According to Deloitte’s market observations, 2016 marks the year when organizations across EMEA transition from the blockchain technology hype phase to the prototype phase, seeking a clearer understanding of their current plans and statuses. They predict that the financial services industry will witness the development and launch of the first blockchain proofs of concept (PoCs) at the company level, and banks need to respond accordingly. However, most financial institutions interviewed appear unprepared to face this emerging challenge. A lack of accountability is identified as the primary obstacle preventing organizations from embracing innovation, and blockchain technology is no exception, as indicated by 46% of respondents in a recent Deloitte survey. Blockchain has the potential to be the next major technological shift over the coming five years, but innovation within financial institutions is progressing slowly; for instance, very few banks currently have dedicated blockchain labs. A profound cultural transformation is necessary to rethink banking business models in order to thrive in the future.

Therefore, banks must allocate sufficient focus and resources to keep pace with the market, but once these initiatives are in place, emphasis should be on realizing genuine benefits rather than merely conducting exploratory efforts. Which specific areas do banks view as the most promising? Download the white paper today to learn more: