Half of financial services leaders implement blockchain

Some 52% of financial services executives in the UK have implemented blockchain, while a further 30% plan to invest in the technology in the future.

 

Thursday 13

Half of financial services leaders implement blockchain

That is according to new research by recruitment specialist Robert Half Financial Services, which reveals that firms are enjoying faster transactions, increased transparency, and empowered users, as a result.

 

Consequently, businesses were found to be increasingly seeking professionals with an understanding of blockchain principles, with knowledge of technology trading and programming, the skills most in demand.

 

“Automation is changing the face of business, and particularly so within the skills and roles within the financial services industry,” Robert Half Financial Services director, Matt Weston, said.

 

“With financial crime and compliance high on the priority lists for many senior leaders in financial services, attracting skilled specialists to support the implantation is key.

 

“To keep up with the rapidly changing skill and role development, companies who adopt a flexible recruitment strategy will be best placed to adapt their resource requirements during this change.”

 

The study was based on more than 100 interviews with financial services directors from companies across the UK, finding that 85% believe blockchain will have made a genuine impact on the industry by 2022.

 

The skills found to be most in demand as a result of blockchain are shown below:

 

Source: Robert Half Financial Services

Source: Robert Half Financial Services

 

 

This comes after research earlier this year showed that 80% of bankers expect to see commercial adoption of blockchain technology by 2020, with average investment projections of $1m (£808, 400) predicted in 2017.

 

It also revealed the top five areas blockchain is expected to have the most impacts are: cross border payments, digital identity management, clearing and settlement letter of credit processes, and syndication of loans.

 

Infosys Finacle business officer Sanat Rao, said: “The technology can help banks automate inter-organisation processes, significantly improve transparency and reset existing operational benchmarks.

 

“Several progressive organisations have already executed pilots to validate these propositions.”

 

 

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