In 2021, the Deloitte Center for Financial Services surveyed global leaders inside financial services firms: Seven in ten leaders revealed they struggle to use data and technology effectively. But, there’s unlimited potential to leverage the vast volume of financial and customer data to modernize data sharing and unlock real-time outcomes. For instance, as reported by McKinsey, as soon as 2025, the most innovative organizations will be organizing and supporting data assets as products, regardless of whether they’re used by internal teams, external customers, or a permission-based partner network.
**The challenge facing financial services firms is discovering how to share financial and customer data across applications, departments, partners, and clouds—in a secure, trusted, and accurate way. **
And that challenge is complex:
- How can you scale solutions for immediate impact and easy adoption?
- How can you ensure seamless integration with legacy, DIY, or partners’ enterprise systems, transact quickly and securely, and guarantee uptime?
- And how can you do it without exhausting internal resources and IT budgets or by building systems that require costly ongoing maintenance, compliance, and operational overhead?
During the last ten years, blockchain technology has offered financial institutions the promise of a shared data ecosystem. But too many of those first-generation blockchains — whether public or private — fell short of their potential. They lacked the enterprise readiness, scalability, and cloud compatibility required for success.
Next-gen blockchains offer a way forward and help financial institutions overcome the problems and limitations of those early systems. These modern solutions are built for business use cases and meet the stringent enterprise requirements of financial services organizations. In the pages ahead, we’ll help you understand:
- The benefits and downsides of blockchains, and how to integrate them with existing centralized IT architectures
- Why next-gen blockchain might be right for your firm, using mortgage servicing as an example
- How next-gen blockchains such as Vendia Share bring a new level of trust and real-time data sharing to financial institutions
- How Vendia’s unique technology combines the trust of blockchain with the scale of the cloud, offering the fastest time to market for secure, operational data sharing
When applied correctly as part of a modern data and application strategy, next-gen blockchain can accelerate innovation, unlock new revenue, and create new market leaders in banking, lending, insurance, asset management, and financial technology.