Numerous telecom service providers have expanded and tailored their services to offer the world’s poorest populations access to more sophisticated products — such as personal savings and loans. Worldwide a large number of people who remain ‘unbanked’ are without a bank account or credit history.
According to the latest worldwide market study by Juniper Research, blockchain deployments will enable banks to realize savings on cross-border settlement transactions of more than $27 billion by the end of 2030, thereby reducing costs by more than 11 percent per on-chain transaction.
According to the Juniper assessment, the mobile contactless payments market will be driven by Apple Pay, Samsung Pay, Google Pay and other OEM Pay wallets. Combined, these OEM Pay wallets users will reach 450 million by 2020, with Apple accounting for 1 in 2 OEM Pay users globally.
Savvy leaders in the banking and financial services sector are already seeking a meaningful competitive edge that will position their organization for the future. Developing a substantive advantage will very likely focus on the execution of a compelling digital transformation agenda.
85 percent of banks have digital transformation implementation as a priority for 2018, driven by the need to find efficient ways to address challenges in the industry such as cost pressures, eroding top lines, uncertainty and instability in the geopolitical environment and decreasing customer satisfaction. But strategy execution is a challenge.
via Everest Group
Blockchain-based remittance solutions will rapidly and effectively eliminate the dependencies that smaller MTOs have on banks and will reduce operating expenses, freeing up necessary capital that can be used to further grow their operations.