Blockchain has been a revolutionary technology deployed across major banking sectors. Throughout commercial and direct-consumer banking formats, Blockchain has been successfully implemented to source better engagement. From faster processing speeds to transparent security protocols, Blockchain has been a positive force in the banking sphere.
Analysts at PwC predict India to be a global Blockchain leader by 2023, owing to its great demand generated across the banking and consumer finance sector. India’s rising digitization and greater access to connectivity, has given rise to deeper access to consumer finance services.
While banking institutions across India are engaging in Blockchain technology and applications, there is a broadening of scope associated along with. Not only is Blockchain being used to secure transactions, it’s fundamentally changing the way the industry views the service arena. Some of the top banks in India, including ICICI, Yes Bank and Axis bank are engaging actively with Blockchain related technologies.
That’s why a top Blockchain software development company, such as SBL Corp, designs scalable and effective Blockchain applications that deliver value to key Banking clients. Applications in the Blockchain space leverage a variety of features that are native to the fintech space.
Effective KYC integration and onboarding
The key advantages to using Blockchain are numerous, giving rise to a multitude of use cases across the banking sphere. eKYC has been a boon in the banking sector, with multiple banks leveraging the technology to deploy KYC solutions. ICICI bank had specifically onboarded multiple partners onto its Blockchain solution, targeted to streamline the process of verification and security. With the help of e-verification features, Blockchain is being steadily adopted across key consumer markets.
“The advantage that Blockchain can bring is huge. As a bank, we are always thinking about things we can do to increase our consumer convenience. The Blockchain technology can take away traditional intervention, while removing paperwork and simplifying constructs.” – Abhijit Singh, Head of Technology, ICICI Bank
Secure transactions management
From fraud detection to higher security management, Blockchain is impactful across the board. Key features including decentralization and ease of processing, bring inherent advantages to opting for Blockchain. Since no single input source can be tracked back, there is a greater deal of security provided by a top notch Blockchain services provider India wide.
Securing transactions is the key to increasing ticket size, value-services demand, and reliability over time. That’s why consumers insist on banking institutions having more secure protocols implemented.
Faster processing for consumers
Customers can exchange vital information at rapid speeds, without compromising on security and encryption. Managing authentication ownership, digital assets, and new banking services are made that much streamlined when the processing speeds are faster via Blockchain.
Therefore, web platforms leveraging Blockchain can offer an enhanced experience to customers. This gives rise to a more engaged customer journey, leading to a more loyal customer base for the bank. This use case for adopting Blockchain can be immediately explored as the technology is scaled up to deploy across mobile and web platforms.