Market overview

The banking industry is undergoing a paradigm shift. To the first place in the list of strategic tasks comes digital transformation and overall readiness to innovative changes. Blockchain solutions are becoming mainstream in the financial and technological fields.

In January 2020, the Capgemini consulting company identified 10 main trends in the banking industry for the current year.

In 4th place on the list is the need to implement blockchain technologies, with the help of which banks can achieve the following advantages:

• simplify user identification;

• store data from different sources on a single secure database;

• reduce the risk of fraud;

• cut down expenses.

Blockchain and Digital Wallets Come to the Fore

In 2022, cryptocurrencies and other digital assets are no longer secondary instruments. Bank customers increasingly want to buy, store, and trade them.

According to a survey among banking executives conducted by KPMG, the largest auditing company, most banks use or plan to offer users:

• 92% blockchain processes (e.g. smart transactions, transparency, trust);

• 85% digital wallets.