SAPVoice: Changing Blockchain Talk To Action: Two Steps For The Financial Industry

November 15, 2017

SAPVoice: Changing Blockchain Talk To Action: Two Steps For The Financial Industry

October 31, 2017 | Susan Galer | Forbes

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Blockchain is anything but business as usual for the financial industry. Decision-makers at traditional banks and other financial service providers, along with every organization in their orbit, are well-aware of the considerable shifts blockchain portends. However, exposing sensitive business information in a trusted distributed ledger is easier said than done. So far within financial circles, there’s more talk than action.

“Innovative banks and other financial institutions have been exploring use cases, but as soon as they get closer to actual usage, many tend to back away because in part, they aren’t ready to share data,” said Nadine Hoffmann, Innovation Manager Financial Services at SAP. “This transformation won’t happen overnight, but financial service providers are the front-runners when it comes to proving the business case for blockchain, and leading the required cultural change.”

To take full advantage of the incredible business process changes that blockchain promises, the financial industry needs to do two things: help shape the conversation as rules evolve, and rethink deeply ingrained business mores. According to Hoffmann, this is the only way any financial player will be a trusted partner in the digitalized environment.

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