Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Uncategorized

Blockchain Technology Makes Transparency More Accessible for Financial Leaders

by Chelsea Barone
June 5, 2017
in Uncategorized
Reading Time: 2 mins read
A A
Blockchain technology
Share on FacebookShare on Twitter

The trustworthiness of our financial institutions is something that has been on the rocks for a while, especially following the financial crisis of 2008. In fact, a recent statistic from FiveThirtyEight states that only 27% of Americans trust their banks. Clearly there is room for improvement when it comes to winning over the confidence of today’s consumers.

But the world of finance is constantly in flux and is quickly adopting several new technologies to bridge the gap between customers and financial institutions with a central pillar being transparency. Companies flaunt their transparency as a means to build trust with their stakeholders, millennials in particular, and one of the most impactful ways of doing so is new blockchain technology. Blockchain is especially powerful in increasing transparency because no one party has control over the information and cannot manipulate it in their favor.

A recent Forbes article from Levi Morehouse of Ceterus delves into the specifics of what blockchain technology means for financial service companies and how it will continue to modernize the world of finance. In his overview, Morehouse specifies blockchain’s ability to simplify audits, decentralize transaction records, and track money in real time. For financial leaders, this means transparency is within reach without the expensive or time-consuming procedures that typically accompany it.

Morehouse also touched on blockchain’s ability to lessen fraud and document counterfeiting, protecting not only the interests of the banks but also unsuspecting customers. By being able to track transactions and documents, verify their authenticity, and digitally lock them away from being tampered with, existing issues like “cooked books” become virtually impossible and protect customers from potential financial ruin.

Compelling and very real situations like these fuel the argument for technological overhauls in the traditionally slow-moving financial world. Financial leaders are taking noticeable steps in the right direction with regards to technological innovation, and technologies like blockchain are only going to hasten the process.

Tags: BlockchainBlockchain TechnologyCeterusFinancial ServicesFintechFiveThirtyEightForbesLevi MorehouseTransparency

RELATED POSTS

Being API-First Gives FinServ Second Movers a Customer Experience Boost
Contributed Articles

Being API-First Gives FinServ Second Movers a Customer Experience Boost

April 21, 2023
Contributed Articles

AI: Helping or Hurting Companies in Staying Compliant

March 9, 2023
Contributed Articles

What 2023 Means for Commercial Construction Lending

February 23, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NOW

  • Monetizing Data

    Monetizing Data: Follow the Yellow Brick Road

    598 shares
    Share 239 Tweet 150
  • Cyber Ranges: How Some Banks are Combatting Cyber Crime

    503 shares
    Share 201 Tweet 126
  • AI in Financial Services: Where Does Ethics Fit In?

    571 shares
    Share 228 Tweet 143
  • Arizona’s Motor Vehicles Department (MVD) Makes Payment Offerings More Accessible

    675 shares
    Share 270 Tweet 169
  • When Public Sector Employers Prioritize Financial Wellness, Everyone Benefits

    493 shares
    Share 197 Tweet 123

CONNECT WITH US

Advertisement Banner Ad Advertisement Banner Ad Advertisement Banner Ad
Advertisement Banner Advertisement Banner Advertisement Banner

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us