18 October 2017
Register now

Blockchain will change everything, but only if we can find the right talent

09 February 2017  |  25348 views  |  2 Blurred out woman touching connection icon

On the one hand, financial services executives believe distributed ledger technology will have a transformative impact on the industry within the next three-to-five years, yet on the other a serious shortage of blockchain talent is threatening to impede real-world deployment. That's the conclusion of the two distinct pieces of research conducted by Bain and Tabb Group.

The Bain report, produced on behalf of Broadridge, found that more than 80% of financial markets executives interviewed expect distributed ledgers to be adopted by financial institutions by 2020. The survey estimates the total cost and capital savings to global financial market ecosystems to be between US$15-30 billion (or around 1-3 basis points of total assets).

The Tabb Group research, conducted among 200 financial executives worldwide on behalf of Synechron, similarly found a clear majority expecting distributed ledger technology to be in everyday use within the next ten years. Yet 70% of the business leaders polled believe that the industry is suffering from a serious shortage of talent versed in both the vagaries of the blockchain and the complex plumbing of the financial services ecosystem.

Faisal Husain, co-founder and CEO at Synechron, comments:, “It is clear that many financial services firms are either seriously considering how to utilise blockchain within their organisation or are already putting this technology into practice. However, with any new technology there are challenges to be overcome. Our survey shows that recruiting the right people is one such challenge, regulation is another, and technical considerations related to the technology itself another."

With many firms still adopting a 'wait and see' approach, Bain recommends that institutions that want to gain an edge can begin to make changes to their processes, policies and IT architecture in preparation for when DLT becomes business-ready.

"The winners will be those firms that are already taking a very systematic, top-down and bottom-up approach to DLT, including analysing how the ecosystem will evolve, thinking broadly about alternative roles they can take in the evolving ecosystem and prioritising their roadmaps for DLT experiments and investments."

Comments: (2)

Craig Lawrance
Craig Lawrance - Starkspur Ltd - Chalfonts | 09 February, 2017, 10:52

Of course there's a shortage of talent in this emerging Blockchain tech - There's an answer to this - business can take a longer-time view to invest in promising talent that will deliver what the business ultimately needs. Is that too much to ask?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Craig Lawrance
Craig Lawrance - Starkspur Ltd - Chalfonts | 09 February, 2017, 15:17

As if on cue, this Blockchain news pops into my twitter feed...

https://cointelegraph.com/news/georgia-becomes-first-country-to-register-property-on-blockchain

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ING aims to take blockchain experimentation to the next level

ING aims to take blockchain experimentation to the next level

31 January 2017  |  24005 views  |  1 comments | 37 tweets | 41 linkedin
Blockchain could slash investment banks' costs by 30%

Blockchain could slash investment banks' costs by 30%

17 January 2017  |  8905 views  |  0 comments | 25 tweets | 23 linkedin
Blockchain impact timeline speeds up, massive cost savings forecast

Blockchain impact timeline speeds up, massive cost savings forecast

13 January 2017  |  17900 views  |  0 comments | 40 tweets | 39 linkedin
Deloitte to open Wall Street blockchain lab

Deloitte to open Wall Street blockchain lab

12 January 2017  |  9128 views  |  0 comments | 15 tweets | 20 linkedin
Capital markets expect blockchain to go mainstream within six years

Capital markets expect blockchain to go mainstream within six years

14 November 2016  |  15607 views  |  0 comments | 36 tweets | 43 linkedin

Related company news

 

Related company information

Broadridge Financial Solutions

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.com visit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15433 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8628 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8167 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7678 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6872 views comments | 9 tweets | 17 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job