Businesses set for blockchain transformation
Nearly all (94%) of finance professionals believe blockchain will accelerate the order to cash process
More than a quarter (30%) of finance professionals believe that blockchain technology has the ability to offer enhanced data security in their organisation. Similarly, over half (51%) are confident that their organisation will soon work with smart contracts incorporated in blockchain.
These findings come from the fintech barometer, a study of more than 1000 finance professionals commissioned by Onguard. Furthermore, research suggests that 19% of finance businesses are already working with blockchain integrated smart contracts. Nearly all (94%) of professionals agreed that the Order to Cash process will soon consist of significantly fewer steps because of blockchain.
Bert Van Der Zwan, CEO at Onguard, said: “While the exact uses of blockchain are unknown, its use will only increase. Businesses are already benefitting from enhanced data security. Although I expect that this is just the beginning of a blockchain revolution. Nearly two-thirds of organisations are already preparing an initiative related to blockchain.”
On the agenda
The study revealed that the topic of blockchain is now high on the agenda for finance organisations. The topic is raised just under two times a week on average during formal company meetings. Almost two thirds (61%) of firms are currently using this technology to automate admin processes. Interestingly, 35% of the total sample have already invested in cryptocurrencies like Bitcoin or Ethereum.
The survey also found some interesting patterns regarding the treatment of data in financial services. 69% of respondents said that it plays an important role in the organisation. A further 24% strongly state that ‘their business is data’. Just 7% of those surveyed admitted that they felt data did not form a big part of their business.
“Blockchain is just the latest in a line of technologies set to transform the financial services sector,” added van der Zwan. “This, therefore, means that the CFO will have a crucial role in introducing this technology.” Nearly half (45%) of respondents noted that the CFO in their organisation is the primary decision maker in regards to the use of new technologies related to financial products and services.