchanges efficient. It also ensures the security of information.
Microfinance
Key Benefits: Blockchain can break the barriers of traditional micro financing by increasing transparency and reducing interest rates. Blockchain-based platforms enhance the livelihoods of smallholder clients and reduce the risk of any fraud.
Inter-bank Payments
Key Benefits: Allows low-cost transactions in real-time, overcome difficulties related to delays, security and middlemen. Faster transactions also improves efficiency.
Trade Settlement
Key Benefits: Blockchain solutions are designed in a way to reduce errors, cost, fraud and processing time for each transaction. It has the potential to simplify the complex transaction processes.
Private Share Trading
Key Benefits: Automated private share trading platforms eliminates the need for third party applications, offer transparency, security and cost reduction.
Commercial Real Estate Transactions
Key Benefits: Blockchain-based platform enables reliable and efficient systems for multi-party transactions.
Mortgage Lending
Key Benefits: Blockchain significantly reduce the cost and operational risk and solve the data quality issues while enhancing transparency and eliminating paperwork and chances of manual errors.
Fund Distribution
Key Benefits: It allows an efficient and transparent control of the distribution chain while eliminating unnecessary delays and reduce reconciliation costs.
Syndicated Loans
Key Benefits: It allows a quick access to data and enables faster, transparent and efficient loan trading and settlement. Blockchain allows for a secure and automated communication with the lenders.
Consumer Payments
Key Benefits: The stakeholders can benefit because of enhanced efficiency and lower transaction cost of blockchain-based consumer payment platforms.
Commodity Trading
Key Benefits: Trading commodities on a digital platform ease the cumbersome process of paper-based documentation and provides a fast, secure, low-cost and scale-able method of trade.
Proxy Voting
Key Benefits: It increases the number of voting shareholders and eliminates the process of printing and distributing proxies. The automated process reduces human intervention and errors and enable traceable voting history.
KYC
Key Benefits: Allows to view validated customer data in real-time and maintains data confidentiality. Administrative processes are simplified and customer satisfaction is improved. Streamlined auditing and regulatory compliance is possible on blockchain KYC platform.
Repo Transactions
Key Benefits: Transaction costs and errors are reduced as a result of automation. Digitization saves time and increase trust among the participants.
Asset Securitization
Key Benefits: It helps financial institutions to bring new source of revenue by allowing users to get a loan for their digital asset.
Digital Currencies
Key Benefits: It allows verified and real-time delivery of payments and provide a single-shared value to all the participants. Paper currency expenditure can be reduced. It is a secured and reliable method of transaction.