A new study from Accenture and top benchmarking firm McLagan crunches the numbers on blockchain to reveal just how much investment banks should be banking on this potentially disruptive technology. Accenture’s David Treat shares the highlights and looks at how banks can get started.
What’s the big takeaway from Accenture’s latest blockchain study with McLagan?
I don’t think anyone questions whether or not blockchain has significant potential. But in order to move beyond potential to practical application, enterprises, which in this case are investment banks, need to have a road map to help illustrate where blockchain can have the biggest impact. This, in turn, can help them to make strategic blockchain investments that help unlock trapped value in the short-term and over the longer-term.
Our study found that blockchain technology could help the eight banks we analyzed realize savings of at least $8 billion per year, or approximately 27 percent on a cost base of $30 billion—and that’s a conservative estimate. Annual cost savings could reach as high as 38 percent, or around $12 billion.