The proof is in the concept for ING
By Teamspirit on Wednesday, 1 February 2017
ING has announced that it has conducted 27 proofs of concept using blockchain technology in six key business areas.
Does this signal the beginning of blockchain’s movement into the mainstream of financial services?
Over the past year the Dutch bank has undertaken a series of experiments using blockchain across payments, lending, financial markets, trade finance and working capital solutions, bank treasury, and compliance and identity.
In trade finance, the ING innovation team found that using shared ledger technology could cut operational and compliance costs by 10-15% and increase revenues by up to 15%.
Mariana Gomes de la Villa, leader of the innovation team, has stressed that the bank is still very much in a test and learn phase. As she says, “this technology wasn’t built for the financial industry so there are constraints and it doesn’t always cover our requirements.”
With so many regulatory and legal concerns within financial services, finding those areas where blockchain can truly benefit companies and customers without throwing up a range of complex problems is an ongoing challenge.
But it is a challenge that Gomes de la Villa believes is worth tackling, with both dedicated in house resources and through collaboration with industry partners. In fact, ING is already part of a consortium of ten banks using blockchain to improve the ‘know-your-customer’ process.
Here at Teamspirit, we’re only getting more excited about blockchain’s potential and what it might achieve in 2017 for brand and customers alike.