Report: Blockchain adoption to help banks save USD 27bn annually by 2030
Banks will save more than USD 27 billion annually by 2030 if they adopt blockchain technologies, according to a new Juniper Research study.
“The Future of Blockchain: Key Vertical Opportunities & Deployment Strategies 2018-2030” research states that blockchain can reduce bank costs by more than 11% per on-chain transaction.
#Blockchain deployments to save #Banks more than $27bn annually by 2030, with cost reductions not just in #Payments processing and reconciliation, but in treasury operations and compliance. #Fintech #Banking
— Juniper Research (@juniperresearch) August 1, 2018
“Banks that integrate blockchain will achieve cost reductions not just in payment processing and reconciliation, but in treasury operations and compliance”.
According to the report, there are a range of industries that will generate potential savings for consumers and enterprises. With regards to compliance, for instance, the automation of money-laundering checks by deploying blockchain within a couple of years will lead to cost reductions of up to 50%.
At the same time, the research warns that the need to parallel-run blockchain-based services with legacy systems would mean that savings would not be realised for several years after initial deployment, with annual cost reductions not reaching $1 billion per annum until 2024.