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DLA Piper report shows global impact of blockchain
DLA Piper has published a report, revealing how blockchain is disrupting key financial services across the globe.
Emma Musgrave
The firm’s report, Digital Transformation in Financial Services, has highlighted a shifting landscape occurring in major financial institutions, due to their implementation of cryptocurrencies and use of blockchain in their day-to-day operations.
The report also determined market perception surrounding crytocurrency and blockchain, and how their business has adapted accordingly.
Key findings were that 69 per cent of retail and investment banks feel they are being impacted by disruption.
Seventy-two per cent of the firms surveyed have changed their customer journey in the last two years, while 33 per cent of firms have engaged with fintech firms and 55 per cent intend to so within the next two years.
Seventy-four per cent of firms cite regulation and compliance as a factor in restricting greater adoption of technology and new business models, while 82 per cent of firms are worried about cyber security.
“The report highlights the considerable interest in investing in payments technology, an area that has attracted the attention of blockchain and crypto currencies," said Jonny Fry, CEO & founder of TeamBlockchain, a UK advisory company for the blockchain industry.
“One such example is the current disruption of the SWIFT system, a leader in cross-border payments, by Ripple. More than 100 banks have signed up with the blockchain based challenger.
“It is not surprising therefore to see that blockchain is on the agenda for 50 per cent of investment banks and 32 per cent of retails banks. Those are the projects reported in the media and one cannot help wondering whether these numbers aren’t in fact higher. Some banks clearly see opportunities.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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