The IBM Institute for Business Value with the support of the Economist Intelligence Unit surveyed 200 banks in 16 countries on their experience and expectations with blockchains. What differentiates the early adopters and what can we learn from them?
First movers: Trailblazers set a fast pace and new direction
Just a handful of banks are operating on blockchains today. In 2017, 15 percent of the banks in our study expect to have blockchains in commercial production. These Trailblazers are prioritizing blockchain efforts to break through barriers to creating new business models and reaching new markets.
Opportunity seekers: Trailblazers prioritize key business areas for optimal benefits
Time, cost and risk benefits: Trailblazers are prioritizing blockchains in three areas – reference data, retail payments and consumer lending. New business models: Trailblazers expect blockchains to yield the greatest effect in opening up new business models in three areas – trade finance, corporate lending and reference data.
Shifting profit pools: New vectors for growth and disruption
Defending disruption: Trailblazers see a significant wall of disruption heading their way. They expect five out of nine core business areas to experience significant disruption and are investing in each one. Investing for growth: Across the industry, all banks are investing in international payments, other cash management, corporate lending, consumer lending, mortgages and deposit taking.