The banking industry is one of the industries that has great potential for the use of blockchain technology. Today banking faces challenges like high regulations, cost pressure and poor customer experience. There are already many start-ups that offer blockchain-based services and applications, for example in the areas of P2P payments and cross boarder payments.
Besides start-ups, banks are also testing possible application areas within the framework of pilot projects. Today great potential lies in the scope of transaction banking, capital markets and compliance. Compared to front-office processes, back-office processes in banking are slow and inefficient. The use of blockchain technology could not only improve the performance but also reduce costs. Possible use cases are, among others, processing of payment transactions, post-trade lifecycle, and the process of verification and identification clients.
However, blockchain may not only affect particular processes and business areas but also organization and management. In this vein, we also investigate which implications blockchain may potentially have and how organizations and management could adapt to it.