A report by Her Majesty’s government’s Chief Scientific Advisor sees an opportunity to use DL to reduce fraud, risk, corruption, and cost paper-intensive processes. Another report by Accenture published in Jan 2017, highlights key drivers of savings with blockchain. Blockchain technology could reduce infrastructure costs for eight of the world’s 10 largest investment banks by an average of 30%, saving them billions of dollars every year, new research from Accenture and McLagan suggests.
- $110B in cost savings over 3 years
- 8 of top 10 investment banks could see between $8B and $12B in savings
- Efficient reconciliation of data with counterparties and clients
- Shared view of transactions, customer information, and other reference data
- Reduced finance reporting by 70% due to better data quality, transparency and internal controls
- 50% reduction in compliance costs at product & central level due to transparency and auditability
- 50% savings in KYC and client onboarding via more efficient processes to manage digital identities, and a single source of client data across multiple banks
- Trade support, middle office, clearance, settlement and investigations business operations can reduce operating costs by 50% by reducing / eliminating need for reconciliation, confirmation and trade-break analysis