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Accenture: Blockchain Could Save Investment Banks $12 Billion Annually
A new report from Accenture posits that large investment banks could trim their operational costs by as much as $12bn annually.
Door Stan Higgins
A new report from Accenture posits that large investment banks could cut operational costs by as much as $12bn annually by implementing blockchains in their business.
Released today, the report (co-written with benchmarking consultancy McLagan) focuses on the kinds of cost savings investment banks could potentially achieve through use of the tech to streamline various office functions.
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Financial reporting expenses, for example, could fall by at least 70%, whereas compliance costs could drop between 30% and 50%, according to Accenture.
Overall savings, the firm suggests, could be between $8bn and $12bn a year.
David Treat, managing director for Accenture’s blockchain unit, said of the report:
"Given the tremendous cost of data reconciliation – which is part of every aspect of the capital markets industry – it's no surprise that we've seen a significant amount of investment in blockchain technology."
Accenture argues that the tech could help halve costs associated with customer identification and anti-money laundering controls, as well as cut general business offices by 50% annually as well.
Image via Shutterstock
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